IQVIA

Last updated
IQVIA Holdings, Inc.
Company type Public
Industry Contract Research Organization
Pharmaceutical Service, AI, IT, Consulting
Founded1982;42 years ago (1982)
Founder Dennis Gillings
Headquarters Durham, North Carolina, U.S.
Key people
Ari Bousbib
(Chairman & CEO)
ProductsStrategy & Operation Consulting, Support services for pharmaceutical, biotech and medical companies and individuals
RevenueIncrease2.svg US$15.4 billion (2023) [1]
Increase2.svgUS$1.85 billion (2023) [2]
Increase2.svgUS$1.096 billion (2023) [2]
Total assets Increase2.svgUS$36.44 billion (2023) [3]
Total equity Decrease2.svgUS$8.04 billion (2023)
Number of employees
c. 86,000 [4]  (October 2023)
Website iqvia.com
Footnotes /references
[5]

IQVIA, formerly Quintiles and IMS Health, Inc., [6] is an American Fortune 500 and S&P 500 multinational company serving the combined industries of health information technology and clinical research. IQVIA is a provider of biopharmaceutical development, professional consulting and commercial outsourcing services, focused primarily on Phase I-IV clinical trials and associated laboratory and analytical services, including investment strategy and management consulting services. It has a network of more than 88,000 employees in more than 100 countries and a market capitalization of US$49 billion as of August 2021. [6] As of 2023, IQVIA was reported to be one of the world's largest contract research organizations (CRO). [7] [8]

Contents

History

IQVIA is the result of the 2016 merger of Quintiles, a leading global contract research organization, and IMS Health, a leading healthcare data and analytics provider [9] The name of the modern company honors the legacy organizations. IQVIA: I (IMS Health), Q (Quintiles), and VIA (by way of).

IMS Health

IMS Health was best known for its collection of healthcare information spanning sales, de-identified prescription data, medical claims, electronic medical records [10] and social media. [11] IMS Health's products and services were used by companies to develop commercialization plans [12] and portfolio strategies, [13] to select patient and physician populations for specific therapies, and to measure the effectiveness of pharmaceutical marketing and sales resources. [14] The firm used its data to produce syndicated reports such as market forecasts and market intelligence.

The original name of the company was Intercontinental Marketing Statistics, hence the IMS name. IMS Health's corporate headquarters were located in Danbury, Connecticut, in the United States. Ari Bousbib was the chairman and CEO of IMS Health before the merger.

Quintiles

Quintiles was the world's largest provider of biopharmaceutical development and commercial outsourcing services. The company offered clinical data management, clinical trial execution services, pharmaceuticals, drug development, financial partnering, and commercialization expertise to companies in the biotechnology, pharmaceutical and healthcare sectors.

In 1982, Dennis Gillings founded and incorporated Quintiles Transnational in North Carolina. [23] Quintiles Transnational established Quintiles Pacific Inc. and Quintiles Ireland Ltd. in 1990. [24] In 1991 Quintiles GmbH was established in Germany and Quintiles Laboratories Ltd. was established in Atlanta, Georgia. [25] In September 1996, Quintiles purchased Innovex Ltd. of Britain for $747.5 million in stock. [26] Quintiles went public in 1997 and completed a successful secondary stock offering. [27]

IMS Health and Quintiles become IQVIA

In May 2016, Quintiles agreed to merge with IMS Health in a deal worth $9 billion. [28] [29] IMS Health shareholders received 0.384 shares of Quintiles common stock for each share of IMS Health common stock they held, leaving the split of ownership at 51.4% IMS and 48.6% Quintiles. [30] [31] The merger was completed in October and the resulting company was a $17.6 billion company called QuintilesIMS. [9] In November 2017, the company adopted the new name of IQVIA, and changed its ticker symbol on the NYSE from Q to IQV. [6]

Controversies

Throughout its history, the legacy IMS Health's business of collecting anonymized pharmaceutical sales data came under scrutiny from both the media and the legal system. [32]

