1、UNITED STATESSECURITIES AND EXCHANGE COMMISSIONWashington,D.C.20549FORM 10-K(Mark One)ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d)OF THE SECURITIES EXCHANGE ACT OF 1934For the fiscal year ended December 31,2023or TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)OF THE SECURITIES EXCHANGE ACT OF 193
2、4For the transition period from to .Commission File Number:001-35907 IQVIA HOLDINGS INC.(Exact name of registrant as specified in its charter)Delaware27-1341991(State or other jurisdiction of incorporation or organization)(I.R.S.Employer Identification Number)2400 Ellis Rd.,Durham,North Carolina 277
3、03(Address of principal executive office and Zip Code)(919)998-2000(Registrants telephone number,including area code)Securities registered pursuant to Section 12(b)of the Act:Title of each classTrading Symbol(s)Name of each exchange on which registeredCommon Stock,par value$0.01 per shareIQVNew York
4、 Stock ExchangeSecurities registered pursuant to Section 12(g)of the Act:None Indicate by check mark if the registrant is a well-known seasoned issuer,as defined in Rule 405 of the Securities Act.Yes No Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 o
5、r section 15(d)of the Exchange Act.Yes No Indicate by check mark whether the registrant(1)has filed all reports required to be filed by Section 13 or 15(d)of the Securities Exchange Act of 1934 during the preceding twelve months(or for such shorter period that the registrant was required to file suc
6、h reports),and(2)has been subject to such filing requirements for the past 90 days.Yes No Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T(232.405 of this chapter)during the precedin
7、g 12 months(or for such shorter period that the registrant was required to submit such files).Yes No Indicate by check mark whether the registrant is a large accelerated filer,an accelerated filer,a non-accelerated filer,a smaller reporting company,or emerging growth company.See the definitions of“l
8、arge accelerated filer,”“accelerated filer,”“smaller reporting company,”and“emerging growth company”in Rule 12b-2 of the Exchange Act.Large accelerated filerAccelerated filerNon-accelerated filerSmaller reporting companyEmerging growth company If an emerging growth company,indicate by check mark if
9、the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a)of the Exchange Act.Indicate by check mark whether the registrant has filed a report on and attestation to its managements asses
10、sment of the effectiveness of its internal control over financial reporting under Section 404(b)of the Sarbanes-Oxley Act(15 U.S.C.7262(b)by the registered public accounting firm that prepared or issued its audit report.If securities are registered pursuant to Section 12(b)of the Act,indicate by che
11、ck mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements.Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensat
12、ion received by any of the registrants executive officers during the relevant recovery period pursuant to 240.10D-1(b).Indicate by check mark whether the registrant is a shell company(as defined in Rule 12b-2 of the Exchange Act).Yes No The aggregate market value of the voting and non-voting common
13、stock held by non-affiliates of the registrant,based upon the closing sale price as reported on the New York Stock Exchange on June 30,2023,the last business day of the registrants most recently completed second quarter,was approximately$40.8 billion.As of February 5,2024,there were approximately 18
14、1.5 million shares of the registrants common stock outstanding.Portions of the registrants Proxy Statement for the 2024 Annual Meeting of Stockholders are incorporated herein by reference in Part III of this Annual Report on Form 10-K to the extent stated herein.Such proxy statement will be filed wi
15、th the Securities and Exchange Commission within 120 days of the registrants fiscal year ended December 31,2023.IQVIA HOLDINGS INC.FORM 10-KTABLE OF CONTENTSItemPagePART I1.Business51A.Risk Factors181B.Unresolved Staff Comments441C.Cybersecurity452.Properties463.Legal Proceedings464.Mine Safety Disc
16、losures46PART II475.Market for Registrants Common Equity,Related Stockholder Matters and Issuer Purchases of Equity Securities476.Reserved497.Managements Discussion and Analysis of Financial Condition and Results of Operations497A.Quantitative and Qualitative Disclosures About Market Risk658.Financi
17、al Statements and Supplementary Data689.Changes in and Disagreements with Accountants on Accounting and Financial Disclosure1159A.Controls and Procedures1169B.Other Information1169C.Disclosure Regarding Foreign Jurisdictions that Prevent Inspections116PART III11710.Directors,Executive Officers and C
18、orporate Governance11711.Executive Compensation11812.Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters11813.Certain Relationships and Related Transactions and Director Independence11914.Principal Accountant Fees and Services119PART IV12015.Exhibits and Fi
19、nancial Statement Schedules120Exhibit Index12116.Form 10-K Summary124Signatures124FORWARD-LOOKING STATEMENTSExcept for any historical information contained herein,the matters discussed or incorporated by reference in this Annual Report on Form 10-K contains forward-looking statements within the mean
20、ing of the federal securities laws,including Section 27A of the Securities Act of 1933,as amended(“Securities Act”),and Section 21E of the Securities Exchange Act of 1934,as amended(the“Exchange Act”).Such forward-looking statements reflect,among other things,our current expectations,our forecasts a
21、nd our anticipated results of operations,all of which are subject to known and unknown risks,uncertainties and other factors that may cause our actual results,performance or achievements,market trends,or industry results to differ materially from those expressed or implied by such forward-looking st
22、atements.Therefore,any statements contained herein that are not statements of historical fact may be forward-looking statements and should be evaluated as such.Without limiting the foregoing,the words“assumes,”“anticipates,”“believes,”“estimates,”“expects,”“intends,”“may,”forecasts,“plans,”“projects
23、,”“should,”“seeks,”“sees,”“targets,”“will,”“would”and similar words and expressions,and variations and negatives of these words are intended to identify forward-looking statements,although not all forward-looking statements contain these identifying words.We caution you that any such forward-looking
24、 statements are further qualified by important factors that could cause our actual operating results to differ materially from those in the forward-looking statements,including without limitation,that business disruptions caused by natural disasters,pandemics such as the COVID-19(coronavirus)outbrea
25、k,including any variants,and the public health policy responses to the outbreak,international conflict or other disruptions outside of our control such as the current situation in Ukraine and Russia;most of our contracts may be terminated on short notice,and we may lose or experience delays with lar
26、ge client contracts or be unable to enter into new contracts;the market for our services may not grow as we expect;we may be unable to successfully develop and market new services or enter new markets;imposition of restrictions on our use of data by data suppliers or their refusal to license data to
27、 us;any failure by us to comply with contractual,regulatory or ethical requirements under our contracts,including current or future changes to data protection and privacy laws;breaches or misuse of our or our outsourcing partners security or communications systems;failure to meet our productivity or
28、 business transformation objectives;failure to successfully invest in growth opportunities;our ability to protect our intellectual property rights and our susceptibility to claims by others that we are infringing on their intellectual property rights;the expiration or inability to acquire third part
29、y licenses for technology or intellectual property;any failure by us to accurately and timely price and formulate cost estimates for contracts,or to document change orders;hardware and software failures,delays in the operation of our computer and communications systems or the failure to implement sy
30、stem enhancements;the rate at which our backlog converts to revenues;our ability to acquire,develop and implement technology necessary for our business;consolidation in the industries in which our clients operate;risks related to client or therapeutic concentration;government regulators or our custo
31、mers may limit the number or scope of indications for medicines and treatments or withdraw products from the market,and government regulators may impose new regulatory requirements or may adopt new regulations affecting the biopharmaceutical industry;the risks associated with operating on a global b
32、asis,including currency or exchange rate fluctuations and legal compliance,including anti-corruption laws;risks related to changes in accounting standards;general economic conditions in the markets in which we operate,including financial market conditions,inflation and risks related to sales to gove
33、rnment entities;the impact of changes in tax laws and regulations;and our ability to successfully integrate,and achieve expected benefits from,our acquired businesses.These forward-looking statements are subject to a number of risks,uncertainties and assumptions,including those described in Part I,I
34、tem 1A,“Risk Factors.”If one or more of these risks or uncertainties materialize,or if underlying assumptions prove incorrect,our actual results may vary materially from those expected,estimated or projected or as otherwise suggested by the forward-looking statements that we make for a number of rea
35、sons.Given these uncertainties,users of the information included or incorporated by reference in this Annual Report on Form 10-K,including investors and prospective investors,are cautioned not to place undue reliance on such forward-looking statements.All forward-looking statements are made only as
36、of the date hereof.We assume no obligation to update any such forward-looking information to reflect actual results or changes in the factors affecting such forward-looking information.GENERALWhen we use the terms“IQVIA,”the“Company,”“we,”“us”or“our”in this Annual Report on Form 10-K,we mean IQVIA H
37、oldings Inc.and its subsidiaries on a consolidated basis,unless we state or the context implies otherwise.3INDUSTRY AND MARKET DATAThis Annual Report on Form 10-K includes market data and forecasts with respect to the healthcare industry.In some cases,we rely on and refer to market data and certain
38、industry forecasts that were obtained from third party surveys,market research,consultant surveys,publicly available information and industry publications and surveys that we believe to be reliable.However,we have not independently verified data from industry analyses and cannot guarantee their accu
39、racy or completeness.We believe that data regarding the industry,market size and market position and market share within such industry provide general guidance but are inherently imprecise.Other industry and market data included in this annual report are from IQVIA analyses and have been identified
40、accordingly,including,for example,IQVIA Market Prognosis,which is a subscription-based service that provides five-year pharmaceutical market forecasts at the national,regional and global levels.We are a leading global information provider for the healthcare industry and we maintain databases,produce
