Labcorp Drug Development is a leading global life sciences company headquartered in Burlington, North Carolina, United States. The company, formerly known as Covance Inc., was founded in 1969 and has since grown to become a renowned player in the healthcare industry. Labcorp Drug Development offers a comprehensive range of drug development and laboratory services to pharmaceutical, biotechnology, and medical device companies.

This includes early-stage research, nonclinical and clinical development, central laboratory services, and commercialization of innovative therapies. The company operates in over 60 countries, serving customers from all around the world. Labcorp Drug Development has several noteworthy subsidiaries and joint ventures that contribute to its global presence.

One of its subsidiaries, Xcellerate, provides clinical trial data analysis and reporting solutions. Labcorp also has a strategic alliance with PPD, a contract research organization, to provide customers with integrated solutions for drug development. These partnerships enhance the company's capabilities and broaden its service offerings.

In terms of market position, Labcorp Drug Development is a major player in the global life sciences industry. The company reported over $11. 9 billion in revenue in 2020, highlighting its size and market presence.

Labcorp Drug Development competes with other large CROs (Contract Research Organizations) such as IQVIA and Syneos Health in the highly competitive global market. Labcorp Drug Development has achieved several significant milestones and successes over the years. In 2015, Labcorp acquired Covance Inc., a move that significantly strengthened its capabilities in drug development services.

This acquisition marked a strategic shift in Labcorp's portfolio and cemented its position as a global leader in life sciences research. As of the latest information available, Labcorp Drug Development continues to expand its offerings and capabilities. The company has been actively involved in supporting COVID-19 testing efforts, leveraging its extensive laboratory infrastructure and expertise.

This demonstrates Labcorp's commitment to addressing public health challenges and further solidifies its reputation as a reliable and innovative partner in the healthcare industry