4 unchanged sentences
We believe that we are a partner of choice for small and mid-sized biopharmaceutical companies based on our ability to consistently utilize our full-service, disciplined operating model to deliver timely and high-quality results for our customers.
−Removed: Accordingly, we believe we are well positioned to continue to expand our market share in the growing Phase I-IV CRO market.
−Removed: We were founded in 1992 by August J.
−Removed: Troendle, an industry pioneer, as a Phase II-IV focused CRO with a strong, scientifically-driven and disciplined operating model.
−Removed: Throughout our 27-year history, we have grown almost exclusively organically, with our core founding members having been integrally involved in developing and instilling our differentiated culture and operating philosophy across our company.
−Removed: We are led by a dedicated and experienced senior management team with significant industry experience and knowledge focused on clinical development.
−Removed: Our senior management team has an average tenure with Medpace of 15 years, including four senior managers with over 20 years with us, and brings a healthy balance of significant experience with Medpace, regulators and other companies in the industry.
−Removed: We focus on conducting clinical trials across all major therapeutic areas, with particular strength in Cardiology, Metabolic Disease, Oncology, Central Nervous System, or CNS, and Antiviral and Anti-infective or AVAI.
−Removed: Clinical Development Process
+Added: Accordingly, our business strategy aims to continue to expand our market share in the growing Phase I-IV CRO market as we conduct clinical trials across all major therapeutic areas, with particular strength in Oncology, Metabolic Disease, Cardiology, Antiviral and Anti-infective (AVAI) and Central Nervous System (CNS).
+Added: Our Revenues:
+Added: Markets and Clinical Development Services
Before a new drug can be commercialized, it often must undergo extensive pre-clinical and clinical testing and regulatory review to verify safety and efficacy.
1 unchanged sentence
These clinical trials are separated into distinct phases in order to thoroughly evaluate the product.
−Removed: Pharmaceutical Research and Manufacturers of America, 2019 Biopharmaceutical Research Industry Profile, a trade group publication, indicates that from drug discovery through approval by the United States Food and Drug Administration, or FDA, developing a new medicine takes approximately 10 to 15 years.
−Removed: We provide a full suite of services supporting the entire clinical development process from Phase I to Phase IV.
−Removed: We offer these services across a wide range of therapeutic areas.
−Removed: Our comprehensive suite of clinical development services includes, but is not limited to, the following:
+Added: We generate our revenues by providing a full suite of services supporting the entire clinical development process from Phase I to Phase IV across a wide range of therapeutic areas.
Medical Department :
−Removed: The medical department consists of therapeutic leads who provide strategic direction for study design and planning, train operational staff, work with primary investigators, provide medical monitoring and meet with regulatory agencies.
−Removed: Our customers rely on our expertise throughout the entire clinical trial process with therapeutically-focused physicians fully engaged throughout the study.
−Removed: We believe this depth of therapeutic leadership and engagement on each project results in a close working relationship with customers built on a level of trust that results in us being granted greater control over the clinical trial process.
+Added: Our medical department consists of therapeutic leads who provide strategic direction for study design and planning, train operational staff, work with primary investigators, provide medical monitoring and meet with regulatory agencies.
Clinical Trial Management :
−Removed: Our team of clinical trial managers are responsible for leading all aspects of study execution.
−Removed: The clinical trial manager, or CTM, drives accountability across the functional team members and is responsible for successful operational execution.
−Removed: The CTM serves as the primary contact for the customer.
−Removed: Experience and therapeutic expertise are main factors when assigning CTMs to projects.
−Removed: ClinTrak is integrated with our standard operating procedures (“SOPs”), allowing the CTMs to access real-time study metrics.
−Removed: ClinTrak is constantly evaluated and enhanced with our processes.
+Added: Our team of clinical trial managers (CTMs) lead all aspects of study execution and drive accountability across the functional team members.
+Added: Our CTMs use ClinTrak, our proprietary information management system for clinical trials, which is integrated with our standard operating procedures (“SOPs”), allowing the CTMs to access real-time study metrics.
Data-Driven Feasibility :
−Removed: We have a dedicated feasibility team consisting of clinical experts who are an integrated part of the project team.
−Removed: Our feasibility team is able to analyze a specific protocol, using many data sources to determine countries and sites that are most appropriate for the study.
