IQVIA provides a total solution based on big data

IQVIA's Korean subsidiary acquired CoreZetta and MMK

CEO Jeong Su-Yong

IQVIA(CRO Quintiles & IMS Healths) is much bigger than before.

 

In addition to simply providing clinical referral and sales data, IQVIA includes development, release, and subsequent marketing and Rx management.

 

IQVIA Korea, a so-called 'Human Data Science Company', recently acquired CoreZetta, a sample big data analysis company of the HIRA, and MMK Communications, a healthcare marketing company, to upgrade the reliability and service area of the data.

 

The number of executives and employees of Korean subsidiaries has already surpassed 780.

 

Dailypharm met with CEO Jeong Su-Yong (48 yrs old), who has been leading IQVIA Korea since 2017, and heard about IQVIA's vision and strategy.

 

- About five years have passed since the merger of Quintiles and IMS.

 

What has been the change?

 

The most noticeable change is the diversity of IQVIA customers.

 

In the past, if it was a global clinical trial and market data and analysis business with multinational pharmaceutical companies, domestic pharmaceutical companies, biotech, investment companies such as medical devices and venture capital, consumer companies, private insurers, governments, hospitals, and wholesalers.

 

Last year alone, it has expanded its ties with more than 100 companies as customers and partners.

 

Specifically, the role of helping Korean customers globalize (strategies for overseas expansion, providing overseas market data and insights, supporting overseas clinical, commercialization, and selecting overseas partners) is growing.

 

Companies that enter overseas markets need people by connecting overseas workers with a high understanding of the regulatory environment in overseas markets, and it supports related consulting and advice services.

 

- It is also notable that it has acquired two domestic companies.

 

As far as I know, it was led by a Korean corporation.

 

Yes, IQVIA's Korean subsidiary is continuing its efforts to specialize in the domestic market.

 

First, CoreZetta is a company that analyzes data from the HIRA.

 

The HIRA's data are assets of our country with the NHIS system, but it is important how they can be analyzed and shown well.

 

The cycle is slow and limited, and if it is supplemented with the advantages of IQVIA data, it will be possible to create new insights.

 

Last month, it acquired MMK Communications, which provides medical communication and marketing, digital detailing, and nurse counseling services.

 

Due to the COVID-19 situation, the need for digital detailing has increased and the importance of medical information contents has increased.

 

It is trying to develop the data that doctors need and provide major contents in accordance with the Korean regulatory situation.

 

IQVIA is a total healthcare solution company.

 

-Due to the nature of acquisition companies, services to attract domestic customers are drawing attention.

 

Recently, interest in the domestic biopharmaceutical industry has been increasing, how is it viewed by global consulting firms?

 

I think we should look at it from an overall infrastructure perspective rather than from a technical or scientific perspective.

 

It is possible and necessary to grow a step in line with the capital market's interest in the pharmaceutical bio market and the size of investment.

 

This requires the technological superiority of individual companies, the establishment of an ecosystem for feasible growth, or globalization as much as the performance of each project.

 

Domestic biotech and venture companies grow through investment, and IPO is almost the only way to recover investment in Korea.

 

That is why there is a limit to the recovery market.

 

I think there is a limit to growth in the domestic market alone.

 

It is also important to have a competitive pharmaceutical company that can lead large projects.

 

This seems to require a large merger within the pharmaceutical bio industry.

 

Cases of expansion in overseas markets such as Celltrion's acquisition of Takeda and SK's acquisition of global CMO will have positive results.

 

- Are you trying to combine 'big data' with diversified services?

 

The importance of big data is essential for the development of healthcare industries.

 

Clinical trials are essential for the pharmaceutical industry, but they have to take huge amounts of capital and high risks.

 

However, we expect Real World Data to be able to convert substantially efficiently.

 

South Korea's pharmaceutical industry still lacks large capital capacity.

 

I think data is the driving force behind the growth of these conditions.

 

If it wisely uses it while dispeling concerns about personal information leakage, IQVIA can do this, thinking it could be a big opportunity for the development of the domestic pharmaceutical industry.

 

In addition to managing the risk of data, it is necessary to balance and develop the benefits that real data can give.