On March 9, 2021 Labcorp (NYSE: LH), a leading global life sciences company, reported that it has been named to Fast Company magazine’s list of 2021 Most Innovative Companies. Since 2008, the annual list has been the definitive source for recognizing the organizations that are transforming industries and shaping society (Press release, LabCorp, MAR 9, 2021, https://ir.labcorp.com/news-releases/news-release-details/labcorp-named-fast-companys-list-worlds-most-innovative [SID1234576314]).
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Labcorp was cited for its leadership in science, innovation, and healthcare in the fight against COVID-19 by advancing testing, partnering with biopharmaceutical companies to accelerate the launch of new treatments and vaccines, and providing vital support services so people could return to work and to life activities. In addition to Labcorp’s response to COVID-19, the company provides diagnostic testing and drug development services for patients, doctors, researchers, and hospital systems across therapeutic areas including cancer, Alzheimer’s disease, autoimmune disorders, kidney and liver diseases, diabetes, and other conditions.
"The recognition by Fast Company is a testament to our leadership in science and the commitment of our global employees to improve health and improve lives," said Adam Schechter, chairman and CEO, Labcorp. "Our innovations in testing, clinical trial delivery, technology, and insights have enabled us to deliver trusted, timely information to physicians, biopharmaceutical companies, and patients, so they can make clear and confident decisions."
Labcorp brought a number of innovations to market in the last year:
Labcorp was the first company to receive an FDA Emergency Use Authorization to launch several COVID-19 PCR tests, including the Pixel by LabcorpⓇ COVID-19 PCR Test Home Collection Kit now available through retail, and helped bring multiple treatments and vaccines to market in record time. The company’s science and technology are also being leveraged to genetically sequence thousands of samples each week to identify variants that can inform future vaccines and treatments.
Using robotics, Labcorp increased COVID-19 testing capacity and developed proprietary insight and analytics capabilities to help clients improve their operations, guide patient care, and support clinical trials across a larger number of programs and therapeutic areas.
The company is improving the efficiency of clinical trials through the use of mobile and digital technologies to make decentralized and virtual clinical trials a reality.
Labcorp performed over 40 million COVID-19 tests in the last year, more than any other U.S. commercial lab, and broadened access to COVID-19 testing for millions of people through hospitals, retail, employers, physicians, drive-through sites, and its Pixel by Labcorp COVID-19 PCR Test Home Collection Kit.
The 2021 Most Innovative Companies list can be found on Fast Company’s website. Fast Company’s editors and writers sought out the most groundbreaking businesses around the globe in all industries. They also judged nominations received through their application process.
"In a year of unprecedented challenges, the companies on this list exhibit fearlessness, ingenuity and creativity in the face of crisis," said Fast Company Deputy Editor David Lidsky, who oversaw the issue with Senior Editor Amy Farley.