EOTYA 2024 Finalist: Yvonne Lungershausen

The miracles of modern medicine save countless lives globally every single day. The development of medical treatments have eradicated deadly diseases such as smallpox, while greatly reducing the prevalence of previously universal diseases such as polio and measles.

Even diseases that today are widespread have the potential to be mitigated, with trials currently underway researching the possibility of vaccinating against cancer.

Ensuring that these medical treatments are indeed miraculous, rather than detrimental, is the work of contract research organization (CRO) Avance Clinical, led by its CEO Yvonne Lungershausen.

"Avance Clinical’s mission is to drive research for biotech companies to conduct clinical trials that address unmet patient needs across more than 250 therapeutic indications," she says. "The work we do supports the development of cutting-edge treatments that can improve patient outcomes and quality of life."

Assuming the role in 2019, Lungershausen’s tenure has steered the company toward achieving greater commercial success, with growth and expansion defining her leadership. Her impressive record has culminated in her nomination for CEO of the Year Healthcare at The CEO Magazine’s 2024 Executive of the Year Awards.

"Since stepping into the CEO role five years ago, I am incredibly proud of the company’s remarkable growth," she says. "We have increased revenue by 527 percent, grown our team from 45 to close to 400 employees and broadened our global footprint."

This increased global footprint includes an expansion into North America with the acquisition of CRO partner company C3 Research Associates, as well as the establishment of offices in India, Korea and Taiwan.

She dedicates the growth of the company to its key partners, who have enabled Avance Clinical to expand its positive impact.

"Support from our investors, Riverside Company, has been instrumental in our growth," she adds. "From the outset, they championed our global expansion, recognizing the unique value of our CRO services."

And she knows that continuing to provide this unique value to its customers is what will continue to drive the company’s expansion.

"Our dedication to customer satisfaction remains a cornerstone of our success. By listening closely to our clients, anticipating their needs and continuously refining our services, we have built long-term, trust-based partnerships," Lungershausen says.

"This not only drives client loyalty but also reinforces our mission of helping bring new medicines to patients faster."

Industry-specific innovation

Although the CRO industry on the whole is facing less than favorable market conditions, Avance Clinical is still thriving. Lungershausen explains that this is a testament to the company’s unique value proposition.

"The biotech sector is currently facing a slower investment environment," she says. "But this highlights Avance Clinical’s value through its tailored, solution-driven services, agile approach and access to attractive funding rebates via its Australian operations."

The company is providing solutions that suit customer demands for greater efficiency.

"Many biotechs are seeking rapid trial startup and cost management, and Avance Clinical excels in supporting early-phase trials before transitioning projects to the United States or Asia for later phases," she says.

New technologies are also widely impacting the industry.

"Digital health technologies continue to reshape clinical research," Lungershausen reveals. "AI and machine learning are now widely used for data analysis, patient recruitment and trial optimization, improving efficiency and accuracy. Additionally, the growing demand for specialized therapies like gene and cell therapies is driving the industry toward more complex and innovative research models."

In order to embrace future technologies and stay at the forefront of the industry, the company has established a dedicated technology innovation team.

"This team collaborates with cutting-edge firms to develop next-generation tools for our industry," she says. "We have also invested in AI-driven analytics for better data management, helping us reach more diverse patient populations to ensure inclusive and representative studies.

"By staying ahead of technological advancements, we provide adaptable, cost-effective solutions that keep us competitive."

Prioritizing culture

The culture of Avance Clinical is another source of pride for Lungershausen.

"Our team members are at the core of our success, and we prioritize creating a supportive, inclusive and collaborative workplace," she says. "We focus on fostering professional growth, ensuring everyone’s voice is heard and maintaining a culture where employees feel empowered to contribute their best."

It’s no coincidence that this mirrors Lungershausen’s personal leadership philosophy, which is based on creating a workplace where employees feel psychologically secure, and in turn produces better outcomes.

"I strive to create an environment where people are trusted, given the autonomy to make decisions and feel that their contributions are valued. When team members feel empowered, they take ownership of their work, which drives both innovation and productivity," she says.

"This approach has resulted in low staff turnover and high employee satisfaction, both of which are key contributors to our success. In fact, our low turnover rate is frequently noted as a significant factor in winning business from biotech clients."

Relatedly, diversity and inclusion is a key focus for the company.

"Ensuring that everyone, regardless of background, feels welcome and empowered to contribute fully is a fundamental part of our values," Lungershausen says. "This allows us to build teams with a wide range of perspectives, which is crucial for creative problem-solving in an innovative industry like ours.

"This commitment not only attracts top talent but also leads to higher employee satisfaction and retention, building a passionate and stable workforce."

Future-facing leadership

It is clear that Lungershausen thinks deeply about how she leads, closely considering the experience of those working under her. She defines a few inviolable principles that have formed during her time as a leader.

"Authenticity, passion for the sector, empowerment, empathy and accountability. I believe in leading by example, being approachable, honest and transparent so that my team knows exactly who I am and what I stand for," she says.

"The best leadership advice I have received is to always be authentic. Authenticity builds trust, and trust is the foundation for successful relationships with the Board, clients and the team."

She also ensures she regularly steps into the shoes of her employees in order to make more effective decisions that maintain the company’s positive culture.

"Empathy is another key element of my leadership," she says. "By understanding my team on a personal level, their motivations, challenges and aspirations – I can support them more effectively.

"Accountability is equally important. I lead by example, owning my actions and decisions, which sets a standard for the team. This fosters a culture of honesty and growth, where mistakes are seen as opportunities to learn and improve."

Refusing to elevate herself above her team, Lungershausen knows that she too has room to improve.

"I embrace continuous learning and adaptability," she says. "The world is evolving quickly, and I see myself as a leader who grows alongside my team."

On the topic of future growth, Lungershausen sees plenty of it on the horizon for Avance Clinical as innovation continues to flourish in the sector.

"I am excited about the future of the CRO and biotech industry, especially the potential for breakthroughs in areas like genomics, personalized medicine and advanced biologics," she says. "I see technology like decentralized trials, big data analytics and AI playing a crucial role in this, enabling faster, more patient-centric research."

Avance Clinical, she says, are prepared to be at the center of this transformation, continuing to play a crucial role in the development of essential medical treatments.

"I envision our company leading this change by adopting cutting-edge technologies and methodologies. We are already investing in digital tools that enhance patient engagement, and I hope we can continue to push the boundaries in making trials more efficient and inclusive.

"Our company is well-positioned to support biotech firms working on complex therapies, ensuring the infrastructure and expertise needed to bring life-changing treatments to market."