The service offering will help biopharmaceutical and medical device clients to enhance their value by improving controls and management of contract terms and associated payments.

In addition, it will also help the clients to obtain higher market share by gaining better visibility into contract performance with managed care organizations, group purchasing organizations, federal and state programs, and wholesalers.

It is estimated that biopharmaceutical and medical device firms currently lose up to $11bn US revenue per year due to insufficient processes and contract management systems.

The new service will be led by Steve Medina, vice president of managed market services at Covance.

Medina said that the company’s managed markets services can transform a labor-intensive, time-consuming, and costly process into a far simpler and more efficient service platform for our clients.

"We believe that no other company currently offers a full-service, end-to-end solution across all types of contracts and services, with a full technical environment provided as part of the underlying service," Medina added.