IQVIA is a data, technology, and services company focused on the life sciences and healthcare industries. IQVIA operates through two core businesses. The first, Technology & Analytics Solutions (TAS), provides pharma and biotech companies with pharmaceutical market data, real-world evidence (RWE) studies, commercial software, and analytics and consulting services. The second and larger business, Research & Development Solutions (RDS), is a contract research organization (CRO) that manages clinical trials across all phases on behalf of biopharmaceutical clients. A smaller third segment, Contract Sales & Medical Solutions, deploys contract sales forces for pharma clients. IQVIA's central asset is a proprietary database of over 1.2 billion longitudinal patient records sourced from approximately 150,000 data suppliers across more than 100 countries. This data powers both segments — TAS clients use it for commercial insights, while RDS uses it to design trials, select sites, and recruit patients more efficiently. TAS generates revenue through a mix of recurring data subscriptions, multi-year SaaS contracts, and project-based consulting. RDS is a long-cycle project business where biopharmaceutical clients award multi-year trial contracts and IQVIA recognizes revenue as work is performed over the life of each trial, often three to seven years. IQVIA's cost base is primarily labor, and the company manages margins through offshoring and AI-driven workflow automation. IQVIA serves over 10,000 clients globally, with nearly all top 100 global pharma and biotech companies as clients, and no single client exceeding 5% of revenue.