What changed in this filing

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Item 1. Business

2023-02-15 compared with 2022-02-16 · 70 added, 63 removed, 345 unchanged (28% of the section changed)

19 unchanged sentences

• A growing set of proprietary clinical and commercial applications, which helps our clients increase their clinical operations performance, supports their regulatory and compliance needs and orchestrates their sales operations, sales management, multi-channel marketing and performance management;

• Integration of information, analytics, technology, and domain expertise through Connected Intelligence , which enables us to provide our clients with more effective options to address their needs from Research and Development through commercialization as well as truly innovative breakthroughs such as decentralized trials and global real-world evidence networks;

• A staff of approximately 86,000 employees across the globe , including over 29,000 Technology & Analytics Solutions employees, approximately 46,000 Research & Development Solutions employees and approximately 7,000 Contract Sales & Medical Solutions employees.

• Integration of information, analytics, technology, and domain expertise through Connected Intelligence , which enables us to provide our clients with more effective options to address their needs from Research and Development through commercialization as well as truly innovative breakthroughs such as virtual trials and global real-world evidence networks.

Our Market Opportunity

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Growth and innovation in the life sciences industry.

The life sciences industry is a large and critical part of the global healthcare system, and, according to the latest information available from the IQVIA Market Prognosis service, is estimated to have generated approximately $1.42 trillion in revenue in 2021.

The life sciences industry is a large and critical part of the global healthcare system and, according to the latest information available from the IQVIA Market Prognosis service, is estimated to have generated approximately $1.48 trillion in revenues in 2022.

According to our research, revenue growth in the life sciences industry globally is expected to range from 3% to 6% between 2023 and 2027.

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We believe that further research and development spending, combined with the continued need for cost efficiency across the healthcare landscape, will continue to create opportunities for biopharmaceutical services companies, particularly those with a global reach and broad service offerings, to help biopharmaceutical companies with their pre- and post-launch solutions development and commercialization needs.

The impact of recent legislative changes on product launch and industry innovation continues to be evaluated.

IQVIA is involved with many stakeholders throughout the industry as we help navigate changes over the coming decade.

Increased Complexity in Research and Development.

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For example, Connected Intelligence helps us validate protocols to ensure studies in new disease areas have greater accuracy and also enables us, through innovations such as predictive analytics, to find patients who may not have been diagnosed.

Regulators require clinical trials involving local populations as part of the process for approving new pharmaceutical products, especially in certain Asian and emerging markets.

Regulators require clinical trials to involve local populations as part of the process for approving new pharmaceutical products, especially in certain Asian and emerging markets.

Understanding the epidemiological and physiological differences in different ethnic populations and being able to conduct clinical trials locally in certain geographies will be important to pharmaceutical product growth strategies, both for multinational and local/regional biopharmaceutical companies.

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Further, our clients are looking for new ways to simplify processes and drive operational efficiencies by using automation, consolidating vendors and adopting new technology options such as hosted and cloud-based applications.

This provides opportunities for technology services vendors to capture and consolidate internal spending by providing lower-cost and variable-cost options that lower clients’ research and development, selling, marketing and administrative costs.

This provides opportunities for technology services vendors to capture and consolidate the internal spending of life sciences companies by providing lower-cost and variable-cost options that lower clients’ research and development, selling, marketing and administrative costs.

Evolving need to integrate and structure expanding sources of data.

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As a leader in the development and commercialization of new pharmaceutical therapies, we can empower our therapeutic, scientific and domain experts with expansive levels of information including product level tracking in 93 markets and information about treatments and outcomes on more than 1.2 billion unique non-identified patient records.

By connecting this intelligence, we have the ability to optimize the clinical trial process and enable our clients to reduce costs and get their products to market more quickly through more informed site selection, faster patient recruitment practices and virtual trials.

We transform Real World Evidence by linking prospective and retrospective approaches and introduce innovation such as secondary control arms, which eliminate the need for a placebo group.

We bring best in class SaaS platforms, purpose built for life sciences, to our clients to help them run their clinical and commercial operations more efficiently.

We bring best in class Software as a Service ("SaaS") platforms, purpose built for life sciences, to our clients to help them run their clinical and commercial operations more efficiently.