41、 market analyses and deliver information to clients in the ordinary course of our business.Our information is widely referenced in the industry and used by governments,payers,academia,the life sciences industry,the financial community and others.Most of this information is available on a subscriptio
42、n basis.Other reports and information are available publicly through our IQVIA Institute for Human Data Science(the“IQVIA Institute”).All such information is based upon our own market research,internal databases and published reports and has not been verified by any independent sources.Our estimates
43、 and assumptions involve risks and uncertainties and are subject to change based on various factors,including those discussed in Part I,Item IA,“Risk Factors.”These and other factors could cause results to differ materially from those expressed in the estimates and assumptions.TRADEMARKS AND SERVICE
44、 MARKSAll trademarks,trade names,product names,graphics and logos of IQVIA contained herein are trademarks or registered trademarks of IQVIA Holdings Inc.or its subsidiaries,as applicable,in the United States and/or other countries.All other party trademarks,trade names,product names,graphics and lo
45、gos contained herein are the property of their respective owners.The use or display of other parties trademarks,trade names,product names,graphics or logos is not intended to imply,and should not be construed to imply,a relationship with,or endorsement or sponsorship of IQVIA Inc.or its subsidiaries
46、 by such other party.Solely for convenience,the trademarks,service marks and trade names referred to in this annual report are listed without the,(sm)and(TM)symbols,but we will assert,to the fullest extent under applicable law,our rights or the rights of the applicable licensors to these trademarks,
47、service marks and trade names.4PART IItem 1.BusinessOur CompanyIQVIA is a leading global provider of advanced analytics,technology solutions,and clinical research services to the life sciences industry.IQVIA creates intelligent connections across all aspects of healthcare through its analytics,trans
48、formative technology,big data resources,extensive domain expertise and network of partners.IQVIA Connected Intelligence delivers actionable insights and powerful solutions with speed and agility enabling customers to accelerate the clinical development and commercialization of innovative medical tre
49、atments that improve healthcare outcomes for patients.With approximately 87,000 employees,we conduct operations in more than 100 countries.We are a global leader in protecting individual patient privacy.We use a wide variety of privacy-enhancing technologies and safeguards to protect individual priv
50、acy while generating and analyzing information on a scale that helps healthcare stakeholders identify disease patterns and correlate with the precise treatment path and therapy needed for better outcomes.Our insights and execution capabilities help biotech,medical device and pharmaceutical companies
51、,medical researchers,government agencies,payers and other healthcare stakeholders tap into a deeper understanding of diseases,human behaviors and scientific advances,in an effort to advance their path toward cures.We have one of the largest and most comprehensive collections of healthcare informatio
52、n in the world,which includes more than 1.2 billion comprehensive,longitudinal,non-identified patient records spanning sales,prescription and promotional data,medical claims,electronic medical records,genomics,and social media.Our scaled and growing information set contains approximately 61 petabyte
53、s of unique proprietary data sourced from approximately 150,000 data suppliers and covering over one million data feeds globally.Based on this data,we deliver information and insights on over 90%of the worlds pharmaceuticals,as measured by 2022 sales.We standardize,curate,structure and integrate thi
54、s information by applying our sophisticated analytics and leveraging our global technology infrastructure.This helps our clients run their organizations more efficiently and make better decisions to improve their clinical,commercial and financial performance.We have developed a comprehensive portfol
55、io of intelligent,actionable information offerings over a period of many years through innovation,expertise and hard work that differentiates our capabilities to support customers throughout the world.We combine our proprietary information assets with advanced analytics,transformative technology and
56、 domain expertise to develop clinical and commercial capabilities that enable us to grow our relationships with healthcare stakeholders throughout the life sciences value chain.This set of capabilities includes:A leading healthcare-specific global IT infrastructure,representing what we believe is on
57、e of the largest and most sophisticated information technology(“IT”)infrastructures in healthcare.We receive approximately 120 billion healthcare records annually,and our infrastructure then connects complex healthcare data while applying a wide range of privacy,security,operational,legal and contra
58、ctual protections for data in response to local law,supplier requirements and industry leading practices;Analytics-driven clinical development,which improves clinical trial design,site identification and patient recruitment by empowering therapeutic,scientific,and domain experts with expansive level
59、s of information,including product level tracking in 94 markets,and information about treatments and outcomes on more than 1.2 billion unique non-identified patient records globally;Robust real world solutions ecosystem,with sophisticated retrospective database analytics,prospective real world data
60、collection technology platforms and scientific expertise,which enables us to address critical healthcare issues of cost,value and patient outcomes;A growing set of proprietary clinical and commercial applications,which helps our clients increase their clinical operations performance,supports their r
61、egulatory and compliance needs and orchestrates their sales operations,sales management,multi-channel marketing and performance management;5Integration of information,analytics,technology,and domain expertise through IQVIA Connected Intelligence,which enables us to provide our clients with more effe
62、ctive 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;andA staff of approximately 87,000 employees across the globe,including over 30,000 Technology&A
63、nalytics Solutions employees,approximately 48,000 Research&Development Solutions employees and approximately 7,000 Contract Sales&Medical Solutions employees.Our Market Opportunity We compete in a market of greater than$330 billion consisting of outsourced research and development,real-world evidenc
64、e and connected health and technology enabled clinical and commercial operations markets for life sciences companies and the broader healthcare industry.The following sets forth our estimates for the size of our principal markets:Outsourced research and development:Biopharmaceutical spending on drug
65、 development totaled approximately$184 billion in 2023.Of that amount,we estimate that our addressable opportunity(clinical development spending excluding preclinical spending)was approximately$99 billion.The portion of this addressable opportunity that was outsourced in 2023,based on our estimates,
66、was approximately$50 billion.Real-World Evidence and connected health:Total addressable market of approximately$70 billion in 2023 that consists of tightly coupled life sciences and healthcare markets.First,the life sciences market for Real-World Evidence of approximately$30 billion includes post-la
67、unch evidence generation,market access,and medical affairs.Second,the addressable opportunity for connected healthcare is approximately$40 billion,and includes areas such as revenue cycle management,payer&provider analytics and clinical decision support services.Technology enabled commercial operati
68、ons:Total addressable market of approximately$80 billion in 2023 that includes information,data warehousing,IT outsourcing,software applications and other services in the broader market for IT services.This addressable opportunity also includes commercial services such as recruiting,training,deployi
69、ng and managing global sales forces,channel management,patient engagement services,market access consulting,brand communication,advisory services,and health information analytics and technology consulting.In deriving estimates of the size of the various markets described above,we review third-party
70、sources,which include estimates and forecasts of spending in various segments,in combination with internal IQVIA research and analysis informed by our experience serving these segments,as well as projected growth rates for each of these segments.See“Industry and Market Data”above.We believe there ar
71、e six key trends affecting our end markets that will create increasing demand for research and development services,technology&analytics solutions and contract sales and medical solutions:Growth and innovation in the life sciences industry.The life sciences industry is a large and critical part of t
72、he global healthcare system and,according to the latest information available from the IQVIA Market Prognosis service,is estimated to have generated approximately$1.63 trillion in revenues in 2023.According to the IQVIA Institute,it is estimated that spending on pharmaceuticals in emerging markets w
73、ill expand at a 5%to 8%compound annual growth rate(“CAGR”)through 2028.The growth of emerging markets demonstrates their strategic importance to global life sciences organizations along with the emergence of local and regional companies with similar operational and informational needs.We expect all
74、of these organizations to apply a high degree of sophistication to their commercial operations in these countries,especially as some begin to emerge as sources of original innovative products.For global companies,this requires highly localized knowledge and information assets,the development of mark
75、et access strategies and performance benchmarking.In addition,local players are learning that they need to compete on the basis of improved information and analytics.6Growth in Research and Development.Spending trends in research and development are impacted as a result of several factors,including
76、major biopharmaceutical companies efforts to replenish revenues lost from the so-called“patent cliff,”increased access to capital by the small and midcap biotechnology industry,and recent increases in pharmaceutical approvals by regulatory authorities.The IQVIA Institute also estimates that approxim
77、ately 350 new molecular entities(“NMEs”)are expected to be approved between 2024 and 2028,or 70 per year compared to 61 per year on average during the past decade.We believe that further research and development spending,combined with the continued need for cost efficiency across the healthcare land
78、scape,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 legislativ
79、e 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.Biopharmaceutical companies face environments in which it
80、 has become increasingly difficult to operate.Improved standards of care in many therapeutic areas and the emergence of new types of therapies,such as biologics,genetically targeted therapies,gene and stem cell therapies,and other treatment modalities have led to more complex development and regulat
81、ory pathways.We believe that our global clinical development capabilities,including our expertise in biomarkers and genomics and our global laboratory network,position us well to help biopharmaceutical companies manage the complexities inherent in an environment where this type of expertise is impor