+Added: Our dedicated feasibility team of clinical experts analyze specific protocols, using many data sources to determine countries and sites that are most appropriate for the study.
Study Start-Up :
−Removed: Our global Study Start-Up staff is well-versed in all aspects of clinical trial start up activities, including study documentation submission processes to independent Institutional Review Boards, or IRBs, ethics committees and to ex-US competent authorities.
+Added: Our global Study Start-Up staff conducts trial start up activities, including study documentation submission processes to independent Institutional Review Boards, or IRBs, ethics committees and to ex-US competent authorities.
Our study start-up team includes fully dedicated budget and legal associates to ensure focused negotiations and execution of site contracts.
Patient Recruitment and Retention :
−Removed: We navigate the complex world of patient recruitment and retention by providing strategic solutions that address clinical program needs.
−Removed: Our dedicated internal patient recruitment and retention department supports the study team in providing an overall strategy that identifies patient motivators and any potential barriers to join the clinical research study, and includes recommended strategies to effectively engage and recruit patients, as well as how to retain the patients once they enroll.
+Added: We navigate the complexities of patient recruitment and retention by providing strategic solutions that address clinical program needs.
+Added: Our patient recruitment and retention department identify patient motivators and any potential barriers to join and remain in the clinical research study.
Clinical Monitoring :
−Removed: Our clinical monitoring group consists of highly experienced clinical research associates, or CRAs.
−Removed: With their experience and training, our CRAs are able to provide unparalleled site management services that includes both in-house and onsite monitoring.
+Added: Our clinical research associates, or CRAs, provide site management services including in-house, onsite and virtual monitoring.
Their knowledge of local regulations and laws, in addition to Good Clinical Practice, or GCP, and International Council on Harmonisation of Technical Requirements for Registration of Pharmaceuticals for Human Use, or ICH, guidelines ensure compliance and data quality.
−Removed: Our CRAs report into a global matrix structure to ensure consistent training, oversight and management.
−Removed: Each CRA receives comprehensive, hands-on training in an individualized curriculum consisting of in-house and field-based training, supplemented with clinical research department core rotations and ongoing study-specific training.
+Added: CRAs report into a global matrix structure and receive comprehensive, hands-on training in an individualized curriculum consisting of in-house and field-based training, supplemented with clinical research department core rotations and ongoing study-specific training.
Risk-Based Monitoring :
We support a comprehensive approach to monitoring to ensure adequate protection of the rights, welfare, and safety of human subjects and the quality and integrity of the study.
−Removed: This approach focuses on prevention and mitigation of important and likely risks to the study, and is part of the overarching surveillance that Medpace utilizes to manage studies.
−Removed: Medpace utilizes this approach for all studies, regardless of whether a centralized monitoring approach is employed.
+Added: This approach focuses on prevention and mitigation of important and likely risks and is part of the overarching surveillance utilized to manage studies.
Regulatory Affairs :
−Removed: Our Regulatory Affairs and Scientific and Strategic Development departments have a strong track record of providing expert strategic, operational, and tactical regulatory guidance, as well as creating thorough, scientifically-grounded regulatory compliant documentation to regulatory agencies around the globe.
−Removed: Members of these teams bring a long tenure of regulatory experience and scientific knowledge to each project.
−Removed: We bring former government officials and experienced drug development subject matter experts to provide comprehensive international support at each stage of the drug and biologics development processes.
−Removed: They have particular expertise within the areas of advanced therapeutics, accelerated development pathways, pediatrics, and rare diseases.
−Removed: We also have a dedicated publishing function that has full electronic and paper publishing capabilities to support all types of international regulatory submissions.
+Added: We provide expert strategic, operational, and tactical regulatory guidance, and create thorough scientifically-grounded regulatory compliant documentation at each stage of the drug and biologics development process to regulatory agencies around the globe.
Medical Writing :
−Removed: Medical writers work closely with Medpace’s medical experts, biostatisticians, and other members of the study team to develop study protocols, clinical and statistical study reports, and integrated submission documents according to regulatory guidelines.
−Removed: Members of Medpace’s medical writing group possess substantial scientific knowledge and experience as well as strong communication skills.
−Removed: This skill set and collaborative approach coupled with a thorough quality control document review process, allow Medpace to produce high-quality, submission-ready documents for each contracted project.
