Allscripts Healthcare Solutions, Inc.’s MDRX business unit, Veradigm, and PRA Health Sciences, Inc. PRAH recently entered into a strategic partnership for the development of the industry’s leading electronic health records (EHRs)-based clinical research network. Notably, this network is likely to reach above 25,000 physicians and 40 million patients.
It is worth mentioning that clinical trials are not only a burden on patients but also can be a difficult procedure for trial sites and sponsors. Per PRA Health’s management, integration of clinical research and clinical care is the way for attaining the best possible patient outcomes, while reducing the cost burden for sponsors, physicians and patients.
Notably, technologies lending support to both Veradigm and PRA Health are securely hosted in the Microsoft Azure.
This partnership is likely to boost Allscripts’ Clinical and Financial Solutions segment. From the perspective of PRA Health, the company is likely to make advancements in its Clinical Research segment through this deal.
More on the News
This deal brings together Veradigm’s StudySource platform, which expands existing EHR systems to include clinical research, and PRA Health’s proprietary eSource technology and clinical research experience. On the back of this combination, this network will enable any physician to provide clinical research as a care option (CRACCO) to patients. This, in turn, will aid in boosting efficiencies throughout the trial process, and enhancing the accessibility and diversity in clinical trials.
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According to Veradigm’s management, the scale of its EHR presence together with PRA Health’s eSource technology and depth of trial expertise will allow the former to bring clinical studies to where the patients are.
Per a report by Grand View Research, the global clinical trials market was worth $44.3 billion in 2020 and is anticipated witness a CAGR of 5.7% during the forecast period (2021-2028). Although the market was hit due to the pandemic, the future looks promising on the back of factors like globalization of clinical trials and rapid technological evolution.
Hence, this strategic partnership is well-timed.
Another Notable Partnership
In May, Veradigm entered into a collaboration with Lash Group. The tie-up aims at enabling specialty medications, supported by Lash Group — a patient-support services business and part of AmerisourceBergen Corporation ABC — to be available for management within the Veradigm AccelRx platform.
For investors’ note, the AccelRx platform simplifies the specialty enrollment process for users of Veradigm and other EHR software vendors.
Shares of the Zacks Rank #3 (Hold) company have gained 198.6% in the past year compared with the industry’s growth of 13.4%.
A Stock to Consider
A better-ranked stock from the broader medical space is Veeva Systems Inc. VEEV, which carries a Zacks Rank of 2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Veeva Systems’ long-term earnings growth rate is estimated at 15.8%.
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