82、tant.For example,IQVIA 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 to involve l
83、ocal 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
84、will be important to pharmaceutical product growth strategies,both for multinational and local/regional biopharmaceutical companies.We believe that our global clinical development capabilities and unmatched presence in Asia and other emerging markets make us a strong partner for biopharmaceutical co
85、mpanies managing the complexities of international drug development.Financial pressures driving the need for increased efficiency.Despite expected accelerating growth in the global life sciences market,we believe our clients will face increased operating margin pressure due to their changing product
86、 mix,pricing and reimbursement challenges,and rising costs of compliance.Product portfolios for life sciences companies have shifted toward specialty products with lower peak market sales potential than traditional primary care medicines.We believe that the need for biopharmaceutical companies to ma
87、ximize productivity and lower costs across their processes from research and development through commercial operations will cause them to look to partners as they enter into outsourcing arrangements to improve efficiency.Further,our clients are looking for new ways to simplify processes and drive op
88、erational 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 the internal spending of life sciences companies by providing lower-
89、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.Over the past decade,many health systems around the world have focused on digitizing medical records.While such rec
90、ords theoretically enhance access to data,relevant information is often unintegrated,unstructured,siloed in disparate software systems,or entered inconsistently.In addition,new sources of data from the internet,such as social media and information on limited patient pools,and information resulting f
91、rom enhanced diagnostic technologies are creating new sources of healthcare data.In order to derive valuable insights from existing and expanding sources of information,clients need access to statistically significant data sets organized into databases that can be queried and analyzed.For example,re
92、al-world evidence studies demonstrate practical and clinical efficacies,which we believe require the aggregation and integration of large clinical data sets across all care settings,types of therapies and patient cohorts.Longitudinal studies require analysis of non-identified patient diagnoses,treat
93、ments,procedures and laboratory test results to identify types of patients that will likely best respond to particular therapies.Finally,manufacturers also require the ability to analyze social media activity to identify unmet patient needs and support for new orphan drugs.This information is highly
94、 relevant to all healthcare stakeholders and we believe the opportunity to more broadly apply healthcare data can only be realized through structuring,organizing and integrating new and existing forms of data in conjunction with sophisticated analytics.7Need for demonstrated value in healthcare.Part
95、icipants in the healthcare industry are focused on improving quality and reducing costs,both of which require assessment of quality and value of therapies and providers.As a result,physicians no longer make prescribing decisions in isolation,but rather in the context of guidance and rules from payer
96、s,integrated delivery networks and governments.We believe life sciences companies are working to bring alignment across constituents on the value of their treatments in order to successfully develop and commercialize new therapies.There is increasing pressure on life sciences companies to support an
97、d justify the value of their therapies.Many new drugs that are being approved are more expensive than existing therapies and will likely receive heightened scrutiny by regulators and payers to determine whether the existing treatment options would be sufficient.Additionally,many new specialty drugs
98、are molecular-based therapies and require a more detailed understanding of clinical factors and influencers that demonstrate therapeutic value.As a result,leading life sciences companies are utilizing more sophisticated outcome research and data analytics services.We believe we are well positioned t
99、o take advantage of these global trends in healthcare.Beyond our proprietary information assets,we have developed key capabilities to assess opportunities to develop and commercialize therapies,support and defend the value of medicines and help our clients operate more efficiently through the applic
100、ation of insight-driven decision-making and cost-efficient technology solutions.Our Growth StrategyWe believe we are well positioned for continued growth across the markets we serve.Our strategy for achieving growth includes:Continue to innovate through our IQVIA Connected Intelligence by leveraging
101、 our information,advanced analytics,transformative technology and significant domain expertise.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 leve
102、l tracking in 94 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 mor
103、e quickly through more informed site selection,faster patient recruitment practices and decentralized 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 br
104、ing 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.We have a diversified base of over 10,000 cl
105、ients in over 100 countries and have expanded our client value proposition to address a broader market for research and development and commercial operations which we estimate to be more than$330 billion in 2023.Through the combined offerings of research and development and commercial services we bu
106、ilt a platform that allows us to be a more complete partner to our clients.Expand the penetration of our offerings to the broader healthcare marketplace.We believe that substantial opportunities exist to use our existing technology and domain expertise to serve additional healthcare stakeholders(pay
107、ers,providers,healthcare professionals)to quantify and optimize cost of care delivery;provide registry technology to professional association and patient communities and support healthcare providers with system implementation and platform migration.Expand portfolio through strategic acquisitions.We
108、have and expect to continue to acquire assets and businesses that strengthen our value proposition to clients.We have developed an internal capability to source,evaluate and integrate acquisitions that have created value for stockholders.As the global healthcare landscape evolves,we expect that ther
109、e will be a growing number of acquisition opportunities across the life sciences,payer and provider sectors.We expect to continue to invest in or explore opportunities for strategic acquisitions to grow our platform and enhance our ability to provide more services to our clients.Our OfferingsWe offe
110、r hundreds of distinct services,applications,technology platforms and solutions to help our clients make critical decisions and perform better.We have three reportable segments:Technology&Analytics Solutions,Research&Development Solutions and Contract Sales&Medical Solutions.Their offerings compleme
111、nt each other and can provide enhanced value to our clients when delivered together,with each driving demand for the other.8Our Technology&Analytics Solutions offerings include:Technology platforms.We provide an extensive range of cloud-based applications and associated implementation services.SaaS
112、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 ma
113、rketing,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.Using proprietary algorithms,we combine our country-level data,healthcar
114、e expertise and therapeutic knowledge in over 100 countries to create our Global Market Insight family of offerings such as MIDAS,Analytics Link and Disease Insights,which provides a leading source of insight into international market dynamics and are used by most large pharmaceutical companies.Real
115、 World Solutions.We enable life sciences and provider customers to generate and disseminate evidence in a cost-efficient manner which informs health care decision making and ultimately improves patients outcomes.Our use of a wide range of privacy and security safeguards protect non-identified patien
116、t-level medical claims,prescriptions,electronic medical records,genomics,patient reported outcome and social media data.Our scaled information networks include more than 1.2 billion unique non-identified patient records globally,as well as access to profiles of over 3,400 real world data assets in m
117、ore than 100 countries uniquely facilitating data discoverability for healthcare research via the IQVIA Health Data Catalog.We technology-enable these data flows by harmonizing them to common data models and loading them onto our proprietary evidence platforms for secure access by our customers.We p
118、rovide access to deep clinical data in Oncology,Rare Disease,and other specialty areas.Our Natural Language Processing capabilities help us create structured data from unstructured clinical notes.We help our global customers across payers,providers,governments,and biopharmaceutical companies to answ
119、er critical questions about healthcare interventions related to safety,effectiveness,and value.We also bring together stakeholders across healthcare to collaborate in efforts to develop new information sources,more effective reimbursement models,and better patient outcomes.Analytics and consulting s
120、ervices.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 healt
121、hcare stakeholders and reduce their operating costs.We also help our clients 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 re
122、sources 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.Our national offerings comprise unique services in over 100 countries that provide consistent country level pe
123、rformance metrics related to sales of pharmaceutical products,prescribing trends,medical treatment and promotional activity across multiple channels including retail,hospital and mail order.Our sub-national offerings comprise unique services in over 70 countries that provide a consistent measurement
124、 of sales or prescribing activity at the regional,zip code and individual prescriber level(depending on regulation in the relevant country).Our widely used reference database tracks over 25 million healthcare professionals in over 100 countries,providing a comprehensive view of health care practitio
125、ners that is critical for the commercial success of our clients marketing and sales initiatives.Our Research&Development Solutions offerings include:Project Management and Clinical Monitoring.Drawing upon our years of experience,our site databases,our site relationships and our highly trained staff,
126、our solutions and services enables the efficient conduct and coordination of multi-site clinical trials(generally Phase II-IV).Our service offerings include protocol design,feasibility and operational planning,site start up,patient recruitment and clinical site monitoring.By infusing technology into
127、 field-based monitoring,we are able to reduce data collection steps and time.Clinical Trial Support Services.Each clinical trial requires a number of concurrent services and data streams.We offer a broad range of functional services and consultation to support clinical trials through specialized exp
