Quintiles Healthcare Services
The importance of a website to an organization cannot be underestimated. Having a functional website in place is the first step towards taking your services or business to the global perspective. This is because people can be able to review, enquire, place an order and communicate with your business via the website. Web pages are designed in such a way that they contain business information in form of text, images, animations, documents among others which can easily be accessed through connecting to the World Wide Web. With the increasing uptake of technology among the organizations and businesses, it is anticipated that worldwide web offers a variety of opportunities, market share, and innovation among others which renders business operations faster and efficient (Broekhuizen, Hoekstra & Jager, 2013). This makes it easy in the realization of the set objectives and goals. This paper is a critical review of Quintiles Healthcare services website.
The initial impression I get upon accessing the Quintiles Healthcare services website is its simplified and effective nature. The websites have quick access tabs including; Home, Services, News, Education and about us, which offer an easier way to access organization related information. The website also has access links to the social media platforms such as Linked In, Facebook, Twitter, and email account. On 6th November, the company announced the move to change its name to IQVIA and it will be dedicated to using analytics and science to help the stakeholders in the healthcare sector to come up with a better solution regarding their patients’ needs (BusinessWire, 2018). The website is well organized since the headquarters of the company are clearly indicated, its website link, the name of the CEO, number of employees, organization, and revenue as per the year 2016. About the company is well articulated, its ventures, customer value among other things. At the bottom of the website, the company has provided its contact information including email and phone number. It also includes quick links to important pages such as a blog, app, and the possible language translation available for the site.
Vision, Mission, and Goals
Vision: on 6 November 2017 the company introduced a defining moment as well as the new name, which was aligned to its vision. The company’s visions note that the organization focuses on “helping stakeholders to drive healthcare forward (IQVIA.com, 2018)”.
The company’s mission is derived from its vision and notes that the organization dedicates its reputation, resources, and experience towards helping their clients to drive the healthcare forward. With a pool of talented employees amounting to 55, 000, the workforce is not only insightful but also it articulates on delivering efficient ways and methods of getting work done focused on enhancing our customers to continue with the delivery of true medical breakthroughs through carrying out research and development of more challenging and complex diseases (IQVIA.com, 2018).
Goals: QuintilesIMS is guided by the following goals; investing and committed to advance the human health, delivering real outcome and value, solving problems and developing the next breakthrough through achieving more using the limited resources (IQVIA.com, 2018). The company derives its inspiration from its potential to take its possibilities to the next level with a shared vision to taking healthcare a step forward. To accelerates its achievement and progress through developing medical breakthroughs, the company combines human intelligent, technology and insight as a way of reimagining and delivering methods that will help to actualize them (IQVIA.com, 2018).
QuintilesIMS is one of the leading players in the field of information and technology-enabled healthcare service providers on the global scale. The company is dedicated to assisting its customers to improve their commercial, scientific and clinical results. The company came into the existence after a merger between IMS health and quintiles. The company has more than 55, 000 employees and has its operations in more 100 countries meaning it’s a global company which has positioned itself at the worldwide operational scope (QuintilesIMS, 2018).
The company sustainability is based on the fact that it seeks to enhance the real world outcome among the patients and to enhance the outsourcing of clinical trials through the provision of healthcare, innovations of treatment options, as well as leveraging the wide-scale health services, technology and information solutions focused on enhancing new approaches and insights (QuintilesIMS, 2018). The company uses a marketing strategy of offering clinical and commercial solutions by bringing a unique opportunity to clients focused on enhancing them to realize full potential in a matter of advanced healthcare outcomes and innovations.
A strategic and sustainability approach of the company is aimed at enhancing patient targeting through exclusion and inclusion criteria. Besides, the company has resulted in site optimization as a way of identifying and improving the site efficiency (BusinessWire, 2018). This has played a central role in channeling traffic towards the site thus creating awareness among the online customer research and direct potential client to submit their enquires directly to the company. The company has also channeled a significant amount of resources in market research and analysis. For instance, with the help of big data modeling tools, the company is in a position to identify risk patterns and develop mitigation strategies (QuintilesIMS, 2018). These approaches are known as a failure point. The company also undertakes to improve outcome and standard of care through analysis approach in order to determine the optimal care paths.
