- The early stage company has achieved 150 percent annual revenue growth consistently for the past three years
IRVINE, California, Feb. 11, 2013 /PRNewswire/ -- Based on its recent analysis of the companion diagnostics market, Frost & Sullivan recognizes ResearchDx with the 2012 North American Frost & Sullivan Award for Entrepreneurial Company of the Year. In an industry where the trend in the contract services sector is moving toward greater specialization and focusing on a few key capabilities, ResearchDx's mission to be a sole provider and affordable option for contract diagnostic development is both unique and entrepreneurial.
"ResearchDx originated the concept of a contract diagnostic organization for biopharmaceutical companies and diagnostic companies, which is analogous to the services a contract research organization would provide for drug clinical trials," observed Frost & Sullivan Senior Industry Analyst Winny Tan. "The company can provide contract R&D across the entire development and commercialization process for companion diagnostics for pharmaceutical companies, in vitro diagnostic (IVD) companies and clinical laboratories, strongly positioning it at a critical time in the market for impressive and sustainable growth over the long term."
ResearchDx provides services including assay development, validation, and optimization for a clinical setting; study management and regulatory submissions; validation of laboratory-developed tests; test deployment in its Clinical Laboratory Improvement Act (CLIA) and College of American Pathologists (CAP) accredited laboratory; and in vitro diagnostic (IVD) kit manufacturing in its good manufacturing practice (GMP) facility.
ResearchDx's strategy has proved to be a winning one; the early stage company has achieved 150 percent annual revenue growth consistently for the past three years. As the first fully integrated contract diagnostic organization, the company is an extremely valuable partner for accelerating the regulatory approval and commercialization of diagnostic products.
"ResearchDx leads in delivering customer value, because customers receive the best solution that is matched to their specific needs," explained Tan. "Further, the company leverages more than 20 years of clinical diagnostic laboratory industry experience to offer expert advice. Unlike many of its competitors that offer diagnostic development limited to their proprietary platforms, ResearchDx's solutions are driven by the customer's diagnostic needs, rather than any one diagnostic platform."
For its extraordinary performance in the contract diagnostics organization sector, Frost & Sullivan recognizes ResearchDx as the 2012 North American Entrepreneurial Company of the Year Award recipient.
Each year, Frost & Sullivan presents this award to the company that has demonstrated entrepreneurial spirit by devising a strong growth strategy and robustly implementing it. The recipient has shown strength in terms of innovation in business processes, leadership in customer value as well as market penetration. In short, the award looks at the emerging market players in the industry and recognizes their best practices that are positioned for future growth excellence.
Frost & Sullivan Best Practices Awards recognize companies in a variety of regional and global markets for demonstrating outstanding achievement and superior performance in areas such as leadership, technological innovation, customer service, and strategic product development. Industry analysts compare market participants and measure performance through in-depth interviews, analysis, and extensive secondary research in order to identify best practices in the industry.
ResearchDx is The Contract Diagnostics Organization (CDO) for the biopharmaceutical and diagnostic industries. The company provides comprehensive, integrated, flexible services for the in vitro diagnostic development process. From initial assay conceptualization, discovery, optimization and validation in a CAP/CLIA laboratory environment, through a complete set of clinical research services and on to regulatory approval, ResearchDx offers the services and solutions to meet complex diagnostics development needs. ResearchDx's primary service areas include assay research and development, clinical laboratory services, clinical research, diagnostic manufacturing, and consulting. Additional information is available at www.researchdx.com.
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SOURCE Frost & Sullivan