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Founder / Operator·Pharma Services

Costa Panagos

Chief Executive Officer at Syneos Health

Morrisville, North Carolina, USA

CP
Why they matter

Sitting CEO of a $7.1B PE-owned CRO (Elliott/Patient Square/Veritas), with 25+ years running clinical trial and lab operations at IQVIA — a direct read on CRO/CDMO deal flow and pricing.

Background

Costa Panagos became Chief Executive Officer and a board member of Syneos Health in October 2024, taking over from Colin Shannon, who moved to Executive Chairman. He spent more than two decades at IQVIA (and its Quintiles predecessor), rising from sales and operations roles to CEO of Q2 Solutions (IQVIA's global clinical trial laboratory business) and then President of IQVIA's Research & Development Solutions, before Syneos Health's private-equity owners recruited him to lead the CRO.

Notable deals

  • 2024
    Appointed CEO and board member of Syneos Health, succeeding Colin Shannon, who transitioned to Executive Chairman
  • 2022
    Named President of IQVIA's Research & Development Solutions division after serving as CEO of Q2 Solutions, IQVIA's global clinical trial laboratory business

Call-prep brief

Background

  • CEO of Syneos Health since October 2024; also sits on its board.
  • 25+ years in the CRO industry, almost all at IQVIA/Quintiles (joined 1999): sales and operations roles → CEO of Q2 Solutions (IQVIA's clinical trial lab business) → President, R&D Solutions (2022–2024), where he drove record service bookings.
  • Earlier career included pharmaceutical roles at Bayer. B.S. Biology (Brown), MBA (University of Chicago Booth).

Current focus

  • Steering Syneos Health post its September 2023 $7.1B take-private by Elliott Investment Management, Patient Square Capital, and Veritas Capital.
  • Publicly emphasizes integrated offerings "from early development to commercialization" and rebuilding growth momentum after a rocky pre-buyout stretch.

What he cares about

  • Operational execution, customer retention, and service bookings growth — the metrics that defined his IQVIA tenure.
  • Technology-enabled trial delivery (decentralized trials, flexible staffing models).

Sensitivities

  • New to the CEO seat (under a year in); may be guarded about forward guidance while still stabilizing the business.
  • Reports to a PE consortium board — commentary on strategy or M&A may be filtered through sponsor messaging.
  • Direct competitor relationships (IQVIA) could make him cautious discussing competitive dynamics.

Questions to ask

  1. How is Syneos Health's service mix shifting under sponsor ownership, and where is bookings growth concentrated (biotech vs. large pharma)?
  2. What operational levers from his IQVIA/Q2 Solutions playbook is he porting over to Syneos Health?
  3. How does he see CRO/CDMO consolidation playing out over the next 12–18 months, and where might Syneos Health be a buyer or seller?

Outreach draft

Subject
Quick call on CRO/CDMO market dynamics
Hi Costa, Congratulations on the CEO role at Syneos Health — your run scaling Q2 Solutions and IQVIA's R&D Solutions business makes your read on the CRO/CDMO landscape especially valuable right now. I'm working with a private equity team studying consolidation and growth opportunities across pharma services. We'd value 20-30 minutes of your perspective on where demand and pricing are heading, and how sponsor-backed CROs like Syneos Health are positioning for the next wave. Compensated for your time, entirely at your convenience. Would you be open to a short call in the next couple of weeks? Best, [Your Name]

Sources