128、ertise that help clients efficiently collect,analyze and report the quality data and evidence they need to gain regulatory approval.9Laboratory Services.We provide our clients globally scaled end-to-end clinical trial laboratory and research services.Our offerings include the full range of central l
129、aboratory,genomic,bioanalytical,ADME,discovery,vaccine and biomarker laboratory services along with sample and consent tracking services.Strategic Planning and Design.By bringing our data science capabilities to our strategic planning and design services,we offer consultation services to improve dec
130、isions and performance including portfolio,program and protocol planning and design,biomarker consultation,benefit-risk management,regulatory affairs,biostatistics,modeling and simulation,and personalized medicine.Patient and Site Centric Solutions.A comprehensive suite of technology and site suppor
131、t services which create custom strategies to engage and retain patients.Included is our site management organization Avacare Clinical Research Network,which orchestrates the activities of over 200 investigators and extends solutions to patients across more than 20 therapeutic indications in nearly 5
132、0 locations.Additionally,our decentralized approaches and technologies support sites and sponsors through direct-to-patient recruitment,remote nursing,data entry,and study coordinator resources.Our solutions reduce study burden and foster a supportive,patient-centric journey.Our Contract Sales&Medic
133、al Solutions offerings include:Health Care Provider Engagement Services.We partner with biopharmaceutical companies and other life sciences providers(e.g.,medical device companies)to develop and deploy tailored stakeholder engagement solutions,including contract sales and market access professionals
134、,which are focused on product sales and improving brand value at all stages of the product lifecycle from initial market entry to brands nearing patent expiry.Patient Engagement Services.Our nurse-based programs directly engage with patients to help improve their disease and medication understanding
135、 through interventional and non-interventional support,while also providing assistance in navigating complex reimbursement coverage issues.Our patient engagement services combine insight from clinical trials and social listening,behavioral design,personal and innovative eHealth multichannel interact
136、ions across multiple sites(e.g.,the physicians office,hospital,pharmacy,home),that act as an extension of the Health Care Provider prescribed treatment course which can lead to improved adherence and better overall outcomes.Medical Affairs Services.We provide a range of scientific strategy and medic
137、al affairs services to help biopharmaceutical companies plan and transition from the clinical trial setting to commercialization.Beginning in the clinical trial stage,our services can deploy educators to clinical trial sites to accelerate patient recruitment and improve retention,assist in translati
138、on of complex clinical trial data into a compelling scientific platform and publication strategy,and,provide field medical teams to facilitate scientific engagement with key opinion leaders and healthcare decision makers,before and after product approval.Our ClientsSales to companies in life science
139、s,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 revenues,are clients,and many of these companies
140、 subscribe to reports and services in many countries.Other clients include payers,government and regulatory agencies,providers,pharmaceutical distributors,and pharmacies.Our client base is broad in scope and enables us to avoid dependence on any single client.No single client accounted for 10%or mor
141、e of our total Company revenues in 2023,2022 or 2021.For the year ended December 31,2023 the largest client based on its percentage of total Company revenues contributed approximately 5%.10Our CompetitionOur Technology&Analytics Solutions business competes with a broad and diverse set of businesses.
142、While we believe no competitor provides the combination of geographical reach and breadth of our services,we generally compete in the countries in which we operate with other information,analytics,technology,services and consulting companies,as well as with the in-house capabilities of our clients.A
143、lso,we compete with certain government agencies,private payers and other healthcare stakeholders that provide their data directly to others.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
144、firms,including Accenture,Aetion,Panalgo(a Norstella company),Cognizant Technology Solutions,Fortrea,Deloitte,Pharmaceutical Product Development,Inc.(now part of Thermo Fisher Scientific Inc.),Relx,IBM,Infosys,Cerner(an Oracle company),McKinsey,NielsenIQ,Optum Insight,Parexel International Corporati
145、on,Press Ganey,RTI Health Solutions,ICON plc,Definitive Healthcare,Cegedim,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 infor
146、mation services and technology services.The markets for Research&Development Solutions offerings are highly competitive,and we compete against traditional clinical research organizations(“CROs”),the in-house research and development departments of biopharmaceutical companies,universities,and teachin
147、g hospitals.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 ICON plc,Parexel International Corporation,Pharmaceutical Product Development,Inc
148、.,Syneos Health,and Fortrea,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 prim
149、ary competitors in the United States are Syneos Health,Amplity 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
150、 HOLDINGS Co.,Ltd.SustainabilityWe are committed to sustainable environmental,social and governance(ESG)practices that further our corporate purpose of accelerating innovation for a healthier world.Our sustainable business practices are organized under three pillars People,Public and Planet.For furt
151、her information on our ESG program,achievements,and goals,see our 2023 Environmental,Social,and Governance Report(the 2023 ESG Report),which will be available on our website at https:/ in the 2023 ESG Report is not incorporated by reference in,and does not form part of,this Annual Report on Form 10-
152、K.To facilitate the disclosure of comparable,consistent,and reliable ESG information,the 2023 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 re
153、porting standards indexes.The 2023 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 RegulationMany aspects of our businesses are regulated by federal and st
154、ate laws,rules and regulations.Accordingly,we maintain a robust compliance program aimed at ensuring we operate our business in compliance with all existing legal requirements material to the operation of our businesses.There are,however,occasionally uncertainties involving the application of variou
155、s legal requirements,the violation of which could result in,among other things,fines or other sanctions.See Part I,Item 1A,Risk Factors”for additional detail.Good Clinical PracticeGood Clinical Practice(“GCP”)regulations and guidelines are the industry standard for the conduct of clinical trials wit
156、h respect to maintaining the integrity of the data and safety of the research subjects.The United States Food and Drug Administration(“FDA”),the European Medicines Agency(“EMA”),Japans Ministry of Health,Labor and Welfare and most other global regulatory authorities expect that study results and dat
157、a submitted to such authorities be based on clinical trials conducted in accordance with GCP provisions.Records for clinical trials must be maintained for specified periods for inspection by the FDA and other regulators.11Regulation of Drugs,Biologics and Medical DevicesIn the United States,pharmace
158、utical,biological and medical device products are subject to extensive regulation by the FDA.The Federal Food,Drug,and Cosmetic Act(FDC Act),the Public Health Service Act(PHS Act),and other federal and state statutes and regulations govern,among other things,the research,development,testing,manufact
159、ure,storage,recordkeeping,approval,labeling,promotion and marketing,distribution,post-approval monitoring and reporting,sampling,and import and export of pharmaceutical,biological and medical device products.Failure to comply with applicable United States requirements may subject a company to a vari
160、ety of administrative or judicial sanctions,such as FDA refusal to approve a pending new drug application(NDA)for a new drug,a biologics license application(BLA)for a new biological product,pre-market approval(PMA)or clearance for a new medical device,warning or untitled letters,clinical holds,produ
161、ct recalls,product seizures,total or partial suspension of production or distribution,injunctions,fines,civil penalties,and criminal prosecution.Regulation of Patient InformationOur information management services relate to the processing of information regarding patient diagnosis and treatment of d
162、isease and are,therefore,subject to substantial governmental regulation.In addition,the confidentiality of patient-specific information and the circumstances under which such patient-specific records may be released for inclusion in our databases or used in other aspects of our business is heavily r
163、egulated.Federal,state and foreign governments are contemplating or have proposed or adopted additional legislation governing the possession,use and dissemination of personal data,such as personal health information and personal financial data,as well as security breach notification rules for loss o
164、r theft of such data.Additional legislation or regulation of this type might,among other things,require us to implement additional security measures and processes or bring within the legislation or regulation de-identified health or other data,each of which may require substantial expenditures or li
165、mit our ability to offer some of our services.In particular,personal health information is recognized in many countries such as the United States,the European Union,or EU,and several countries in Asia,as a special,sensitive category of personal information,subject to additional mandatory protections
166、.Violations of data protection regulations are subject to administrative penalties,civil money penalties and criminal prosecution,including corporate fines and personal liability.Regulation of Promotion,Marketing and Distribution of Pharmaceutical Products and Medical DevicesCertain of our services
167、are subject to detailed and comprehensive regulation in each geographic market in which we operate.Such regulation relates,among other things,to the distribution of drug samples,the marketing and promotion of approved products,the qualifications of sales representatives and the use of healthcare pro
168、fessionals in sales functions.In the United States,certain of our services are subject to numerous federal and state laws pertaining to promotional activities involving pharmaceutical products and medical devices.Certain of our services are subject to the FDAs regulations against“off-label promotion
169、,”which require sales representatives to restrict promotion of the approved product they are detailing to the approved labeling for the product.The Prescription Drug Marketing Act imposes licensing,personnel record keeping,packaging,labeling,product handling and facility storage and security require
170、ments.Other federal and state laws prohibit manufacturers,suppliers and providers from offering,giving or receiving kickbacks or other remuneration in connection with ordering or recommending the purchase or rental of healthcare items and services.The sale or distribution of pharmaceutical products