Build upon our extensive client relationships and leverage our global presence .

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We offer hundreds of distinct services, applications, technology platforms and solutions to help our clients make critical decisions and perform better.

We have three operating segments:

We have three reportable segments:

Technology & Analytics Solutions, Research & Development Solutions and Contract Sales & Medical Solutions.

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We provide an extensive range of cloud-based applications and associated implementation services.

Software as a Service (“SaaS”) solutions that support a wide range of commercial and clinical processes, including customer relationship management (“CRM”), performance management, real-world evidence generation, compliance and safety reporting, incentive compensation, territory alignment, roster management, call planning, multi-channel marketing, and master data management.

SaaS solutions that support a wide range of commercial and clinical processes, including customer relationship management (“CRM”), performance management, real-world evidence generation, compliance and safety reporting, incentive compensation, territory alignment, roster management, call planning, multi-channel marketing, and master data management.

These solutions are used by healthcare companies to manage, optimize and execute their clinical and commercial strategies in an orchestrated manner while addressing their regulatory obligations.

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We provide a broad set of strategic and implementation consulting services, including advanced analytics and commercial processes outsourcing services to help the commercial operations of life sciences companies successfully transform their commercial models, engage more effectively with the healthcare stakeholders and reduce their operating costs.

We also help our client’s R&D function to address strategic challenges in the drug development process.

Our global teams leverage local market knowledge, deep scientific and therapeutic area expertise and our global information resources to assist our clients with R&D strategy, portfolio, brand and commercial strategy, as well as pricing and market access and launch excellence.

We also help our client’s research and development function to address strategic challenges in the drug development process.

Our global teams leverage local market knowledge, deep scientific and therapeutic area expertise and our global information resources to assist our clients with research and development strategy, portfolio, brand and commercial strategy, as well as pricing and market access and launch excellence.

Information offerings .

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We offer a broad range of functional services and consultation to support clinical trials through specialized expertise that help clients efficiently collect, analyze and report the quality data and evidence they need to gain regulatory approval.

Clinical Laboratory Services.

Laboratory Services.

We provide our clients globally scaled end-to-end clinical trial laboratory and research services.

Our offerings include the full range of central laboratory, genomic, bioanalytical, ADME, discovery, vaccine and biomarker laboratory services along with sample and consent tracking services supporting clinical trials offerings.

Our offerings include the full range of central laboratory, genomic, bioanalytical, ADME, discovery, vaccine and biomarker laboratory services along with sample and consent tracking services.

Strategic Planning and Design.

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Combining this with purpose-built processes and industry-leading clinical capabilities, we help clients reach diverse and difficult to recruit patient populations.

Our principal Contract Sales & Medical Solutions offerings include:

Our Contract Sales & Medical Solutions offerings include:

Health Care Provider Engagement Services.

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Sales to companies in life sciences, including pharmaceutical companies, biotechnology companies, device and diagnostic companies, and consumer health companies, account for the majority of our revenues.

Nearly all of the top 100 global pharmaceutical and biotechnology companies, measured by revenue, are clients, and many of these companies subscribe to reports and services in many countries.

Nearly all of the top 100 global pharmaceutical and biotechnology companies, measured by revenues, are clients, and many of these companies subscribe to reports and services in many countries.

Other clients include payers, government and regulatory agencies, providers, pharmaceutical distributors, and pharmacies.

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No single client accounted for 10% or more of our total Company revenues in 2022, 2021 or 2020.

For the year ended December 31, 2021 the largest client based on its percentage of total company revenue contributed approximately 7% .

For the year ended December 31, 2022 the largest client based on its percentage of total Company revenues contributed approximately 7% .

Our Competition

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In addition to country-by-country competition, we have a number of regional and global competitors in the marketplace as well.

Our offerings compete with various firms, including Accenture, Aetion, Panalgo, Cognizant Technology Solutions, Covance Inc., Deloitte, Evidera (now part of Thermo Fisher Scientific Inc.), GfK, LexisNexis Risk Solutions, IBM, Infosys, Kantar Health (now part of Cerner Corporation), McKinsey, Nielsen, OptumInsight, PAREXEL International Corporation, Press Ganey, RTI Health Solutions, PRA Health Sciences (now part of ICON plc), Tempus, Veeva, and ZS Associates.

