Alphabet GOOGL has been actively focused on advancing the healthcare industry. This is evident from its latest efforts to revolutionize the clinical trial methods in the pharmaceutical industry.
Reportedly, the company’s healthcare division, Verily has teamed up with Novartis NVS, Sanofi SNY, Otsuka and Pfizer PFE to help these pharma companies in reaching the target patients for clinical trials.
With aid of its innovative technologies, Verily intends to make enrollment and participation process for clinical trials seamless and advanced for patients via Baseline.
Notably, Baseline is a clinical trial registry created by Verily that utilizes Google ads to find patients based on health-related searches.
Consequently, a patient’s search query related to a particular disease on Google might lead to log into Baseline.
Benefits from the Move
The partnership deal seems to be a win-win situation for Alphabet as well as the pharma companies.
The above-mentioned endeavors will aid the pharma companies in bolstering conversion rate of their research on medicines into ultimate healthcare. This in turn will help in bringing better medicines in the market. Consequently, this will aid in advancement of healthcare industry.
Meanwhile, Alphabet’s footprint in the multi-trillion healthcare industry expands on the back of partnership with Novartis, Sanofi, Otsuka and Pfizer.
Notably, this alliance is strongly focused on innovation of treatment and medications in the areas of cardiovascular disease, oncology, mental health, dermatology and diabetes.
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Alphabet Inc. revenue-ttm | Alphabet Inc. Quote
Alphabet’s latest move is in sync with its strong focus toward enhancement of its clinical trial management capabilities while bolstering knowledge on medical studies.
Apart from the recent partnership, Verily has tie-ups with Mayo Clinic and University of Pittsburgh which help in reaching patients interested in medical studies.
Further, its alliance with Duke and Stanford Medicine is aiding in bolstering the enrollment rate on its Baseline registry.
We believe Verily is likely to strengthen its position in the booming global market for clinical trials management system market which as per a report from Grand View Research, is expected to witness a CAGR of 12.1% between 2018 and 2025.
Further, the report shows that the global clinical trials market is expected to witness a CAGR of 5.7% between 2019 and 2026.
Alphabet on the back of growing initiatives by Verily is well poised to reap benefits from these potential markets.
Currently, Alphabet carries a Zacks Ranks #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
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