171、and devices is also governed by the United States Federal Trade Commission Act and state consumer protection laws.We are subject to similar regulations currently in effect in the other countries where we offer Contract Sales&Medical Solutions.We are also subject to various laws and regulations that
172、may apply to certain drug and device promotional practices,including,among others,various aspects of Medicare and federal healthcare programs.Violations of these laws and regulations may result in criminal and/or civil penalties,including possibly as an“aider and abettor.”12Regulation of Laboratorie
173、sOur United States laboratories are subject to licensing and regulation under federal,state and local laws relating to hazard communication and employee right-to-know regulations,and the safety and health of laboratory employees.Additionally,our United States laboratories are subject to applicable f
174、ederal and state laws and regulations and licensing requirements relating to the handling,storage and disposal of hazardous waste,radioactive materials and laboratory specimens,including the regulations of the Environmental Protection Agency,the Nuclear Regulatory Commission,the Department of Transp
175、ortation,the National Fire Protection Agency and the United States Drug Enforcement Administration(“DEA”).The use of controlled substances in testing for drugs with a potential for abuse is regulated in the United States by the DEA and by similar regulatory bodies in other parts of the world.Our Uni
176、ted States laboratories using controlled substances for testing purposes are licensed by the DEA.The regulations of the United States Department of Transportation,Public Health Service and Postal Service apply to the surface and air transportation of laboratory specimens.Our laboratories also are su
177、bject to International Air Transport Association regulations,which govern international shipments of laboratory specimens.Furthermore,when the materials are sent to a foreign country,the transportation of such materials becomes subject to the laws,rules and regulations of such foreign country.Our la
178、boratories outside the United States are subject to applicable national laws governing matters such as licensing,the handling and disposal of medical specimens,genetic material,hazardous waste and radioactive materials,as well as the health and safety of laboratory employees.In addition to its compr
179、ehensive regulation of safety in the workplace,the United States Occupational Safety and Health Administration has established extensive requirements relating to workplace safety for healthcare employers whose workers may be exposed to blood-borne pathogens such as HIV and the hepatitis B virus.Alth
180、ough we believe that we are currently in compliance in all material respects with such federal,state and local laws,failure to comply with such laws could subject us to denial of the right to conduct business,fines,criminal penalties and other enforcement actions.Further,laboratories that analyze hu
181、man blood or other biological samples for the diagnosis and treatment of clinical trial subjects must comply with Clinical Laboratory Improvement Amendments(“CLIA”),as well as requirements established by various states.The failure to meet these requirements may result in civil penalties and suspensi
182、on or revocation of the CLIA certification.Data PrivacyPatient health information is among the most sensitive of personal information,and it is critically important that information about an individuals healthcare is properly protected from inappropriate access,use and disclosure.Real world evidence
183、-information that allows us to examine actual practices and outcomes-is essential to increase access to care,improve outcomes,and lower costs.IQVIA uses a wide variety of privacy-enhancing technologies and safeguards to protect individual privacy while generating and analyzing information on a scale
184、 that helps healthcare stakeholders identify disease patterns and correlate with the precise treatment path and therapy needed for better outcomes.We employ a wide variety of methods to manage privacy requirements,including:governance,frameworks,models and training to promote good decision making an
185、d accountability;a layered approach to privacy and security management to avoid a single point of failure;ongoing evaluation of privacy and security practices to promote continuous improvement;use of technical,administrative,physical and organizational safeguards and controls;collaboration with data
186、 suppliers and trusted third parties for our syndicated market research and analytics offerings to remove identifiable information or employ effective encryption or other techniques to render information non-identified before data is delivered to us;andwork with leading researchers,policy makers,tho
187、ught leaders and others in a variety of fields relevant to the application of effective privacy and security practices,including statistical,epidemiological and cryptographic sciences,legal,information security and compliance,and privacy.We are an industry leader in de-identifying data.Our capabilit
188、ies allow us to render data non-identified while still maintaining data utility,thus protecting privacy while still advancing innovation.Not only do we make use of de-identification techniques with respect to the data we hold,but we also share our expertise in this area with policymakers,regulators
189、and others to help them understand de-identification methodologies and practical considerations to avoid re-identification risk.We operate in more than 100 countries around the world,many of which have data protection and privacy laws and regulations based on similar core principles(e.g.,openness,ac
190、countability,security safeguards,etc.).We apply those principles globally and augment our practices to address local laws,contractual obligations and other data privacy requirements.13Our Global Privacy team,led by our Global Chief Privacy Officer,is comprised of privacy professionals and privacy la
191、w experts who drive our strategy and develop and manage our policies and standards.The Global Privacy team provides subject matter expertise related to the proper management of all data types.In addition,our Global Privacy team liaises with our Legal,IT,Information Security and other teams so that p
192、rivacy requirements are addressed in technology development,contracting,offerings and other business activities.The IQVIA Privacy Policy(the Privacy Policy)is our foundational privacy policy.It explains how,when applicable,we collect,hold,use and disclose personal information,including that of our p
193、ersonnel,consumers,healthcare professionals,patients,medical research subjects,clinical investigators,customers,suppliers,vendors,business partners and investors.You can find the Privacy Policy on our website at https:/ in the Privacy Policy is not incorporated by reference in,and does not form part
194、 of,this Annual Report on Form 10-K.Our Intellectual PropertyIn addition to our proprietary data sets described above,we develop and use a number of proprietary methodologies,analytics,systems,technologies and other intellectual property in the conduct of our business.We rely upon a combination of l
195、egal,technical,and administrative safeguards to protect our proprietary and confidential information and trade secrets,and patent,copyright and trademark laws to protect other intellectual property rights.We consider our trademark and related names,marks and logos to be of material importance to our
196、 business,and we have registered or applied for registration for certain of these trademarks,including IQVIA,in the United States and other jurisdictions and aggressively seek to protect them.Trademarks and service marks generally may be renewed indefinitely so long as they are in use and/or their r
197、egistrations are properly maintained,and so long as they have not been found to have become generic.The technology and other intellectual property rights owned and licensed by us are of importance to our business,although our management believes that our business,as a whole,is not dependent upon any
198、 one intellectual property or group of such properties.Human Capital Overview.Our approximately 87,000 employees help us drive our business success and achieve our ambition to advance human health.We are a diverse global team that shares a passion for collaboration and solving complex problems.Our w
199、orkforce is comprised of a wide variety of professionals,including clinicians,data scientists,epidemiologists and more.Our culture is one in which employees are encouraged to apply their insight,curiosity,and intellectual courage across everything they do.The way we manage our people and the program
200、s we offer our employees reflect our commitment to fostering this culture of empowerment and engagement.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 talented peo
201、ple from all backgrounds can contribute to and share in our growth,and where opportunity is available to everyone.Attracting,developing,and retaining a talented workforce is essential to the success of our business and the realization of our purpose.Investments in our people are motivated by our des
202、ire to have an engaged and connected workforce.This results in high productivity and better results for IQVIA.In an industry as competitive as ours,we also recognize that employees who feel supported contribute to higher retention and recruitment rates.Board Oversight of Human Capital Management.Our
203、 Board of Directors(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.Our Board also devotes significant time to leadership development and
204、succession planning at the executive level and provides guidance on important decisions in each of these areas.The Leadership Development and Compensation Committee of the Board has primary responsibility for succession planning for the chief executive officer and oversight of succession planning fo
205、r senior leadership.14Human Capital Management Strategy.Our employees are critical to our continued success and are a core element of our long-term strategy.Senior management is responsible for ensuring that our initiatives,policies,and processes reflect and reinforce our desired corporate culture,w
206、hich we believe supports successful human capital management.Our human capital management strategy is built on three fundamental focus areas:Recruitment.We consider a range of qualified candidates for all positions.We hire qualified individuals with a variety of backgrounds and experiences from both
207、 within and outside the organization for positions at all levels.Development&Progression.We are committed to having a diverse pipeline of talent moving up in our organization and providing opportunities for all employees to develop within their current role as well as towards their next role.We do t
208、his by encouraging mentoring and establishing support networks as well as by providing programs and tools to help employees achieve their career goals.Retention.We seek to develop a working environment where employees feel supported and want to stay.To increase employee engagement and retention,we c
209、onsistently seek input from employees through surveys and focus groups and develop meaningful initiatives and programs to respond to their feedback.Employee Engagement.In 2023,we completed two Company-wide employee surveys.The surveys provided a valuable opportunity to hear the perspectives of our w