IMS Health v. Ayotte was a free speech case involving IMS Health. [33] [34] [35]

Sorrell v. IMS Health Inc. was a case about physician-data privacy, which went to the U.S. Supreme Court. The High Court ruled in favor of the company. [36] [37] [38] [39]

IQVIA was contracted by the UK government's Office of National Statistics to provide data on the prevalence of COVID-19 infection in the population. Some users of the survey reported problems contacting IQVIA and arranging for testing. [40] The problems with how the survey results were collected were criticised for potentially leading to biased data by New Scientist. [41]

On July 17, 2023, the Federal Trade Commission sued to block IQVIA’s acquisition of Propel Media alleging in an administrative complaint that the acquisition would give IQVIA a market-leading position in health care programmatic advertising and would raise health-care prices for consumers. In December 2023, U.S. District Court Judge Edgardo Ramos issued an order granting the FTC’s motion for preliminary injunction to block the merger. Speaking in favor of the FTC, Ramos said, "The FTC has shown that there is a reasonable probability that the proposed acquisition will substantially impair competition in the relevant market and that the equities weigh in favor of injunctive relief." An administrative trial was scheduled to start on January 18, 2024. [42] [43] [44] However, on January 5, 2024, IQVIA and Propel Media announced that they had mutually agreed to abandon the proposed merger and avoided trial. [45]

