CRO INC Research Hires 500 Worldwide with 400 More, Opens Site Advocacy Group
July 31, 2015
By Mark Terry, BioSpace.com Breaking News Staff
After reports yesterday that Boston, Mass.-based clinical research organization (CRO) Parexel (PRXL) was laying off 200 former GlaxoSmithKline (GSK) employees in the Research Triangle Park area, Raleigh-based INC Research indicated it hired 120 in the area and plans to hire 70 more soon.
INC Research has been on a roll recently, with share prices rising 10 percent yesterday after reporting adjusted net income in the second quarter that was two-and-a-half times greater than the second quarter in 2014. The company reported net service revenue totals of $227.4 million, an increase of 11.7 percent from last year.
“I’m pleased to report that we are continuing to maintain our strong momentum,” Jamie Macdonald, chief executive officer of INC said in an analysts' conference call.
The company employs about 6,100 people worldwide and about 900 in the Research Triangle Park area. Overall, the company reports it’s hired about 500 people worldwide in the last three months. Another 400 positions are open.
“We continue to add staff to support our growing business,” said Greg Rush, the company’s chief financial officer in the call.
For the six-month earnings, INC reported $438.9 million, up from $388.2 million in the previous year. Total revenue for that period this year was $646.2 million, up from $552.5 million in 2014.
“INC Research delivered a strong quarter highlighted by improving gross margins, revenue growth above the industry average and strong new business awards,” said Macdonald in a statement. “On the customer front, we continue to see strong repeat business while winning new awards from new customers with novel molecules exploring innovative approaches for patients.”
is currently trading for $47.62, up 10.33 percent.
On June 9, 2015, INC Research announced the launch of its Site Advocacy Group (SAG), the first in the industry. Its initial focus will be on central nervous system (CNS) protocols, targeting psychiatric studies.
“Through this forum, INC Research will collaborate with clinical research sites that have direct experience in psychiatry studies to gain their insights into the most common challenges and operational efficiencies that can be implemented for future studies,” said Clare Grace, vice president of INC’s Site and Patient Access in a statement. “We will leverage these expert insights to incorporate the site and patient voice in the evaluation of psychiatry study protocols for scientific merit and operational success. Ultimately, we expect our Site Advocacy Group to embed efficiencies in the planning phase and increase the quality and speed of these clinical trials for our customers.”
Part of the rationale is that a recent study by the Tufts Center for the Study of Drug Development concluded that drugs to treat CNS disorders take 35 percent longer to develop than other drugs because of quantification issues.
“Creating this SAG underscores INC Research’s commitment to better leveraging the expertise of clinical research sites worldwide in development treatments for important health conditions,” said Michael Gibertini, president of Clinical Development for INC in a statement. “Engaging with sites early on and in a meaningful way is critical to enhancing protocol design and study conduct.”