Bhavik Patel
President, Commercial Solutions at IQV
Executive
About Bhavik Patel
Bhavik Patel (age 45) is President, Commercial Solutions at IQVIA, responsible for advancing growth and innovation across IQVIA’s commercial portfolio; he has more than 15 years of service at IQVIA and previously served as Senior Vice President, Global Market Insights & MedTech, after starting his healthcare career in 2003 at Schwarz Pharma in sales to healthcare professionals . In 2024 he led development of IQVIA’s AI strategy and the launch of 39 AI-enabled applications, including IQVIA AI Assistant, with strong leadership and operational achievements reflected in his Annual Plan payout factor of 123.3% of target (weights: Revenue/Profit 60%, Cash Flow 10%, Operational/Strategic 20%, Leadership/Sustainability 10%) . Long-term incentives tie to 3-year Adjusted Diluted EPS growth (75% weight; target 10.0%) and relative TSR vs S&P 500 (25% weight; target 55th percentile) for 2024–2026 performance shares .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| IQVIA | President, Commercial Solutions | — | Leads global commercial solutions growth and innovation leveraging Connected Intelligence . |
| IQVIA | Senior Vice President, Global Market Insights & MedTech | — | Led growth of global market measurement information assets; oversaw IQVIA MedTech . |
| Schwarz Pharma | Sales to healthcare professionals | 2003–— | Frontline commercial experience; foundation for later analytics and commercial leadership . |
External Roles
No external public company directorships or committee roles disclosed in IQVIA’s 2025 proxy for Mr. Patel .
Fixed Compensation
| Metric | FY 2024 | Notes |
|---|---|---|
| Base Salary (USD) | $472,927 | Converted from GBP using 2024 monthly average FX (~1.28 USD/GBP) . |
| Target Annual Bonus (% of Salary) | 85% | Annual Plan target. |
| Final Annual Plan Payout (USD) | $475,529 | Formula-based factor 123.3%; no individual performance adjustment . |
| All Other Compensation (USD) | $85,281 | Includes UK pension match ($63,167), life insurance ($4,284), car allowance ($17,831) . |
Performance Compensation
Short-Term Incentives (Annual Plan – FY 2024)
| Measure | Weight | Target/Method | Actual/Score | Payout Factor | Result |
|---|---|---|---|---|---|
| Revenue/Profit | 60% | Objective financial target | Not disclosed by executive; factor embedded in total | — | Contributed to total formula factor 123.3% . |
| Cash Flow | 10% | Objective financial target | Not disclosed by executive; factor embedded in total | — | Contributed to total formula factor 123.3% . |
| Operational/Strategic | 20% | Scorecard (0–20) | 14/20 points based on achievements (AI strategy; >20% revenue growth in apps; Consumer Health revenue >125% of target; MedTech data audit launch; awards) | 142% | Included in overall factor 123.3% . |
| Leadership/Sustainability | 10% | Scorecard (0–20) | 12/20 points (succession building; mentoring; AI program coordination; integration management) | 125% | Included in overall factor 123.3% . |
| Final Formula-Based Payout Factor | — | — | — | 123.3% | Final payout $475,529 (no discretionary adjustment) . |
Long-Term Incentives (Grants in 2024)
| Instrument | Grant Date | Target/Units | Threshold/Max | Terms | Grant-Date Fair Value (USD) |
|---|---|---|---|---|---|
| Performance Shares (PSUs) | 2/7/2024 | 6,998 target | 3,499 threshold; 13,996 max | 2024–2026; 75% weight to 3-year Adjusted Diluted EPS growth (Threshold 6.2%, Target 10.0%, Max 13.6%); 25% weight to 3-year TSR vs S&P 500 (Threshold 25th pct, Target 55th pct, Max 75th pct); payout 50–200% | $1,499,951 . |
| Stock Appreciation Rights (SARs) | 2/7/2024 | 6,906 | — | Exercise price $214.34; 10-year term to 2/7/2034; time-based vesting in tranches (2025–2027) | $499,970 . |
Outstanding Equity Awards and Vesting (as of 12/31/2024)