+Added: Medical writers work closely with our medical experts, biostatisticians, and other members of the study team to develop study protocols, clinical and statistical study reports, and integrated submission documents according to regulatory guidelines.
Biometrics and Data Sciences:
−Removed: We provide customers with high-quality data collected during clinical trials that is the foundation of a successful clinical trial and forms the backbone of regulatory submissions, including New Drug Applications.
−Removed: We use global GCP-compliant SOPs, combined with continuous quality control, to ensure that data is consistent, efficient, and comprehensive.
−Removed: Data Management :
−Removed: Our data management team develops detailed specifications for the collection, organization, validation, analysis and quality control of clinical trial data ensuring the most cost-effective, secure and regulatory compliant process.
−Removed: Biostatistics :
−Removed: Our experienced team of biostatisticians provides trial design consulting, statistical methodology recommendations, programming expertise and reporting accuracy necessary to deliver clinical trials efficiently and on time.
−Removed: We offer comprehensive data analysis plans, thoroughly tested and validated customized programs, interpretation of study results, integrated efficacy and safety analysis for regulatory submissions, adaptive design and statistical support throughout the clinical trial.
+Added: We provide high-quality data collected during clinical trials that supports regulatory submissions, including NDAs or Biologics License Application for approval by the FDA, or a similar marketing authorization application for approval by non-U.S.
+Added: regulatory agencies.
+Added: Our data science team develops detailed specifications for the collection, organization, validation, analysis and quality control of clinical trial data.
+Added: Our biostatisticians provide trial design consulting, statistical methodology recommendations, programming expertise and reporting accuracy.
Pharmacovigilance :
1 unchanged sentence
We provide global adverse event management, physician reviewed safety narrative writing and custom safety surveillance.
−Removed: Monitored by licensed physicians who are trained to provide oversight and to analyze and evaluate the emerging safety profile of the compound, we have designed our process to ensure safety and expedite approvals.
Core Laboratory :
1 unchanged sentence
We partner with imaging experts from major academic and clinical institutions involved in research to provide image reading in a secure environment utilizing identical software and workstations integrated into ClinTrak allowing for prompt turnaround and oversight.
−Removed: Our imaging experts have clinical trial experience utilizing imaging modalities such as CT, MRI, PET/CT, 3D volumetric analysis, ultrasound, DEXA, angiography, endoscopy and photography.
−Removed: Our cardiovascular core laboratory provides state-of-the-art standardized electrocardiogram services and data analysis to support clinical trials.
+Added: Our cardiovascular core laboratory provides state of the art standardized electrocardiogram services and data analysis.
Central Laboratory :
−Removed: Through our Central Laboratory, we provide comprehensive, full-service capabilities globally in four locations, including Cincinnati, Ohio;
+Added: Our Central Laboratory operates in four locations, including Cincinnati, Ohio;
Leuven, Belgium;
−Removed: Beijing, China;
+Added: Shanghai, China;
and Singapore.
The Central Laboratory has longstanding core competency in specialized esoteric testing, including biomarkers for efficacy in addition to standard assay offerings.
−Removed: Data consistency and harmonization are maintained utilizing global SOPs and reference ranges, identical analytic platforms, methodologies, reagent systems, calibrator and quality control programs, within a strict framework compliant with GCP requirements and regulatory guidelines to ensure laboratory data reflect the impact of the investigational compound and not differences in testing practices.
+Added: We also provide biorepository services offering solutions for comprehensive specimen life cycle management, and molecular and genetic testing for detection of pathogenic events at the genome level including viral load and viral shedding.
Bioanalytical Laboratory .
−Removed: Through our Bioanalytical Laboratory we provide highly scientific and value-added testing of biological samples using proprietary methods.
−Removed: Working in a Good Laboratory Practice compliant setting following FDA and European Medicines Agency, or EMA, guidelines, the Bioanalytical Laboratory delivers method transfer, development, validation, sample analysis and metabolite screening and identification of pre-clinical and clinical biological samples with expertise in developing proprietary, highly scientific, esoteric and sensitive tests.
−Removed: Areas of specific bioanalytical expertise include advanced mass spectrometry and immunoassay technologies for bioanalytical analysis and all bioanalytical aspects for small and large molecules.
Our Bioanalytical Laboratory is located on our clinical research campus in Cincinnati, Ohio.
−Removed: Biorepository .
