New Everest Group Peak Matrix Analysis Recognizes Cognizant’s Vision for an Evolving Industry, Digital Offerings and Market Impact
For a second straight year, Cognizant has been named a top provider of digital services for life sciences organizations by Everest Group. The consulting and research firm’s new Life Sciences Digital Services PEAK Matrix™ Assessment 2019 reviews 23 global service providers and highlights Cognizant’s well-defined vision of helping pharmaceutical and other companies digitally transform to improve productivity, enhance drug safety and ensure regulatory compliance.
Cognizant works with all of the top 30 global pharmaceutical companies, 9 of the top 10 biotech companies and 12 of the top 15 medical device companies helping them implement cloud, artificial intelligence (AI), automation, internet of things (IoT) and other technologies across their value chains. For one life sciences company, Cognizant implemented a robotic process automation (RPA) solution to replace repetitive manual activities related to an increasing volume of individual case safety reports. The Cognizant solution was implemented in just seven months, reduced cycle time by 30% and achieved 99% first-time accuracy, among other benefits.
The new Everest Group report evaluates digital services providers on their proprietary solutions, key investments and technological expertise along with various other market trends and business offerings. Cognizant received top marks for its sustained client engagement, ability to economically optimize client operations and its investments in the sector. Among them is the recent acquisition of Zenith Technologies, which boosted Cognizant’s capabilities to design, implement and manage IT systems for connected biopharmaceutical and medical device manufacturers.
“The market size for life sciences digital services is estimated to grow at a rate of 15 to 20 percent through 2021 in North America, with other areas of the world growing at an even faster rate,” said Abhishek Singh, Vice President, Everest Group. “Companies like Cognizant, who provide the digital expertise and operational resilience to life sciences clients, will remain at the forefront of this evolving industry, paving the way for companies to meet the evolving needs of their customers and stay ahead of growing competition.”
“The ability to leverage digital technologies, such as AI, automation, machine learning and the IoT within the life sciences industry continues to create new opportunities for Cognizant, our clients and most importantly to improve health outcomes of patients,” said Srinivas Shankar, Vice President and Global Head of Life Sciences, Cognizant. “Everest Group’s analysis and recognition of Cognizant’s life sciences investments and client solutions speaks to our important role in designing and implementing technologies that bring innovative drugs to market faster at a lower cost.”