Our offerings compete with various firms, including Accenture, Aetion, Panalgo (part of Norstella), Cognizant Technology Solutions, Labcorp Drug Development, Deloitte, Evidera (now part of Thermo Fisher Scientific Inc.), LexisNexis Risk Solutions, IBM, Infosys, Cerner Enviza, McKinsey, NielsenIQ, OptumInsight, Parexel International Corporation, Press Ganey, RTI Health Solutions, ICON plc, Tempus, Merative, CompuGroup Medical, Medidata, Clarivate, Veeva, and ZS Associates.

We also compete with a broad range of new entrants and start-ups that are looking to bring new technologies and business models to healthcare information services and technology services.

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Among the traditional CROs, there are several-hundred small, limited-service providers, several medium-sized firms and only a few full-service companies with global capabilities.

Our primary competitors include Covance Inc., ICON plc, PAREXEL International Corporation, Pharmaceutical Product Development, Inc.

(now part of Thermo Fisher Scientific Inc.), PRA Health Sciences (now part of ICON plc), and Syneos Health, among others.

Our primary competitors include Labcorp Drug Development, ICON plc, Parexel International Corporation, Pharmaceutical Product Development, Inc.

(now part of Thermo Fisher Scientific Inc.), and Syneos Health, among others.

Our Contract Sales & Medical Solutions business competes against the in-house sales and marketing departments of biopharmaceutical companies, other contract pharmaceutical sales and service organizations and consulting firms.

Contract Sales & Medical Solutions’ primary competitor in the United States is Syneos Health, Eversana and UDG Healthcare plc.

Outside of the United States, Contract Sales & Medical Solutions typically competes against single country or more regionally focused service providers, such as UDG Healthcare plc, Syneos Health, EPS Corporation and CMIC HOLDINGS Co., Ltd.

Contract Sales & Medical Solutions’ primary competitors in the United States are Syneos Health, Eversana and Inizio.

Outside of the United States, Contract Sales & Medical Solutions typically competes against single country or more regionally focused service providers, such as Inizio, Syneos Health, EPS Corporation, Uniphar, and CMIC HOLDINGS Co., Ltd.

Sustainability

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To facilitate the disclosure of comparable, consistent, and reliable ESG information, the 2022 ESG Report will be aligned with the Sustainability Accounting Standards Board ("SASB") and the Global Reporting Initiative ("GRI") reporting frameworks by including therein and reporting against their respective reporting standards indexes.

The 2021 ESG Report also discusses our climate-related risks and opportunities in accordance with the recommended disclosures of Task Force on Climate-related Financial Disclosures ("TCFD").

The 2022 ESG Report also discusses our climate-related risks and opportunities in accordance with the recommended disclosures of the Task Force on Climate-related Financial Disclosures ("TCFD").

Government Regulation

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We also have global incident response procedures, global service tools to log incidents and issues for investigation, and an ethics line to report concerns and follow-up on matters already reported.

The Global Information Security team, led by our Chief Information Security Officer, develops and implements our strategy, as well as monitors systems and devices for risks and threats.

The Global Information Security team, led by our Chief Information Security Officer ("CISO"), develops and implements our strategy, as well as monitors systems and devices for risks and threats.

Our global data centers and IT controls are included in an annual SOC2 Type II attestation program carried out by an independent audit firm who performs control testing and issue reports.

Our set of SOC2 controls is aligned with ISO27001 specification and therefore provide equivalent level of assurance on a global level.

The Audit Committee of the Company's Board of Director's (the "Board") has full oversight of any cybersecurity risks and threats to our business.

The Audit Committee receives regular updates on any developments from our CISO, including quarterly reports of plans and actions.

In 2022, we established a Business Information Security Office to help facilitate communications and the exchange of information between our IT function and various business units.

This restructuring has increased our effectiveness by strengthening links between security functions and business units, in addition to clarifying role scopes.

Our Intellectual Property

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The way we manage our people and the programs we offer our employees reflect our commitment to fostering this culture of empowerment and engagement.

Each one of our employees provide value, no matter where they sit within the organization.

