Labcorp Named to Fast Company’s List of the World’s Most Innovative Companies for 2021
BURLINGTON, N.C.--(BUSINESS WIRE)--Labcorp (NYSE: LH), a leading global life sciences company, today announced 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.
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.
Labcorp is a leading global life sciences company that provides vital information to help doctors, hospitals, pharmaceutical companies, researchers and patients make clear and confident decisions. Through our unparalleled diagnostics and drug development capabilities, we provide insights and accelerate innovations to improve health and improve lives. With more than 70,000 employees, we serve clients in more than 100 countries. Labcorp (NYSE: LH) reported revenue of $14 billion in FY2020. Learn more about us at www.Labcorp.com or follow us on LinkedIn and Twitter @Labcorp.
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This press release contains forward-looking statements, including but not limited to statements with respect to recognition and reputation of the Company. Each of the forward-looking statements is subject to change based on various important factors, many of which are beyond the Company’s control, including without limitation, the COVID-19 pandemic and its impact on our business and financial condition as well as general economic, business, and market conditions, competitive actions and other unforeseen changes and general uncertainties in the marketplace, changes in government regulations, including healthcare reform, customer purchasing decisions, including changes in payer regulations or policies, other adverse actions of governmental and third-party payers, changes in testing guidelines or recommendations, federal, state, and local governmental responses to the COVID-19 pandemic, the effect of public opinion on the Company’s reputation, adverse results in material litigation matters, failure to maintain or develop customer relationships, our ability to develop or acquire new products and adapt to technological changes, failure in information technology, systems or data security, the number of revenue days in a financial period, personnel costs, and the effect of exchange rate fluctuations, and employee relations. These factors, in some cases, have affected and in the future (together with other factors) could affect the Company’s ability to implement the Company’s business strategy and actual results could differ materially from those suggested by these forward-looking statements. As a result, readers are cautioned not to place undue reliance on any of our forward-looking statements. The Company has no obligation to provide any updates to these forward-looking statements even if its expectations change. All forward-looking statements are expressly qualified in their entirety by this cautionary statement. Further information on potential factors, risks and uncertainties that could affect operating and financial results is included in the Company’s most recent Annual Report on Form 10-K and subsequent Forms 10-Q, including in each case under the heading RISK FACTORS, and in the Company’s other filings with the SEC.
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