The company also applies the post-market data as a method of promoting or enhancing portfolio planning and predicting the dynamics of the market (QuintilesIMS, 2018). Therefore, to enhance its market sustainability, the company emphasizes on escalating its focus on the niche segment such as patient sub-populations and rare diseases (QuintilesIMS, 2018). Thus, the company is carrying out its business with corporate social responsibility in mind. For example, the company must leverage the real-world insights as a way of measuring patient population in the complex environment and use advanced analysis tools as a method of bridging the gap on data availability.
Quintiles IMS has interesting financial statements which depict a rather struggling financial position. From the fourth quarter operating results of 2017, the revenue was $2, 161, which was a 10 percent increase on the previous report. This also markets 8.45 of the constant currency basis with reference to the 4th quarter of the year 2016 (BusinessWire, 2018). According to the rules of the purchase accounting, it is established that part of the IMS health had deferred revenue which was supposed to be accountable as revenue inflow in the year 2016 though it was eliminated (BusinessWire, 2018).
The deferred revenue for the 4th quarter of the year 2016 was $55 million amounting to 7.7 percent of the reported basis. The commercial revenue solution grew to $1,027 million which was a 10.6% and 7.85% of the fixed currency (BusinessWire, 2018). The revenue solution for research and development was $947millio, a 6.6 percent of the reported basis (BusinessWire, 2018).
In the year 2017, the revenue was $8, 060, which was a 4.3 increase of the reported basis. Excluding the deferred revenue, $455 million for the previous year the company marked a 3.7 percent increase on the reported basis (BusinessWire, 2018). The commercial revenue solution was $3, 638 for the entire year of 2017, which was a 4.4 percent increase from 4.0 percent (BusinessWire, 2018). Revenue allocation on research and development was $3, 647 million for the entire year of 2017. The revenue for integrated engagement services for the year of 2017 was $783 million where 2.6% decline and 2.0 percent of the constant currency (BusinessWire, 2018). EBITDA adjustment for the full year was $2, 047 million the GAAP net income and diluted earnings per share were $1, 309 million and $5.88 respectively (BusinessWire, 2018). Following the jobs and cuts act of the year 2017, the company’s benefits were $977 million to the GAP net income. As at 31st December 2017, the cash and debt equivalents were $959 million and $10, 225 million respectively which accounts for a net debt of $9.3 M (BusinessWire, 2018).
In the first quarter of 2018, following the adoption and inclusion of ASC 606, the company’s revenue is estimated at $2, 420 million and according to EBITDA adjustment it amounts to $520 million (BusinessWire, 2018). According to the CEO statement, the company financial position is doing well as it has attained a stable financial position focused on reducing the debt margin to increase its profitability and per share value. Equally, it can be argued that the company is on the verge of improving its financial position since the revenue margin is forecasted to increase to accommodate the debt level. However, there is a need to increase per share value and reduced the debt level to increase its profit margin.
Ethics and Corporate Social Responsibility Policy
At Quintiles merger with IMS health, ethics and corporate social responsibility are intertwined in the new company QuintilesIMS. The main aim of the company is to realize a positive impact in the global healthcare sector. As an ethics measure, the company emphasizes safety and wellness, environmental responsibility and product innovations (QuintilesIMS, 2018). Essentially, the company articulates that ethical business practices are key to its successful operations.
Most importantly, the company’s caring culture extends to the community where its stakeholders work and live (QuintilesIMS, 2017). The company presents an expectation that ethics, corporate social responsibility, and sustainability are an integral part of the daily activities of the organization (Kunz, 2016). The tangibility of the company’s policy is based on the statement of the company emphasizing that the company pays special attention to compliance and quality standards while incorporating new innovations and ideas. It is with the help of this dual commitment that the company is empowered to improve its healthcare services and also advance and enhance safety and wellness (QuintilesIMS, 2018). This translates into strengthening a relationship with its suppliers and endorsing the atmosphere of stewardship.