−Removed: Medpace Biorepository Services offers solutions for comprehensive specimen life cycle management, which can begin with providing sample collection kits to sites through to receipt, processing, storage, retrieval and destruction.
−Removed: Our biorepository also provides opportunities to prospectively acquire specific specimens to answer early program decisions or gain insight into clinical trial subject stratification.
−Removed: Molecular and genetic testing .
−Removed: Medpace supports sponsors with advanced testing to detect pathogenic events at the genome level including viral load and viral shedding, Microsatellite instability (MSI) testing, Sanger sequencing and fragment analysis and targeted gene sequencing panels.
−Removed: The majority of our laboratory services are performed as a component of a full-service clinical development arrangement with our customers.
−Removed: We also offer our laboratory services on a stand-alone basis, although this has historically represented an immaterial amount of our net revenue.
−Removed: Regardless of the nature of the arrangement, our laboratory services are delivered consistently to our customers as a component of their clinical development activities.
−Removed: Our Clinics offering conducts studies in normal healthy volunteers, special populations, and patient populations over a spectrum of diseases and is located on our clinical research campus in Cincinnati, Ohio.
−Removed: Experience includes, but is not limited to:
−Removed: first-in-human, bioavailability/bioequivalence, single and multiple ascending dose, drug to drug interaction, food effect and device studies.
+Added: Working in a Good Laboratory Practice compliant setting following FDA and European Medicines Agency, or EMA, guidelines, the Bioanalytical Laboratory delivers method transfer, development, validation, sample analysis and metabolite screening and identification of pre-clinical and clinical biological samples with expertise in developing proprietary, highly scientific, esoteric and sensitive tests for small and large molecules.
+Added: Our clinics conduct studies in normal healthy volunteers, special populations, and patient populations over a spectrum of diseases and is located on our clinical research campus in Cincinnati, Ohio.
Quality Assurance :
2 unchanged sentences
We have a well-diversified, attractively-positioned customer base that includes small biopharmaceutical companies, mid-sized biopharmaceutical companies and large pharmaceutical companies.
−Removed: We have conducted trials for many of the world’s leading pharmaceutical, biotechnology and medical device companies.
We have in the past and may in the future enter into arrangements with our customers or other drug, biologic or medical device companies in which we take on payment risk by making strategic investments in our customers or other drug companies, providing flexible payment terms or fee financing to customers or other companies, or entering into other risk sharing arrangements on trial execution.
−Removed: Net New Business Awards and Backlog
−Removed: New business awards represent the value of anticipated future net revenue that has been recognized in backlog during the period.
−Removed: This value is recognized upon the signing of a contract or receipt of a written pre-contract confirmation from a customer that confirms an agreement in principle on budget and scope.
−Removed: New business awards also include contract amendments, or changes in scope, where the customer has provided written authorization for changes in budget and scope or has approved us to perform additional work as of the measurement date.
−Removed: Awards may not be recognized as backlog after consideration of a number of factors, including whether (i) the relevant net revenue is expected only after a pending regulatory hurdle, which might result in cancellation of the study, (ii) the customer funding needed for commencement of the study is not believed to have been secured or (iii) study timelines are uncertain or not well defined.
−Removed: In addition, study amounts that extend beyond three years from measurement date are not included in backlog.
−Removed: The number and amount of new business awards can vary significantly from period to period, and an award’s contractual duration can range from several months to several years based on customer and project specifications.
−Removed: Cancellations arise in the normal course of business and are reflected when we receive written confirmation from the customer to cease work on a contractual agreement or when we believe the future revenue is unlikely to be realized.
−Removed: The majority of our customers can terminate our contracts without cause upon 30 days’ notice.
−Removed: Similar to new business awards, the number and amount of cancellations can vary significantly period over period due to timing of customer correspondence and study-specific circumstances.
−Removed: Net new business awards represent gross new business awards received in a period offset by total cancellations in that period.
−Removed: On an Accounting Standards Codification Topic 606, Revenue from Contracts with Customers (“ASC 606”) basis, net new business awards were $1,094.4 million and $899.4 million for the years ended December 31, 2019 and 2018.
−Removed: On an Accounting Standards Codification Topic 605, Revenue Recognition (“ASC 605”) basis, net new business awards were $581.0 million and $426.1 million for the years ended December 31, 2018 and 2017, respectively.