210、orkforce around the world.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 an average of 71,000 responses across our surveys in 2
211、023,with an average participant rate of approximately 84%.Across our surveys,on average 80%of respondents say they feel engaged.The employee engagement index has been stable across our surveys in 2023.Three items saw significant improvement in 2023 as compared to 2022:The number of employees indicat
212、ing they can see a clear link between their work and IQVIAs vision to drive healthcare forward increased 5 points in 2023 to 87%compared with the prior year,the number of employees indicating their manager supports their efforts to balance their work and personal life increased 2 points in 2023 to 8
213、6%compared with the prior year,and the number of employees indicating they are energized by their work increased 2 points in 2023 to 71%compared with the prior year.Diversity and Inclusion.Our commitment to diversity and inclusion(D&I)is reflected in the various policies,programs,training and suppor
214、t 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,nation
215、al origin or ancestry,physical or mental disability,medical condition,veteran status,citizenship,sexual orientation,gender identity or any other protected group status.Our global workforce operates in over 100 countries and represents approximately 90 different ethnicities.In the United States,appro
216、ximately 61%of our employees identify as white and approximately 39%identify as a minority,including 12%who identify as Black or African American.Approximately 61%of our employees globally identify as female and approximately 52%of employees worldwide at a manager level identify as female.Our growin
217、g 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 mento
218、ring and professional development.There are eight global ERGs and 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.Black Leadership Network(BLN)aims to maintain an inclusive community that supports pro
219、fessional development,knowledge sharing,collaboration,and business success for Black employees.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.15Emerg
220、ing Professionals Network(EPN)builds community among leaders and emerging professionals through networking,personal development and volunteerism.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
221、or for mutual support.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.Race,Ethnicity and Cultural Heritage Group(REACH)aims to create a supportive and collaborative community for
222、 IQVIA employees who represent racial,ethnic and cultural minorities across the globe.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 IQVIAs core valu
223、es.Women Inspired Network(WIN)fosters a corporate culture that inspires women to excel in their careers at IQVIA and within the biopharma industry.In 2023,we grew our ERG membership to more than 11,700 participants worldwide,an increase in membership of over 100%from the past year,which spans 73 cou
224、ntries 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.We provide a variety of health and welfare benefit plans that are available to employees and their f
225、amily members,based on their location and specific country regulations.Plans may include medical,dental,and vision coverage;telemedicine and on-site medical care;critical illness coverage;disability,accidental death and dismemberment,pet and life insurance;tuition reimbursement;identity theft protec
226、tion;commuter benefits;matching gift programs;and locally relevant savings and retirement plans such as pensions and 401(k)plans.We provide parental leave for all full-time employees for the birth or adoption of a child,with variability in leave time dependent on location.We also provide paid leave
227、for other life matters including sick time,bereavement,jury duty,military service,and time off for voting,depending on country specific policies.Beyond health and welfare benefits,many regions also offer employee well-being programs.In the United States,our“Healthy You”wellness program offers employ
228、ees 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.Our EAP offers counseling services,alongside ac
229、cessible training and webinars focused on a variety of topics including financial planning,nutrition,social connections,stress management,time management and work-life balance.We aim to create a work culture that provides flexibility,autonomy,and recognition,and supports personal and organizational
230、growth.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 programs
231、 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.Talent and Learning.Helping our people grow,develop,and reach their full potential is a key component of ou
232、r human capital management strategy.Nurturing talent is critical in a highly competitive industry,and it also keeps our employees motivated and engaged.16We invest in our employees development throughout their careers at IQVIA through our various talent and learning initiatives.Our strategy is focus
233、ed on supporting business growth,optimizing our offerings through enhanced digital tools,and building the future leaders of IQVIA.At the same time,we are transforming the employee experience and have evolved our performance management approach to be more responsive to our employees experiences.Mirro
234、ring our overall culture,our approach to talent and learning is underpinned by the philosophy of empowerment,and we encourage all employees to take ownership of their careers.In 2023,we worked closely with our employees to launch One IQVIA Multiple Careers,an initiative to facilitate upskilling and
235、internal movement in line with IQVIAs growth strategy and our employees career aspirations.Employees are empowered to shape their careers through extensive resources and tools,aligning with their aspirations,interests,and opportunities.Additionally in 2023,we launched the IQVIA Learning Academy,whic
236、h helps inform employees about in-demand skills within IQVIA,providing transparency about the talent and expertise needed to meet future growth objectives.The academy defines and delivers learning pathways for employees of all levels to build those skills and democratizes access to enable all employ
237、ees to explore future opportunities.Since launching in May 2023,there have been over 230,000 visits to the academy.We offer a suite of formal and informal learning opportunities,many which focus on business specific topics such as regulatory compliance,technology,analytics,clinical and therapy areas
238、,and more.Our digital Talent and Learning Hub gives employees access to training resources on a large variety of future skills.There were more than 1 million visits worldwide to our Talent and Learning Hub in 2023.The ease of access to training resulted in the completion of over 1.7 million e-learni
239、ng 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.To foster this growth,we engage employees on
240、 their purpose,strengths,and agility.We encourage employees to remain curious and flexible towards their career,exploring opportunities across the organization.Employees take ownership for their development in partnership with managers,mentors,and others.Similarly,performance management is driven by
241、 ongoing conversations about priorities,contributions and development.In 2020,we introduced our Future Leaders Program,a robust training aimed to develop the next generation of leadership at IQVIA.In 2023,46 senior leaders from 15 countries participated in the four-month program,bringing the total n
242、umber of participants since inception to 277.Sessions consisted of live webinars co-led by senior executives,peer coaching,business projects and skills assessments.Feedback continues to be positive with the program being rated highly by participants,scoring an average of 4.6 out of 5.In 2021,we pilo
243、ted our Emerging Leaders Program,which is specifically designed for high-potential employees at the managerial level and offers comprehensive training to shape our future leaders.In 2023,a total of 254 employees from 34 countries dedicated 7,979 hours of training taught by business leaders and subje
244、ct 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 launched the Leader of the Future Portal(LOFT)to help
245、 our managers shift their mindsets to the hybrid work environment.The solution allows managers to find learning courses,short videos,live trainings and quick reads from easy-to-navigate categories focused on being a remote leader,maintaining productivity virtually and leading hybrid teams.In 2023,th
246、e portal had 34,000 visits and completed 19,973 hours of training.In 2023,we launched our New Manager program to support employees who are new to managing people and those who are experienced managers but new to IQVIA.The program is a guided learning path that helps managers navigate the available r
247、esources and prioritize the most relevant tools during the managers first 12 months.Since the June launch,there were 4,300 visits.Health and Safety.Ensuring the health and safety of our employees is essential,whether they work in our corporate offices or labs.We strive to create a culture of safety
248、so our employees can remain healthy and productive.17We incorporate environmental laws and regulations into our policies and procedures throughout our organization.At the corporate level,we have group certifications to ISO 14001:2015 and ISO 45001:2018.In accordance with both certifications,we have
249、a robust,integrated Environmental,Health and Safety Management System(EHSMS)with supporting standard operating procedures in place,which demonstrates our commitment to continuous improvement.Under our EHSMS,all employees must actively participate in helping to maintain a safe,healthy,and secure work
250、 environment.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.IQVIA operates laboratories in the United States,United Kingdom,South Africa,Singapore,India,Japan,and China.Certain
251、IQVIA laboratories are certified to ISO 14001:2015 and ISO 45001:2018.Depending on the location and services provided accreditation also will include ANVISA,CAP ISO 15189,CDC Lipids,CLIA,ISO 9001,MOH Certified Laboratory,and NSGP Level 1.Available InformationOur website address is ,and our investor
252、relations website is located at http:/.Information on our website is not incorporated by reference herein.Copies of our annual reports on Form 10-K,quarterly reports on Form 10-Q,current reports on Form 8-K and our proxy statements for our annual meetings of stockholders,and any amendments to those
253、reports,as well as Section 16 reports filed by our insiders,are available free of charge on our website as soon as reasonably practicable after we file the reports with,or furnish the reports to,the Securities and Exchange Commission(“SEC”).In addition,the SEC maintains an Internet site(http:/www.se
254、c.gov)containing reports,proxy and information statements,and other information regarding issuers that file electronically with the SEC.Information on the SECs website does not constitute part of this Annual Report on Form 10-K.Also posted on our website are our certificate of incorporation and by-l
255、aws,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
256、 are available in print upon the request of any stockholder to our Investor Relations Department at IQVIA Holdings Inc.,1725 Route 46 East,Parsippany,New Jersey 07054.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 C
257、ode of Conduct or any waiver of such policy applicable to any of our senior financial officers,executive officers or directors.18Item 1A.Risk FactorsRISK FACTORSWe operate in a rapidly changing environment that involves a number of risks,some of which are beyond our control.You should consider caref
