Labcorp: Your Source for Advancing Health Through Drug Development

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What is Labcorp?

Labcorp is a firm that believes in using science for the greater betterment of humanity. Labcorp has solutions for you, whether you’re a provider, a drug development, a hospital, a medical researcher, or a patient. This encompasses everything from improving diagnostic testing to assisting with the launch of new pharmaceuticals to providing new views through data, all of which is based on a wealth of scientific knowledge.

Managed care organizations, biopharmaceutical firms, governmental agencies, physicians and other healthcare professionals, hospitals and health systems, employers, patients and consumers, contract research organizations, and independent clinical laboratories are among the organizations they serve. Burlington, North Carolina is home to Labcorp’s headquarters.

Their History

In the last 50 years, Labcorp has grown from a small local laboratory in a hospital basement to a prominent worldwide life sciences organization with a strong focus on patient care.

Labcorp has expanded its geographic and technological reach through organic growth and selective acquisitions. The firm offers full clinical laboratory services as well as end-to-end medication development. The company aims to enhance health and lives by delivering world-class diagnostics, expediting the availability of novel medications to patients, and leveraging technology to revolutionize the way care is delivered. It employs more than 70,000 people globally.

Labcorp provides diagnostic, drug research, and technology-enabled solutions for more than 160 million patient contacts per year, with revenue exceeding $14 billion in 2020. Labcorp’s industry-leading central laboratory business handles more than 3 million patient specimens each week and supports clinical trial activities in nearly 100 countries, creating more safety and efficacy data to support drug approvals than any other company.

Adam Schechter, Chairman, President & CEO

In 2019, global business executive Adam Schechter was named Chief Executive Officer of Labcorp, and in May 2020, he was named Chairman of the Board.

After serving as a director of the company since 2013, he was named Lead Independent Director. Before joining Labcorp, Adam worked at Merck & Co., Inc. in a range of senior leadership roles. From 2010 until 2018, he led Merck’s global pharmaceutical and vaccine businesses as Executive Vice President and President of Merck’s Global Human Health Division. He was also a member of Merck’s executive committee as well as the pharmaceutical and vaccines operations committee in this capacity. From January to July 2019, he was also a special advisor to Merck’s CEO. Adam served as President of Merck’s global pharmaceutical business from 2007 to 2010, before becoming President of Global Human Health. At Merck, he had leadership positions in sales, marketing, and managed markets, as well as business and product development, both globally and in the United States. He is the board chair of Water.org and a member of the National Alliance for Hispanic Health’s executive board. He previously led the Policy and Access Committee, the Healthcare Leadership Council, and the Merial Animal Health Company on the boards of the European Federation of Pharmaceutical Industries and Associations (EFPIA). Adam graduated from La Salle University in Philadelphia, Pennsylvania, with a B.S. in biology.

Their Facilities

Labcorp has been a pioneer in the development and validation of esoteric tests throughout its existence. Preeminent facilities that hold distinct labs with singularly skilled scientists and technicians are housed within the company’s laboratory network. Their Center for Esoteric Testing (CET), which is located at their York Court Campus in Burlington, NC, and the Center for Molecular Biology and Pathology (CMBP), which is located at their RTP Campus in Research Triangle Park, NC, are two premier institutes.

These labs serve as incubators for technological advancement and innovation, where concepts for addressing very specific testing needs are developed into assays and validated. These same world-class facilities also serve as internal reference centers for exquisite and specialized testing, and they play a critical role in providing access to novel tests across the Labcorp network. In some situations, our more specialist assays will be done in the more specialized setting of these Labcorp esoteric testing sites, catering to the unique demands of clinicians and their patients.

Industry Research
Company size 10,001+ employees
Headquarters Princeton, New Jersey
Type Public Company
Website:  https://www.labcorp.com/

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