−Removed: Backlog represents anticipated future net revenue from net new business awards that have commenced, but have not been completed.
−Removed: Reported backlog will fluctuate based on new business awards, changes in scope to existing contracts, cancellations, net revenue recognition on existing contracts and foreign exchange adjustments from non-U.S.
−Removed: dollar denominated backlog.
−Removed: As of December 31, 2019, our backlog increased by $225.3 million, or 21.3%, to $1,283.2 million compared to $1,057.9 million as of December 31, 2018.
−Removed: Included within backlog as of December 31, 2019 is approximately $695 million to $715 million that we expect to convert to net revenue in 2020, with the remainder expected to convert to net revenue in years after 2020.
−Removed: Backlog and net new business award metrics may not be reliable indicators of our future period net revenue as they are subject to a variety of factors that may cause material fluctuations from period to period.
−Removed: These factors include, but are not limited to, changes in the scope of projects, cancellations and duration and timing of services provided.
−Removed: No assurance can be given that we will be able to realize the net revenue that is included in backlog.
−Removed: See “Item 1A.
−Removed: Risk Factors—Risks Relating to Our Business—Our backlog may not convert to net revenue at our historical conversion rates,” and “Item 7.
−Removed: Management’s Discussion and Analysis of Financial Condition and Results of Operations—New Business Awards, Cancellations and Backlog” of Parts I and II, respectively, of this Annual Report on Form 10-K for more information.
+Added: For a discussion of our net new business awards and backlog, see Item 7.
+Added: “Management’s Discussion and Analysis of Financial Condition and Results of Operations—New Business Awards and Backlog” of Part II of this Annual Report on Form 10-K.
Sales and Marketing
We employ an integrated sales and marketing team to sell our services to biotechnology, pharmaceutical and medical device companies.
−Removed: We have an experienced and highly trained global team of professional business development representatives and business development support staff focused on securing business from both new and existing customers, through a consultative and strategic sales approach.
−Removed: We embed our medical and scientific experts from the beginning of the sales process when we first engage potential customers, and they remain embedded across the lifecycle of the sale and throughout the life of the project, program or partnership.
−Removed: As part of its sales strategy, our business development team focuses on a customer segmentation model.
+Added: The team consists of professional business development representatives focused on securing business from both new and existing customers, through a consultative and strategic sales approach.
+Added: We embed our medical and scientific experts from the beginning of the sales process when we first engage potential customers.
+Added: As part of our sales strategy, our team focuses on a customer segmentation model.
Our team targets and engages customers in our addressable market, matches customer characteristics with therapeutic fit and maintains a mindset of full-service outsourcing.
Our structured and disciplined approach facilitates strong account evaluation, which results in increased focus by the sales team, the development of effective and productive territories, the management of sales force effectiveness and the creation of a process whereby both marketing and sales operate under the same guiding principles.
−Removed: We are able to consult collaboratively with our customers and help optimize timely completion of their clinical trials and programs, in part, because we engage our therapeutic experts from the beginning of the sales process and involve our regulatory affairs experts and highly trained operations team throughout the clinical trial process.
+Added: We consult collaboratively with our customers and help optimize timely completion of their clinical trials and programs, in part, because we engage our therapeutic experts, regulatory affairs experts and operations team throughout the clinical trial process.
Our sales team is then able to take the study design, regulatory plan and execution plan discussed up front and carry that through to the proposal and provide a final concept during one-on-one customer discussions and final CRO evaluations.
Our marketing team supports the business development function in three key areas, generating brand awareness through customized campaigns and web-site development, conference planning and lead generation through market research and business intelligence analysis.
−Removed: The marketing team is set up in two mirrored teams, one team to address our therapeutic strategy and tactics, and the second team to monitor and address market environment across our lines of business.
All of our sales and marketing data are housed within a third party customer relationship management tool that provides us the analytics we need to make sales planning and sales management decisions.
13 unchanged sentences
Before a marketing application for a drug is ready for submission to regulatory authorities, the candidate drug must often undergo rigorous testing in clinical trials.
−Removed: In the United States, these trials must be conducted in accordance with the Federal Food, Drug, and Cosmetic Act, its implementing regulations, and other federal and state requirements that require
−Removed: the drug to be tested and studied in certain ways prior to approval.