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References

  1. ↑ "IQVIA Reports First-Quarter 2023 Results; Reaffirms Full-Year 2023 Guidance".
  2. 1 2 "IQVIA Holdings Operating Income 2011-2023 | IQV".
  3. ↑ "IQVIA Holdings Inc. (IQV) Statistics & Valuation Metrics".
  4. ↑ "IQVIA Holdings: Number of Employees 2011-2023 | IQV".
  5. ↑ "IQVIA Holdings, Inc. 2021 Annual Report (Form 10-K)". U.S. Securities and Exchange Commission. 16 February 2022.
  6. 1 2 3 "QuintilesIMS is now IQVIA". Business Wire. 6 November 2017. Retrieved 6 November 2017.
  7. ↑ Melissa Fassbender (9 November 2017). "QuintilesIMS now IQVIA as it aims to 'outpace the inevitable progress of change'". Outsourcing-Pharma.com; William Reed Business Media Ltd. Retrieved 17 December 2017.
  8. ↑ "Articles about IQVIA". BioSpace. Retrieved 2023-11-02.
  9. 1 2 Henderson, Jennifer (3 October 2016). "Quintiles, IMS Health complete merger". Triangle Business Journal, American City Business Journals. Retrieved 3 October 2016.
  10. ↑ "What Does IMS Health Do, Anyway?". The Wall Street Journal. 5 November 2009.
  11. ↑ Munro, Dan. "New Study Ranks Johnson & Johnson #1 In Pharma For Social Media Engagement". Forbes.
  12. ↑ Drive to Develop New Commercial Models.pdf "The Drive to Develop New Commercial Models"
  13. ↑ in the News/Documents/Kleinrock, 2011 CA Biomed Industry Report_FINAL.pdf "CA Biomed Industry Report"
  14. ↑ Market Maps TL.pdf "Patient Market Maps"
  15. ↑ "The Business Week 50" Bloomberg Business Week, Accessed 20 October 2010
  16. ↑ "TPG and Pension Plan to Buy IMS Health" New York Times Deal Book, 5 November 2009
  17. ↑ Leuty, Ron (24 April 2012). "IMS Health to buy clinical trials software company Decision View". San Francisco Business Times. Retrieved 2020-11-16.
  18. ↑ Conn, Joseph (2012-08-15). "IMS acquires analytics company TTC". Modern Healthcare. Retrieved 2020-11-16.
  19. ↑ "IMS Health Expands Suite of Syndicated, Web-based Analytics With Acquisition of PharmaDeals Ltd". FiercePharma. 14 August 2012. Retrieved 2020-11-16.
  20. ↑ "IMS Health Acquires Dataline Software, Extending Real-World Evidence Technology Platform and Application Suite". IMS Health. 2015-11-11. Retrieved 2017-05-25.
  21. ↑ "Cegedim completes disposal of the CRM and Strategic Data Division to IMS Health" (PDF). 1 April 2015.
  22. ↑ "Acquisition announcement" (PDF).
  23. ↑ Matthew Herper (November 22, 2010). "Money, Math and Medicine". Forbes Magazine. Retrieved July 21, 2011.
  24. ↑ "Quintiles Pacific, Inc.: Private Company Information - Businessweek". Bloomberg News .
  25. ↑ "Quintiles Laboratories Limited: Private Company Information - Businessweek". Bloomberg News .
  26. ↑ Derdak T, Atkins W (2005). "Quintiles Transnational Corp". Encyclopedia.com.
  27. ↑ Olivia Oran (9 May 2013). "Quintiles IPO raises more-than-planned $947 million as stocks rally". Reuters.
  28. ↑ "Quintiles is merging with IMS in a deal worth about $9 billion - Fortune". Fortune. Reuters. 3 May 2016.
  29. ↑ "Quintiles, IMS Health Plan $9B Merger". GEN. 3 May 2016.
  30. ↑ Hallam, Kristen; Tracer, Zachary (3 May 2016). "IMS Health to Buy Quintiles in $9 Billion Pharma Data Deal". Bloomberg.com.
  31. ↑ Holm, Erik (3 May 2016). "Deals of the Day: IMS Health Merges With Quintiles, Biogen to Spin Off Hemophilia Arm". WSJ.
  32. ↑ "Company that Knows What Drugs Everyone Takes Going Public". Forbes.
  33. ↑ Baxter, Alexander D. "IMS Health v. Ayotte: A New Direction on Commercial Speech Cases" (PDF). Berkeley Technology Law Journal . 25 (1): 649–670. Archived from the original (PDF) on 5 November 2010. Retrieved 5 February 2014.
  34. ↑ Shapiro, Ilya (28 April 2009). "IMS Health v. Ayotte | Cato Institute". cato.org. Cato Institute . Retrieved 5 February 2014.
  35. ↑ Bibet-Kalinyak, Isabelle (2012). "Critical Analysis of Sorrell v. IMS Health, Inc.: Pandora's Box at Best". Food & Drug L.J. 67 (2): 191–241, ii. PMID   24620419.
  36. ↑ "IMS Health Wins Court Attack on Vermont Marketing Law". Bloomberg. 23 November 2010.
  37. ↑ Law360 11 August, 2011. Inside Sorrell V. IMS Health
  38. ↑ Adam Liptak for the New York Times. 23 June 2011 Drug Makers Win Two Supreme Court Decisions
  39. ↑ Gayland Hethcoat Regulating Pharmaceutical Marketing After Sorrell v. IMS Health Inc. Quinnipiac Health Law Journal. 2012 Vol. 15:187
  40. ↑ Vaughan, Adam. "UK's vital covid-19 infection tracking survey deluged by complaints". New Scientist. Retrieved 2021-07-13.
  41. ↑ Vaughan, Adam. "UK's official statisticians had concerns over covid-19 survey bias". New Scientist. Retrieved 2021-07-13.
  42. ↑ "Statement on FTC Win Securing Temporary Block of IQVIA's Acquisition of Propel Media". Federal Trade Commission. 2024-01-03. Retrieved 2024-01-19.
  43. ↑ "IQVIA Drops as FTC Temporarily Blocks Its Acquisition of Propel Media". Investopedia. Retrieved 2024-01-19.
  44. ↑ "FTC Gets Court Backing to Halt IQVIA's Purchase of Propel Media". news.bloomberglaw.com. Retrieved 2024-01-19.
  45. ↑ "IQVIA Drops Plan to Purchase Propel Media After FTC Injunction". news.bloomberglaw.com. Retrieved 2024-03-18.
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