Each one of our employees provides value, no matter where they sit within the organization.

We are committed to creating an environment where all employees are respected and heard, where people from all backgrounds can contribute to and share in our growth, and where opportunity and advancement is available to everyone.

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Board Oversight of Human Capital Management.

Our board of directors (the “Board”) receives regular updates on key human capital metrics, including recruitment and attrition rates, talent development data, and diversity statistics related to hiring, promotion and our overall workforce.

Our Board receives periodic updates on key human capital metrics, including recruitment and attrition rates, talent development data, and diversity statistics related to hiring, promotion and our overall workforce.

The Board also devotes significant time to leadership development and succession planning at the executive level and provides guidance on important decisions in each of these areas.

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In 2022, we completed two Company-wide employee surveys.

The surveys provided a valuable opportunity to hear the perspectives of our workforce around the world, and was especially important during the largely remote working environment caused by the continuing pandemic.

The surveys provided a valuable opportunity to hear the perspectives of our workforce around the world, and were especially important during the largely remote working environment caused by the continuing pandemic.

Maintaining regular and open channels of dialogue with employees and receiving and responding to their feedback with actionable and meaningful initiatives is critical to our human capital management strategy.

We received more than 54,000 responses in each of our 2021 surveys.

The participation rate was an average of 76% across both surveys.

In the latest survey, 85% of respondents indicated a favorable view of the Company's employee engagement, which is 4 points better than our prior year survey, and 4 points above the Fortune 500 company benchmark.

We received an average of 63,000 responses across our 2022 surveys, with an average participation rate of 79.5%.

Across both surveys, an average of 81% of respondents say they feel engaged, and 78% of respondents indicated they feel they can achieve their career goals at IQVIA, which is 4 points better than our prior year survey, and 7 points above the Fortune 500 company benchmark.

Other areas where we saw favorable scores were:

Employees feeling they are acquiring the knowledge and skills needed to be effective in their jobs (85%);

employees would recommend IQVIA as a great place to work (84%);

and employees feeling they are part of a team (85%).

Employees feeling they are acquiring the knowledge and skills needed to be effective in their jobs (89% and up 3 points from 2021);

employees feeling they are part of a team (87% and up 2 points from 2021);

and employees agreeing their manager supports their skill and career development (85%).

Diversity and Inclusion.

Our commitment to diversity and inclusion ("D&I") is reflected in the various policies, programs, training and support we offer, including our Employee Resource Groups, manager diversity and inclusion training and our highly diverse global workforce.

Our commitment to diversity and inclusion ("D&I") is reflected in the various policies, programs, training and support we offer, including our Employee Resource Groups ("ERGs"), manager diversity and inclusion training and our highly diverse global workforce.

This is a foundation of our approach to human capital.

We create this culture for employees regardless of gender, race, color, creed, religion, marital status, age, national origin or ancestry, physical or mental disability, medical condition, veteran status, citizenship, sexual orientation, gender identity or any other protected group status.

In 2021, we continued to build on our existing programs.

In recognition of the growth of our D&I programs globally, we hired a new senior leader of our D&I program.

Although D&I is everyone’s responsibility, the objective of this new role is to have a dedicated resource accountable for evolving and strengthening our D&I strategy over the coming years.

Our global workforce operates in over 100 countries and represents approximately 90 different ethnicities.

In the United States, approximately 62% of our employees identify as white and approximately 38% identify as Non-White, including 11% who identify as Black or African American.

In the United States, approximately 61% of our employees identify as white and approximately 39% identify as a minority, including 12% who identify as Black or African American.

Approximately 60% of our employees globally are female and approximately 51% of employees worldwide at a manager level are female.

Our growing network of Employee Resource Groups (ERGs) provides a framework for employees to connect and collaborate with colleagues with similar interests.

Our growing network of ERGs provides a framework for employees to connect and collaborate with colleagues with similar interests.

These groups support our values and business goals and foster the diverse thinking required for innovation.

They provide a forum for the exchange of ideas and opportunities for mentoring and professional development.

There are seven global ERG, including two new ERGs we added in 2021:

the Black Leadership Network and the Multi-Faith Network.