+Added: In the United States, these trials must be conducted in accordance with the Federal Food, Drug, and Cosmetic Act, its implementing regulations, and other federal and state requirements that require the drug to be tested and studied in certain ways prior to approval.
The FDA has similar authority and requirements with respect to the clinical testing of biological products and medical devices.
19 unchanged sentences
Within the EU, these requirements are enforced by the EMA and requirements may vary slightly from one member state to another.
−Removed: In Canada, clinical trials are regulated by the Health Products and Food Branch of Health Canada as well as provincial regulations.
+Added: In Canada, clinical
+Added: trials are regulated by the Health Products and Food Branch of Health Canada as well as provincial regulations.
Similar requirements also apply in other jurisdictions, including countries outside the EU and countries in Asia and Latin America where we operate or where our customers may intend to apply for marketing authorization.
5 unchanged sentences
Failure to comply with certain regulations may also result in the termination of ongoing research and disqualification of data collected during the clinical trials.
−Removed: For example, violations of GCP could result, depending on the nature of the violation and the type of product involved, in the issuance of a warning letter, suspension or termination of a clinical trial, refusal of the FDA to approve
−Removed: clinical trial or marketing applications or withdrawal of such applications, injunction, seizure of investigational products, civil penalties, criminal prosecutions or debarment from assisting in the submission of new drug applications.
+Added: For example, violations of GCP could result, depending on the nature of the violation and the type of product involved, in the issuance of a warning letter, suspension or termination of a clinical trial, refusal of the FDA to approve clinical trial or marketing applications or withdrawal of such applications, injunction, seizure of investigational products, civil penalties, criminal prosecutions or debarment from assisting in the submission of new drug applications.
See “Item 1A.
17 unchanged sentences
The conduct of pre-clinical and clinical trials may be subject to laws and regulations that are intended to prevent the misuse of government healthcare program funding.
−Removed: In the United States, these laws include, among others, the False Claims Act, which prohibits submitting or causing the submission of false statements or improper claims for government healthcare program payments;
+Added: In the United States, these laws include, among others, the False
+Added: Claims Act, which prohibits submitting or causing the submission of false statements or improper claims for government healthcare program payments;
and the Anti-Kickback statute, which prohibits paying, offering to pay or receiving payment with the intent to induce the referral of services or items that are covered under a federal healthcare program.
Violations of these laws and regulations may incur administrative, civil, and criminal penalties.
−Removed: Employee Safety and Workplace Conditions
−Removed: Most of our employees are office based and subject to health and safety regulations covering offices, with which we comply.
−Removed: In addition to its comprehensive regulation of safety in the workplace, the U.S.
−Removed: Occupational Safety and Health Administration has established extensive requirements relating to workplace safety for healthcare employers whose workers might be exposed to blood-borne pathogens such as HIV and the hepatitis B virus, which apply to our clinic and laboratories.
−Removed: Furthermore, certain employees might have to receive initial and periodic training to ensure compliance with applicable hazardous materials regulations and health and safety guidelines.
−Removed: We are subject to similar regulations with respect to our laboratories in Belgium, Singapore and China.
Environmental Regulation and Liability
9 unchanged sentences
Although the duration of trademark registrations varies from country to country, trademarks generally may be renewed indefinitely so long as they are in use and/or their registrations are properly maintained, and so long as they have not been found to have become generic.
−Removed: Although we believe the ownership of trademarks is an important factor in our business and that our success does depend in part on the ownership thereof, we rely primarily on the innovative skills, technical competence and marketing abilities of our employees.
−Removed: We do not have any material licenses, franchises or concessions.
−Removed: As of December 31, 2019 we had approximately 3,500 employees worldwide.
−Removed: None of our employees are currently covered by a collective bargaining agreement specific to our company.
−Removed: We believe our overall relations with our employees are good.
+Added: Human Capital
+Added: As of December 31, 2020 we had approximately 3,600 employees located across 39 countries.
As of December 31, 2019 and 2018, we had approximately 3,500 and 2,900 employees, respectively.
+Added: Our associates are our most important asset and we recognize the importance of motivating and rewarding our associates by providing them with competitive benefits as part of their overall compensation and benefits package.
+Added: We have developed comprehensive benefits packages that deliver quality and value while satisfying the diverse needs of our workforce and meeting local market requirements and expectations.