258、ully the risks and uncertainties described below together with the other information included in this Annual Report on Form 10-K,including our consolidated financial statements and related notes included elsewhere in this Annual Report on Form 10-K,in evaluating our Company.The occurrence of any of
259、the following risks may materially and adversely affect our business,financial condition,results of operations and future prospects.Summary of Risk FactorsBelow is a summary of some of the principal risks that could adversely affect our business,operations and financial results:Risks Relating to Our
260、 BusinessThe potential loss or delay of contracts could adversely affect our results.Our financial results may be adversely affected if we underprice our contracts,overrun our cost estimates or fail to receive approval for or experience delays in documenting change orders.Failure to meet productivit
261、y objectives under our internal business transformation initiatives could adversely impact our competitiveness and harm our operating results.If we are unsuccessful at investing in growth opportunities and are unable to develop and market new services or enter new markets,our growth,results of opera
262、tions or financial condition could be adversely affected.If we are unable to successfully identify,acquire and integrate existing businesses,services and technologies,our business,results of operations and financial condition could be adversely impacted.If we are unable to attract suitable investiga
263、tors and patients for our clinical trials,our clinical development business might suffer.If we lose the services of key personnel or are unable to recruit additional qualified personnel,our business could be adversely affected.Intellectual PropertyWe depend on third parties for data and support serv
264、ices.Our suppliers or providers might restrict our use of or refuse to license data or provide services,which could lead to our inability to access certain data or provide certain services and,as a result,materially and adversely affect our operating results and financial condition.Our success depen
265、ds on our ability to protect our intellectual property rights.We may be subject to claims by others that we are infringing on their intellectual property rights.We rely on licenses from third parties to certain technology and intellectual property rights for some of our services and the licenses we
266、currently have could terminate or expire.IT systems and InformationSecurity breaches and unauthorized use of our IT systems and information could expose us,our clients,our data suppliers or others to risk of loss.We may experience challenges with the acquisition,development,enhancement or deployment
267、 of technology necessary for our business.Data protection,privacy and similar laws restrict access,use and disclosure of personal information,and failure to comply with these laws could materially harm our business.Client RisksConsolidation in the industries in which our clients operate may reduce t
268、he volume of services purchased by consolidated clients following an acquisition or merger.We may be adversely affected by client or therapeutic concentration.Our relationships with existing or potential clients who are in competition with each other may adversely impact the degree to which other cl
269、ients or potential clients use our services.There is a risk that we may initiate a clinical trial for a client,and then the client becomes unwilling or unable to fund the completion of the clinical trial,and we may be ethically bound to complete or wind down the clinical trial at our own expense.19M
270、arket ForcesDisruptions in the credit and capital markets and unfavorable general economic conditions could negatively affect our business,results of operations and financial condition.Our effective income tax rate may fluctuate for a variety of reasons.Due to the global nature of our business we ar
271、e subject to international economic,political and other risks that could negatively affect our results of operations and financial condition.Climate change may have an impact on our business.Liability ExposureOur Research&Development Solutions business could subject us to potential liability.Our Con
272、tract Sales&Medical Solutions business could result in liability to us if a drug causes harm to a patient.Our insurance may not cover all of our indemnification obligations and other liabilities associated with our operations.We may make mistakes in conducting a clinical trial that could negatively
273、impact the usefulness of the clinical trial which could subject us to significant costs or liability.If we fail to perform our services in accordance with contractual requirements,regulatory standards and ethical considerations,we could be subject to significant costs or liability.Risks Relating to
274、Our IndustryThe biopharmaceutical services industry is highly competitive and our business could be materially impacted if we do not compete effectively or rapidly adapt to technological change.Outsourcing trends in the biopharmaceutical industry and changes in aggregate spending and research and de
275、velopment budgets could adversely affect our operating results and growth rate.We may be affected by healthcare reform and potential additional reforms.Actions by government regulators or clients to limit a prescriptions scope or withdraw an approved drug from the market could affect our business an
276、d result in a loss of revenues.Laws restricting biopharmaceutical sales and marketing practices may adversely impact demand for our services.Risks Relating to Our IndebtednessRestrictions imposed in the Senior Secured Credit Facilities(as defined below)and other outstanding indebtedness,including th
277、e indentures governing outstanding notes issued by our wholly owned subsidiary IQVIA Inc.,may limit our ability to operate our business and to finance our future operations or capital needs or to engage in other business activities.Interest rate fluctuations and our ability to deduct interest expens
278、e may affect our results of operations and financial condition.Risks Related to Ownership of Our Common StockProvisions of the corporate governance documents of IQVIA could make an acquisition of IQVIA difficult and may prevent attempts by its stockholders to replace or remove its management,even if
279、 beneficial to its stockholders.Our certificate of incorporation contains a provision renouncing any interest and expectancy in certain corporate opportunities identified by certain parties.For a more complete discussion of the material risk facing our business,see below.20Risks Relating to Our Busi
280、nessThe potential loss or delay of our large contracts or of multiple contracts could adversely affect our results.Most of our Research&Development Solutions clients can terminate our contracts upon 30 to 90 days notice.Our clients may delay,terminate or reduce the scope of our contracts for a varie
281、ty of reasons beyond our control,including but not limited to:decisions to forego or terminate a particular clinical trial;lack of available financing,budgetary limits or changing priorities;actions by regulatory authorities;production problems resulting in shortages of the drug being tested;failure
282、 of products being tested to satisfy safety requirements or efficacy criteria;unexpected or undesired clinical results for products;insufficient patient enrollment in a clinical trial;insufficient investigator recruitment;shift of business to a competitor or internal resources;product withdrawal fol
283、lowing market launch;orshut down of manufacturing facilities.As a result,contract terminations,delays and alterations are a regular part of our Research&Development Solutions business.In the event of termination,our contracts often provide for fees for winding down the project,but these fees may not
284、 be sufficient for us to realize the full amount of revenues or profits anticipated under the related services contracts,and termination may result in lower resource utilization rates.In addition,we will not realize the full benefits of our backlog of contractually committed services if our clients
285、cancel,delay or reduce their commitments under our contracts with them,which may occur if,among other things,a client decides to shift its business to a competitor or revoke our status as a preferred provider.Thus,the loss or delay of a large contract or the loss or delay of multiple contracts could
286、 adversely affect our revenues and profitability.We believe the risk of loss or delay of multiple contracts potentially has greater effect where we are party to broader partnering arrangements with global biopharmaceutical companies.We depend on third parties for data and support services.Our suppli
287、ers or providers might restrict our use of or refuse to license data or provide services,which could lead to our inability to access certain data or provide certain services and,as a result,materially and adversely affect our operating results and financial condition.Each of our Technology&Analytics
288、 Solutions information services is derived from data we collect from third parties.These data suppliers are numerous and diverse,reflecting the broad scope of information that we collect and use in our business.Although we typically enter into long-term contractual arrangements with many of these su
289、ppliers of data,at the time of entry into a new contract or renewal of an existing contract,suppliers may increase restrictions on our use of such data,increase the price they charge us for data or refuse altogether to license the data to us.In addition,during the term of any data supply contract,su
290、ppliers may fail to adhere to our data quality control standards or fail to deliver data.Further,although no single individual data supplier is material to our business,if a number of suppliers collectively representing a significant amount of data that we use for one or more of our services were to
291、 impose additional contractual restrictions on our use of or access to data,fail to adhere to our quality-control standards,repeatedly fail to deliver data or refuse to provide data,now or in the future,our ability to provide those services to our clients could be materially adversely impacted,which
292、 may harm our operating results and financial condition.21Additionally,we depend on third parties for support services to our business.Such support services include,but are not limited to,third-party transportation providers,suppliers of drugs for patients participating in clinical trials,suppliers
293、of kits for use in our clinical trial laboratories business,suppliers of reagents for use in our testing equipment and providers of maintenance contracts for our equipment.The failure of any of these third parties to adequately provide the critical support services could have a material adverse effe
294、ct on our business.If we fail to perform our services in accordance with contractual requirements,regulatory standards and ethical considerations,we could be subject to significant costs or liability and our reputation could be harmed.We contract with biopharmaceutical companies to perform a wide ra
295、nge of services to assist them in bringing new drugs to market.Our services include monitoring clinical trials,data and laboratory analysis,electronic data capture,patient recruitment and other related services,and we perform these services in a number of ways,including through physical and technolo
