Covance (NYSE: CVD), one of the world’s largest and most comprehensive drug development services companies, today announced it has acquired Medaxial, a London-based value communication consultancy. The company specializes in offering clients an integrated approach to market access strategy, health economic modeling, and data dissemination services, and focuses on defining and communicating the value of a biopharmaceutical product or medical device to healthcare payers and the stakeholders who influence them.
“Covance is a leader in the rapidly growing sector of market access and reimbursement. Medaxial, with their proven expertise in optimizing data-driven, solution-focused communication of a medical product’s value will further complement our market access offerings,” said Marc Ginsky, Vice President and General Manager, Covance Market Access. “Proactive and effective communication of clinical and economic value is critical to help clients navigate an increasingly complex drug development and payment landscape, as they strive to provide innovative medical products to patients.”
With the acquisition of Medaxial, Covance’s market access services, which currently has offices in Gaithersburg, Md., Greenfield, Ind., San Diego and Sydney, will be better positioned to serve clients worldwide. In addition to Medaxial’s corporate headquarters in London, the company has employees in New York and Antwerp, Belgium.
“Our capabilities and our commitment to client service are in line with Covance’s commitment to operational and service excellence,” said Paul Mcloughlin, co-founder and Director, Technology and Design, Medaxial. “This acquisition will provide clients with the benefits of a global consultancy group with local expertise.” Mcloughlin, along with John Fanshawe, co-founder and Managing Director at Medaxial, will continue working with the company after the acquisition is completed.
“This acquisition will enhance Covance’s ability to bring value communication solutions to our clients, beginning early in drug development and continuing through regulatory approval, reimbursement, and commercial success,” said Ginsky.