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PAREXEL Launches New Functional Services Unit

Stocks in this article: PRXL

BOSTON, June 24 , 2013 /PRNewswire/ --  PAREXEL International Corporation (NASDAQ: PRXL), a leading global biopharmaceutical services provider, today announced the launch of PAREXEL Functional Services within the Company's Clinical Research Services business segment.

PAREXEL created the unit to provide solutions for customers interested in outsourcing particular functions rather than full development programs in the clinical development process. The new operating unit will provide clinical operations, data management, biostatistics, and medical writing, among others. These services may be offered through a range of engagement models including insourcing/staffing, full functional outsourcing, as well as customized solutions. Functional sourcing may form the basis of a strategic partnership or may be part of a hybrid partnership model that includes both functional and programmatic outsourcing.

"Clients increasingly need flexibility when choosing an outsourcing model that aligns with their path to drug development," said Mark A. Goldberg, M.D., President and Chief Operating Officer, PAREXEL. "By creating this operating unit, we are taking a more proactive and focused approach to compete in the growing global Functional Services market. Of particular importance, we'll be able to strengthen our relationships with clients of all sizes by providing a broader mix of full programmatic and functional outsourcing."

"Biopharmaceutical companies are challenged today with streamlining the drug-development process to deliver the safest, highest quality products in the most efficient and cost-effective manner," said Diego Glancszpigel, Corporate Vice President, Clinical Research Services and new head of the Functional Service operating unit. "PAREXEL's depth and breadth of scientific expertise, along with our extensive global reach and low-cost locations, will be leveraged across functions to add value to each engagement."

The new operating unit will be staffed by a dedicated leadership team and supporting resources, taking full advantage of global resources and expertise from across PAREXEL's existing operations. PAREXEL Functional Services is one of several operating units PAREXEL has created to capitalize on market opportunities and evolving client needs. 

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