United States-based business consulting company Frost & Sullivan announced on Monday that it has recognised Novotech, an Australia-based global full-service CRO with over 25 years of experience, with the 2024 Global Company of the Year Award.

Frost & Sullivan said that the company received the honour for its leadership and excellence in Biotech CRO Services.

Each year, Frost & Sullivan confers the award to the organisation that it believes demonstrates excellence, in terms of growth strategy and implementation in its field. The award is claimed to honour a high degree of innovation with products and technologies and the resulting leadership, in terms of customer value and market penetration.

Unmesh Lal, Frost & Sullivan global research director, said, 'Overall, Novotech distinguishes itself in the ever-expanding CRO market by successfully addressing the complex regulatory landscape with a deep understanding of local regulations and overcoming cultural barriers to establish itself as a truly global CRO. As a result, the company progresses closer to becoming a preferred global partner with regional leadership and localised expertise.'