The company has a highly skilled workforce which is attained through progressive learning and training programs. Essentially, quintiles healthcare services have invested significant resources in employees training and development which has brought forth a workforce that is not only highly skilled but also a motivated focused on achieving the set goals (Fern Fort University, 2018).
The company has a high-level index of customer satisfaction. This is attributed to the fact that the corporation has a dedicated customer relationship management department which has been able to attain top notch customer satisfaction among the long-term customers which is coupled with excellent brand equity among its potential clients (Fern Fort University, 2018). The company has a recommendable track record when it comes to developing new products, the cash flow of the company is excellent, has a reliable dealer community, reliable suppliers and not forgetting the fact that the existence of the company in the global market is attributed to its strong brand portfolio.
According to the current asset to liquidity ratio, it is established that the company’s financial planning is not carried out efficiently. With the new incomers in the market, it is evident that the company has not been able to handle well the existing challenges. This is attributed to the fact that the company has not only lost a significant portion of its market share but also it has not been vigilant enough to identify the arising or existing niche categories (Fern Fort University, 2018).
The percentage of its net contribution, as well as its profitability ratio, is below the average industry ration. The company’s forecast on demand is not as efficient as seen in the high rates of missed opportunities in comparison to its competitors (Fern Fort University, 2018). There is the need for the company to invest in new technologies to attain is expansion target and to enhance it to integrate all its process. The company also faces low success rate outside its core business.
The adoption of new technology by the company comes in handy with a myriad of opportunities. For instance, the company is in a position to practice price differentiation strategy in its venture into new markets. Through this approach, quintiles healthcare services are able to retain its loyal clients, deliver high-quality services and attract new clients among other value-oriented prepositions. Its online channel has played a central role in bringing in a new channel of clients. Over the past, the company has channeled a significant investment to its online platform which has consequently opened a new sales channel. It is anticipated that in next couple of years, the company will be in a position to leverage its position through knowing the customer’s needs in a better way and addressing their needs effectively with the help of data analytics (Fern Fort University, 2018). The company is able to invest in the adjacent segment of its products since it enjoys a stable cash flow. The development market is anticipated to dilute the existing competition from new business and this enables the company to enhance its competitiveness.
In certain global markets, the company is experiencing a shortage of skilled workforce which in return threatens the steady flow of income and profits growth. Increasing cost of raw materials is a threat to the profitability margin of the company (Fern Fort University, 2018). In the year 2016, there was an introduction of environmental regulation measures through the Paris agreement which threatens the existence of certain products (Fern Fort University, 2018).
The company has its operations in various countries and thus it is highly exposed to currency fluctuations owing to the volatility of the political climate of most nations across the globe. Various countries have different laws for product standards and these fluctuations may affect the efficient operations of the company. The growing activities of local distributors are a threat to the existence of the company in certain markets, and the high level of competition has seen a decline in profit margin (Fern Fort University, 2018).
Capacity to Achieve Strategic Missions
The company’s ability to achieve its strategic mission is based on research as seen in the use of randomized Controlled trials and advanced data analytics on research, develop clinical solutions and transform them into outcomes. The company hires highly specialized expertise that is tasked with the management of the escalating complexity through the help of advanced analytics. This has helped the company to keep in touch with the real-world insights, to innovate and to become one of the leading technology and information enabled provider of healthcare services (QuintilesIMS, 2018).
The strategic rationale of the company states that the corporation is focused on improving clinical trial designs, sourcing qualified workforce and execution of its program of product development in the market through combining global information solutions of IMS health with the Quintiles leading skills in product development (QuintilesIMS, 2018). The company also focuses on creating solutions to the real world problems through combining collected technology-enabled data, anonymous patients records from leading portfolios, and experts observation reports in order to come up with solutions to the existing health care problems in terms of patient outcome, value and cost (QuintilesIMS, 2018).