IQVIA is an American multinational company based in North Carolina, US. The company’s main services are pharmaceuticals, consulting, health information technology, and clinical research. It is also the world’s largest healthcare data science company and a pioneer in human data science technology. With more than 88,000 employees working across 100 countries, IQVIA is one of the largest companies in the world to conduct contract healthcare research. The company was formerly famous as Quintiles and IMS Health Inc and after their merger in 2016, the name was changed to IQVIA. Currently, IQVIA has a market capitalization of more than $49 billion.
About IQVIA
IQVIA is a market leader when it comes to both clinical research qualities and advanced technologies for data analytics. The history of IQVIA dates back to 1982 when Dennis Gillings established a company to provide biopharmaceutical developments and outsourcing services. Today, after 40 years of its successful business and growth, IQVIA has more than 1 billion patient records that are confidential and the company uses IQVIA human data science cloud for 72 times faster data analytics. IQVIA strives towards building a more accurate and efficient healthcare ecosystem and offering customers accurate results, accelerating outcomes, and creating new opportunities.
IQVIA is a result of the merger between two companies, IMS Health and Quintiles to bring the best out of human science and the healthcare industry. IMS Health was originally part of Cognizant Corporation and it was split into two companies (IMS Health and Nielson Media Research) in 1998. IQVIA has involved itself in a variety of projects in partnership with government as well as non-governmental organizations. It has also received several awards in the last few years including Fortune World’s Most Admired Companies in 2021.
History of IMS Health
Before becoming a part of IQVIA, IMS Health was famous for medical claims, electronic medical records, collection of healthcare information, etc. Before the merger, the company’s headquarters were located in Connecticut, US, and Ari Bousbib was the CEO of the company. In 1998, after IMS Health became an independent company, Cognizant Technology Solutions became a public subsidiary of the company. From then to 2015, the company made plenty of acquisitions starting with Cambridge Pharma Consultancy in 2002. In 2003, IMS Health acquired two companies, Marketing Initiatives and Data Niche Associates, and also sold its entire stake in Cognizant becoming two separate entities.
In 2004, it acquired United Research China to enter the Chinese market followed by other companies like PharMetrics (2005), Life Sciences from the Strategic Decisions Group (2006), IHS (2007), MedInitiatives (2007), and Value Medics Research (2007). IMS Health expanded very quickly and in 2007 it ranked in the Businessweek 50 and for two years (2008 and 2010) it became Fortune World’s Most Admired Companies. In 2008 it acquired a Russian company called RMBC and a Canadian company called Skura professional services group. In 2010, IMS Health became a private company as it was taken by TPG Capital, CPP Investment Board, and Leonard Green & Partners. Some of the other companies that IMS Health acquired after it was privatized are Brogan Inc, DecisionView, Boston Biomedical Consultants, etc.
About Quintiles
Founded in 1982, Quintiles is a company of Dennis Gillings and it has established many subsidiaries in international markets as well. Gillings first incorporated Quintiles in North Carolina and then in 1990, he established Quintiles Pacific and Quintiles Ireland. In the upcoming years, he also established the company in Germany and Atlanta. In 1996, the company made two big acquisitions, namely, Innovex and BRI International followed by becoming the world’s largest CRO. In 1998, Quintiles crossed the $1 billion revenue mark and the next year it became a part of the S & P 500 Index. In 2016, when Quintiles merged with IMS Health it was a deal of $9 billion. The name was changed to IQVIA in 2017.
About the Founder
Speaking of IQVIA, Dennis Gillings has a tremendous contribution behind it as the founder of Quintiles. He is an American billionaire and entrepreneur who founded a multinational company and took it public within a few years. He is also the former Chairman of the company.
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