Labcorp, which spun off its CRO arm last year, has inked a collaboration deal with trial software firm Hawthorne Effect to speed decentralized clinical trials and increase patient diversity.
Under the deal, Labcorp gets access to Hawthorne’s digital platform that allows complex study visits and clinical data collection, the companies said in a Jan. 10 release. Financial terms of the deal weren’t disclosed.
“We look forward to combining Labcorp's global laboratory network and logistics capabilities with Hawthorne Effect's digital platform to advance our decentralized clinical trial capabilities, increase clinical trial accessibility and diversity, and bring greater value to patients, their physicians and our sponsors,” Jonathan DiVincenzo, Labcorp's president of central Laboratories and International, said in the release.
Labcorp released plans in 2022 to spin off its CRO operations into an independent, publicly traded company with more than 19,000 employees and drug and medical device development services such as clinical trial management and commercialization solutions.
The spinoff was completed in July last year and debuted under the name Fortrea. While part of Labcorp, the CRO division brought in $3 billion in revenue in 2022, accounting for between 15% to 20% of Labcorp’s central lab business.