There are eight global ERGs, including one new ERG we added in 2022:

the Disabilities and Carers Network.

All are employee-led, voluntary, and open to every employee.

Each ERG has a mission that is aligned to our vision, values, and core operating principles.

• Race, Ethnicity, and Cultural Heritage Group (REACH) :

aims to create a supportive and collaborative community for IQVIA employees who represent racial, ethnic and cultural minorities across the globe.

• Emerging Professionals Network (EPN) :

builds community among leaders and emerging professionals through networking, personal development and volunteerism in order to pave the way for IQVIA's future growth and success.

• Lesbian, Gay, Bisexual and Transgender (LGBT+) Group :

supports the ability for all people at IQVIA to be their authentic selves by fostering an inclusive, equal, and inspiring culture for LGBT+ employees.

• Veterans Employee Resource Group (VERG) :

offers opportunities and support through the IQVIA community to its veteran and active service members and family.

• Women Inspired Network (WIN) :

fosters a corporate culture that inspires women to excel in their careers at IQVIA and within the biopharma industry.

• Race, Ethnicity and Cultural Heritage Group (REACH) aims to create a supportive and collaborative community for IQVIA employees who represent racial, ethnic and cultural minorities across the globe.

• Emerging Professionals Network (EPN) builds community among leaders and emerging professionals through networking, personal development and volunteerism in order to pave the way for IQVIA's future growth and success.

• LGBTQIA+ Group (PRIDE) supports the ability for all people at IQVIA to be their authentic selves by fostering an inclusive, equal and inspiring culture for LGBTQIA+ employees.

• Veterans Employee Resource Group (VERG) connects active duty and transitioning service members and veterans at IQVIA while advocating for and supporting active duty and veteran causes that align with IQVIA's core values.

• Women Inspired Network (WIN) fosters a corporate culture that inspires women to excel in their careers at IQVIA and within the biopharma industry.

• Black Leadership Network (BLN) is open to all employees and aims to maintain an inclusive community that supports professional development, knowledge sharing, collaboration and business success for Black employees.

• Multi-Faith Network (MFN) fosters a culture of openness and diversity and provides a place where IQVIA employees can connect with people of different faiths or no faith for mutual support.

In 2021, we grew our ERG membership to more than 4,000 participants worldwide, a 60% increase in membership over the past year, with multiple chapters being established across the globe.

• Multi-Faith Network (MFN) fosters a culture of openness and diversity and provides a place where IQVIA employees can connect with people of different faiths or for mutual support.

• Disabilities and Carers Network (DCN) builds awareness and appreciation around the accomplishments and challenges of the disabled community, to foster inclusion, engagement and professional development.

In 2022, we grew our ERG membership to more than 5,600 participants worldwide, an increase in membership of over 40% from the past year, with chapters established in over 60 countries across the globe.

Employee Well-being.

Investing in resources and incentives to promote the personal well-being of our employees and their families is an important way we take care of our people.

As a digital healthcare company, we also use our own in-house technical expertise to develop online tools to enable our employees to access resources quickly and seamlessly.

As a leading global provider of advanced analytics, technology solutions, and clinical research services to the life sciences industry, we also use our own in-house technical expertise to develop online tools to enable our employees to access resources quickly and seamlessly.

We provide a variety of health and welfare benefit plans that are available to employees and their family members, based on their location and specific country regulations.

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In the United States, our “Healthy You” wellness program offers employees a range of wellness benefits, including free flu shots, teledoc services, nutrition counseling, tobacco cessation support and reimbursement for wellness-related expenses.

Our Employee Assistance Program (EAP) is available to 100% of our workforce worldwide, an increase of 37% from the prior year, which completed our roll out of our EAP to the remainder of our workforce.

Our Employee Assistance Program ("EAP") is available to 100% of our workforce worldwide.

Our EAP offers counseling services, alongside accessible training and webinars focused on a variety of topics including financial planning, nutrition, social connections, stress management, time management and work-life balance.

In 2022, we launched a new U.S.

EAP, Resources for Living.

In addition to counseling services, the program provides digital tools to self-manage a variety of mental health needs.

In the U.K., we partnered with AXA to give employees access to the AXA health app and other online well-being programs via our EAP.