296、gy-enabled efforts.Such services are complex and subject to contractual requirements,regulatory standards and ethical considerations.For example,we must adhere to applicable regulatory requirements such as those required by the FDA,the EMA and the competent authorities of the member states of the EU
297、,and the MHRA in the UK,and Good Laboratory Practice and GCP requirements,which govern,among other things,the design,conduct,performance,monitoring,auditing,recording,analysis,and reporting of clinical trials.Once initiated,clinical trials must be conducted pursuant to and in accordance with the app
298、licable investigational new drug/device application or clinical trial application,the requirements of the relevant institutional review boards or ethics committees,and GCP requirements.For studies involving controlled substances,we are also typically subject to enhanced regulations,such as those req
299、uired by the U.S.Drug Enforcement Administration(“DEA”)which regulates the distribution,recordkeeping,handling,security,and disposal of controlled substances.If we fail to perform our services in accordance with these requirements,regulatory agencies may take action against us for failure to comply
300、with applicable regulations governing clinical trials or sales and marketing practices.Such actions may include sanctions,such as injunctions or failure of such regulatory authorities to grant marketing approval of products,delay,suspension or withdrawal of approvals,license revocation,product seizu
301、res or recalls,operational restrictions,civil or criminal penalties or prosecutions,damages or fines.Clients may also bring claims against us for breach of our contractual obligations and patients in the clinical trials and patients taking drugs approved on the basis of those clinical trials may bri
302、ng personal injury claims against us for negligence.Any such action could have a material adverse effect on our results of operations,financial condition and reputation.Such consequences could arise if,among other things,the following occur:Improper performance of our services.The performance of cli
303、nical development services is complex and time-consuming.For example,we may make mistakes in conducting a clinical trial that could negatively impact or obviate the usefulness of the clinical trial or cause the results of the clinical trial to be reported improperly.If the clinical trial results are
304、 compromised,we could be subject to significant costs or liability,which could have an adverse impact on our ability to perform our services.As examples:non-compliance generally could result in the termination of ongoing clinical trials or sales and marketing projects or the disqualification of data
305、 for submission to regulatory authorities;compromise of data from a particular clinical trial,such as failure to verify that informed consent was obtained from patients,could require us to repeat the clinical trial under the terms of our contract at no further cost to our client,but at a substantial
306、 cost to us;andbreach of a contractual term could result in liability for damages or termination of the contract.Large clinical trials can cost up to hundreds of millions of dollars,and while we endeavor to contractually limit our exposure to such risks,improper performance of our services could hav
307、e an adverse effect on our financial condition,damage our reputation and result in the cancellation of current contracts by or failure to obtain future contracts from the affected client or other clients.Investigation of clients.From time to time,one or more of our clients are audited or investigate
308、d by regulatory authorities or enforcement agencies with respect to regulatory compliance of their clinical trials,programs or the marketing and sale of their drugs.In these situations,we have often provided services to our clients with respect to the clinical trials,programs or activities being aud
309、ited or investigated,and we are called upon to respond to requests for information by the authorities and agencies.There is a risk that either our clients or regulatory authorities could claim that we performed our services improperly or that we are responsible for clinical trial or program complian
310、ce.If our clients or regulatory authorities make such claims against us and prove them,we could be subject to damages,fines or penalties.In addition,negative publicity regarding regulatory compliance of our clients clinical trials,programs or drugs could have an adverse effect on our business and re
311、putation.22Insufficient client funding to complete a clinical trial.As noted above,clinical trials can cost hundreds of millions of dollars.There is a risk that we may initiate a clinical trial for a client,and then the client becomes unwilling or unable to fund the completion of the clinical trial.
312、This risk is heightened in a recessionary or weak funding environment for our customers,who may be unable to raise or expend funds necessary to complete a trial.In such a situation,notwithstanding the clients ability or willingness to pay for or otherwise facilitate the completion of the clinical tr
313、ial,we may be ethically bound to complete or wind down the clinical trial at our own expense.Failure of vendors to perform contractual obligations.In the course of a clinical trial,we regularly contract with third party providers on behalf of our clients to support execution of the trial.If these th
314、ird parties fail to perform their contractual obligations,we may incur additional costs or responsibilities in order to provide our clients with our contractually obligated deliverables,despite the failure of such third parties.Security breaches and unauthorized use of our IT systems and information
315、,or the IT systems or information in the possession of our vendors,could expose us,our clients,our data suppliers or others to risk of loss.We rely upon the security of our computer and communications systems infrastructure to protect us from cyberattacks and unauthorized access.Cyberattacks can inc
316、lude malware,computer viruses,hacking or other significant disruption of our computer,communications and related systems.Cyber threats are rapidly evolving and are becoming increasingly sophisticated.As cyber threats evolve and become more difficult to detect and successfully defend against,one or m
317、ore cyber threats might defeat the measures that we or our vendors take to anticipate,detect,avoid or mitigate such threats.Certain techniques used to obtain unauthorized access,introduce malicious software,disable or degrade service,or sabotage systems may be designed to remain dormant until a trig
318、gering event and we may be unable to anticipate these techniques or implement adequate preventative measures since techniques change frequently or are not recognized until launched,and because cyberattacks can originate from a wide variety of sources.Our preventive and remedial actions may not be su
319、ccessful.The size and complexity of our IT and information security systems,and those of our vendors(and the large amounts of confidential information that is present on them),make such systems potentially vulnerable to service interruptions or to security breaches from inadvertent or intentional ac
320、tions by,but not limited to,our employees,contingent workers,service providers,business partners,customers or malicious attackers.Such attacks,whether successful or unsuccessful,could result in our incurring costs related to,for example,rebuilding internal systems,defending against litigation,respon
321、ding to regulatory inquiries or actions,paying damages or fines,or taking other remedial steps with respect to third parties.Publicity about vulnerabilities and attempted or successful incursions could damage our reputation with clients and data suppliers and reduce demand for our services.We also s
322、tore proprietary and sensitive information in connection with our business,which could be compromised by a cyberattack.To the extent that any disruption or security breach results in a loss or damage to our data,an inappropriate disclosure of proprietary or sensitive information,an inability to acce
323、ss data sources,or an inability to process data or provide our offerings to our clients,it could cause significant damage to our reputation,affect our relationships with our data suppliers and clients(including loss of suppliers and clients),lead to claims against us and ultimately harm our business
324、.We may be required to incur significant costs to alleviate,remedy or protect against damage caused by these disruptions or security breaches in the future.We may also face inquiry or increased scrutiny from government agencies as a result of any such disruption or breach.While we have insurance cov
325、erage for certain instances of a cyber security breach,our coverage may not be sufficient if we suffer a significant attack or multiple attacks.Any such breach or disruption could have a material adverse effect on our operating results and our reputation as a service provider.Some of our vendors hav
326、e significant responsibility for the security of certain of our data centers and computer-based platforms or software-as-a-service(SaaS)applications upon which our businesses rely to host or process data or to perform various functions.Also,our data suppliers have responsibility for security of thei
327、r own computer and communications environments.These third parties face risks relating to cyber security similar to ours,which could disrupt their businesses and therefore materially impact ours.Accordingly,we are subject to any flaw in or breaches to their computer and communications systems or tho
328、se that they operate for us,which could result in a material adverse effect on our business,operations and financial results.The risk of cyberattacks has increased in connection with geopolitical events and dynamics.State-sponsored parties or their supporters may launch retaliatory cyberattacks,and
329、may attempt to cause supply chain disruptions,or carry out other geopolitically motivated actions that may adversely disrupt or degrade our operations and may result in data compromise.State-sponsored actors have carried out cyberattacks to accomplish their goals that may include espionage,monetary
330、gain,disruption,and destruction.23Failure to meet productivity objectives under our internal business transformation initiatives could adversely impact our competitiveness and harm our operating results.We are pursuing business transformation initiatives to update technology,increase innovation and
331、obtain operating efficiencies.As part of these initiatives,which include accelerating site start-up timelines and improving our customer buying experience,we seek to improve our productivity,flexibility,quality,functionality and cost savings by investing in the development and implementation of glob
332、al platforms and integration of our business processes and functions to achieve economies of scale.These various initiatives may not yield their intended gains,or be completed in timely manner,which may impact our competitiveness and our ability to meet our growth objectives and,as a result,material
333、ly and adversely affect our business,operating results and financial condition.If we are unsuccessful at investing in growth opportunities,our business could be materially and adversely affected.We continue to invest significantly in growth opportunities,including the development and acquisition of new data,technologies and services to meet our clients needs.For example,we are expanding our servic
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