LabCorp, one of the world’s largest clinical laboratory networks, announced Thursday that its Covance Drug Development business will offer a new unit to expand its clinical analytics and operational capacities.

The FSPx offering will improve data readiness and will accelerate study start-up by helping clients better manage data, standards, processes and site interactions.

“Whether it’s reducing the data reconciliation process time or reducing turnaround times for protocol amendments, Laboratory FSPx’s capabilities at Covance provide end-to-end solutions that help clients manage their laboratory operations,” said Paul Kirchgraber, a senior vice president for Covance.

A rising number of pharmaceutical and biotech companies are using FSPx services as they hope to optimize costs and streamline operations, Covance said in a statement.

LabCorp shares were trading at $168.74 on Friday, up 89 cents.