+Added: Attracting, developing, retaining and advancing talent at all levels at Medpace is a key component to sustaining our organic growth and continuing our mission.
+Added: We strive to maintain a culture of diversity and inclusion in which people from all backgrounds can fully contribute to the growth and success of our business.
+Added: As such, we are committed to maintaining a respectful work environment, providing equal opportunity and the fair treatment of all individuals on the basis of merit, without regard for gender, race, color, creed, religion, family 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.
+Added: Anti-discrimination, anti-harassment and anti-retaliation policies are applicable to all employees and are set forth in the Medpace Code of Conduct.
+Added: All employees are responsible for upholding the Medpace Code of Conduct, which forms the foundation of our personnel and ethics policies and practices.
+Added: We have developed a strong record of hiring and developing women at all levels of the organization.
+Added: Approximately 68% of our employees globally are women representing 65% of management and 51% of director level and above positions.
+Added: In addition, of our U.S.
+Added: based employees, approximately 17% are non-white, including 12% of management.
+Added: None of our US employees are currently covered by a collective bargaining agreement specific to our Company.
+Added: Our Commitment to compliance, people, safety, communities and the environment is further described in our 2019-2020 Corporate Responsibility Report published on our website.
+Added: That Report is not part of this annual report on Form 10-K.
+Added: Recruitment and Retention
The success of our business depends upon our ability to attract and retain qualified professional, scientific and technical staff.
−Removed: The level of competition among employers in the United States and overseas for skilled personnel, particularly for those with Ph.D., M.D.
+Added: The level of competition among employers in the United States and globally for skilled personnel, particularly for those with Ph.D., M.D.
or equivalent degrees or training, is high.
1 unchanged sentence
We also believe that the wide range of clinical trials in which we participate allows us to offer broad experience to clinical researchers.
−Removed: In addition, our disciplined and centralized approach to hiring and training has fostered, and we believe will continue to foster, strong employee loyalty and a low turnover rate.
+Added: Our disciplined and centralized approach to hiring, training, and development of employees has fostered, and we believe will continue to foster, strong employee loyalty.
+Added: Retention of experienced employees is important to maintaining our growth and our high quality of service over time.
+Added: As our associates develop knowledge and skills that will contribute to the wider Medpace mission and business success, we believe in rewarding strong performance with compensatory and non-compensatory recognition.
+Added: We have a robust career path and compensation structure that acknowledges associate performance and development at all levels of the organization.
+Added: Of the 262 management-level roles that were newly filled in 2020, approximately 55% of these roles were filled by our pipeline of internal talent.
+Added: We have a history of identifying talented individuals and training them to excel in our disciplined operating model.
+Added: Dedicated training and development teams are focused on creating, facilitating, and evaluating the success of training programs across functional areas.
+Added: We have invested in the development and implementation of a global learning management system which is universally used to record regulatory compliance, capture attendance at instructor led training sessions, deliver online training content, proctor online exams, and to facilitate other training activities.
+Added: Safety is at the core of Medpace’s mission.
+Added: We have a robust incident reporting procedure for work-related injuries and illnesses and our lab operations follow all additional Health and Safety requirements.
+Added: Our facilities are equipped with access control systems to maintain proper physical security for our associates and company assets, as well as on-site security personnel in key offices.
+Added: In addition to physical security, we have programs and training in place for First Aid, CPR and Fire Wardens for safe evacuations.
+Added: We are proud of our extremely low incident rates and remain committed to continuously monitoring campus- and policy-related measures that can be incorporated in order to further reduce risk for our associates.
+Added: Additional information is available in our Corporate Responsibility Report within the Investor Relations section of our website at investor.medpace.com.
Liability and Insurance
10 unchanged sentences
Our business, financial condition and operating results could be harmed if we were required to pay damages or incur defense costs in connection with a claim that is not indemnified, that is outside the scope of an indemnity or where the indemnity, although applicable, is not honored in accordance with its terms.
−Removed: We maintain professional liability insurance in amounts we believe to be appropriate.
−Removed: This insurance provides coverage for vicarious liability due to negligence of the investigators who contract with us, as well as claims by our customers that a clinical trial was compromised due to an error or omission by us.
−Removed: If our insurance coverage is not adequate, or if insurance coverage does not continue to be available on terms acceptable to us, our business, financial condition and operating results could be materially harmed.
Available Information
5 unchanged sentences
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.