Medidata's Payment Solution To Make Reimbursements Easy

Medidata Solutions Inc (NASDAQ:MDSO) recently introduced Medidata Payments, a cloud-based payment technology and an add-on to the company’s’ leading Medidata Clinical Cloud.

With this launch, the company is set to simplify the reimbursement procedure in the space of clinical research by addressing all the probable challenges like erroneous calculations along with inaccurate and delayed payments.

Medidata Payments offers a precise payment solution, unifying pre-payments, holdbacks, divide payments among different payees, payments in multiple currencies and accruals. The platform also provides clinical trial sponsors with easy solutions that identifies and calculates withholding-tax, captures indirect tax and performs worldwide disimbursement.

The Payment solution works in three major steps -- managing of contract requirements, recording the costs generated by the trial data and disbursing payments to the investigative sites across multiple clinical researches worldwide.

Medidata’s new launch is likely to revolutionize the clinical trial payment platform, fortifying partnerships between sponsors, contract research organizations and clinical investigation sites. The tool is also likely to be beneficial to the sponsors who conduct multiple trials globally using more than 125 different currencies.

Notably, Medidata Solutions has 17 out of the top 25 global Pharma companies as enterprise customers, demonstrating its accomplishments in the space. Medidata Payments is likely to fortify the company’s position as it will streamline trial processes to a considerable extent.

Zacks Rank & Key Picks

Currently, Medidata Solutions has a Zacks Rank #3 (Hold).

Better-ranked stocks in the medical instrument sector include Foundation Medicine Inc. (NASDAQ:FMI) , Omnicell Inc (NASDAQ:OMCL) and Invitae Corporation (NYSE:NVTA) . While Foundation Medicine and Omnicell sport a Zacks Rank #1 (Strong Buy), Invitae Corporation holds a Zacks Rank #2 (Buy).