Compensation and Benefits.

IQVIA compensation programs support our overall strategy by linking employee compensation with both business and personal performance.

This approach to compensation demonstrates our “pay for performance” philosophy, as well as our focus on providing compensation program that attract, retain and motivate and reward employees.

This approach to compensation demonstrates our “pay for performance” philosophy, as well as our focus on providing compensation programs that attract, retain and motivate and reward employees.

In addition to the benefits described above, our compensation programs include base salaries, annual bonuses, and long-term incentive awards.

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Democratizing our training has given all employees a common, one-stop shop for all their talent and learning needs.

There have been approximately 1 million visits to our Talent and Learning hub since its launch in mid-April 2021.

The ease of access to training has resulted in the completion of approximately 1.45 million e-learning programs in various subjects, including technology, client-facing skills and project management skills.

There were more than 1.3 million visits worldwide to our Talent and Learning hub in 2022.

The ease of access to training has resulted in the completion of over 1.8 million e-learning programs in various subjects, including technology, client-facing skills and project management skills.

We want our employees to have meaningful careers, and we are committed to the idea that career development is a result of growth through new experiences.

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In 2020, we introduced our Future Leaders Program, a robust training aimed to develop the next generation of leadership at IQVIA.

In 2021, 85 attendees from 22 countries took part in the four-month virtual program, and nearly 150 employees have participated since the program’s inception.

In 2022, 83 senior leaders from 21 countries participated in the four-month virtual program.

Sessions consisted of live webinars co-led by senior executives, peer coaching, business projects and skills assessments.

Feedback continues to be positive, with 90% of participants saying the program will help them become more effective leaders, and 92% saying they will apply what they have learned.

In 2021, we also piloted our Emerging Leaders Program, targeted to employees at the manager level.

Our first cohort included more than 204 people from 36 countries.

Business leaders and subject matter experts from across the organization taught online sessions on topics such as agility, collaboration, executive presence and decision making.

Feedback continues to be positive with the program being rated highly by participants, scoring an average of 4.2 out of 5.

In 2021, we piloted our Emerging Leaders Program, targeted to employees at the manager level.

In 2022, a total of 302 employees from 40 countries undertook 8,358 hours of training taught by business leaders and subject matter experts from across the organization, covering topics such as agility, collaboration, executive presence and decision making.

In addition, participants received peer coaching, 360-degree assessments and individual development plans.

In 2022, we switched from 100% virtual trainings for the program to a blended format, including in-person kick-off events for cohorts.

We also moved to an approach that combines global and regional business unit participation, to promote cross functional collaboration and networking.

In 2022, we introduced the Leader of the Future initiative to identify and build the skills needed across the organization to lead in a hybrid environment.

The initiative was launched in June to all people managers.

Since its inception, nearly 4,600 leaders have participated in the initiative and taken advantage of the various resources provided to develop their skills.

Health and Safety.

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Our Code of Conduct describes the obligations of employees to maintain such an environment, follow all applicable safety and security rules and complete required training.

Q 2 Solutions operates laboratories in the United States, United Kingdom, South Africa, Singapore, India, Japan, and Chi na.

Q 2 Solutions (a wholly-owned subsidiary) operates laboratories in the United States, United Kingdom, South Africa, Singapore, India, Japan, and Chi na.

Q 2 fa cilities are certified to ISO 14001:2015 and ISO 45001:2018.

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Also posted on our website are our certificate of incorporation and by-laws, the charters for our Audit Committee, Leadership Development and Compensation Committee and Nominating and Governance Committee, our Corporate Governance Guidelines, and our Code of Conduct governing our directors, officers and employees.

Copies of our SEC reports and corporate governance information are available in print upon the request of any stockholder to our Investor Relations Department.

Copies of our SEC reports and corporate governance information are available in print upon the request of any stockholder to our Investor Relations Department at IQVIA Holdings Inc., 83 Wooster Heights Road, Danbury, Connecticut 06810.

Within the time period required by the SEC and the New York Stock Exchange (“NYSE”), we will post on our website any amendment to the Code of Conduct or any waiver of such policy applicable to any of our senior financial officers, executive officers or directors.

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 1. Business