| Type | Grant Date | Exercisable | Unexercisable | Exercise Price | Expiration | Time-Based RSUs Unvested | PSUs Unearned | Scheduled Vesting Dates |
|---|---|---|---|---|---|---|---|---|
| SARs/Options | 2/10/2022 | 1,699 | 850 | $250.43 | 2/10/2032 | 228 (MV $44,804 at $196.51) | — | Options vest 2/10/2025; RSUs vest 2/10/2025 . |
| SARs/Options | 7/28/2022 | 1,160 | 580 | $236.01 | 7/28/2032 | 177 (MV $34,782) | — | Options vest 7/28/2025; RSUs vest 7/28/2025 . |
| SARs/Options | 2/13/2023 | 1,716 | 3,434 | $232.11 | 2/13/2033 | — | 5,048 (payout value at target $991,982) | Options vest 2/13/2025 and 2/13/2026; PSUs measured 12/31/2025 . |
| SARs/Options | 2/7/2024 | — | 6,906 | $214.34 | 2/7/2034 | — | 6,998 (payout value at target $1,375,177) | Options vest 2/7/2025, 2/7/2026, 2/7/2027; PSUs measured 12/31/2026 . |
Vesting values above use $196.51 closing price on 12/31/2024 per proxy methodology .
2024 Realization and Share Retention
| Activity | Shares | Value |
|---|---|---|
| Options/SARs exercised (2024) | 12,756 | $1,156,859 realized . |
| Stock awards vested (2024) | 1,926 | $395,987 value . |
| Net shares retained after tax (2024) | 1,018 | — |
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Beneficial ownership (as of 1/31/2025) | 10,499 shares; <1% of outstanding (outstanding shares: 176,063,745) . |
| Stock ownership guidelines | NEOs must hold 3–6× base salary; retain at least 50% of net shares until compliant; performance-based awards and options/SARs excluded from “owned” count; Patel designated as an executive officer in May 2024 . |
| Hedging/pledging | Company prohibits hedging and pledging transactions for directors, officers, employees and immediate family members . |
| Alignment notes | Majority of Patel’s 2024 LTI in PSUs linked to EPS growth and relative TSR; multi-year vesting and clawbacks reinforce alignment . |
Employment Terms
| Provision | Detail |
|---|---|
| Executive officer designation | Mr. Patel was designated an executive officer in May 2024 . |
| Contract type and term | UK contract of employment with indefinite term; either party may terminate with six months’ notice . |
| Base salary and bonus targets | Salary $472,927; target annual bonus 85% of salary . |
| Non-compete / non-solicit | 12 months post-termination (UK agreement); applies to customers and employees . |
| Severance | Not eligible for Employee Protection Plan; entitled under UK law to statutory severance in workforce reduction; at company discretion may be considered for certain payments/benefits upon termination without cause; any payments conditioned on release and restrictive covenants . |
| Change-in-control | No payments or benefits solely upon change in control; summary table reflects severance only if termination occurs (shown: $18,789, converted from GBP) . |
| Clawbacks | Mandatory recovery for restatement; supplemental policy enables recovery for broader misconduct; equity forfeiture for restrictive covenant/confidentiality violations . |
Investment Implications
- Pay-for-performance structure: 2024 incentives were largely formula-driven, with 65–80% of short-term payouts based on financial metrics and LTI heavily performance-based (EPS growth and TSR); the CEO requested zero discretionary upward adjustments and other NEOs (including Patel) received formula-only payouts, indicating discipline and alignment .
- Upcoming vesting/selling pressure: Multiple time-based RSU tranches and SARs vest in 2025–2027, and PSUs measure in 2025/2026; Patel exercised 12,756 options in 2024, which, together with scheduled vesting, may create periodic liquidity events—monitor trading windows for potential supply .
- Retention and change-in-control risk: Patel’s UK contract lacks CIC benefits and relies on statutory severance; strong LTI retentive value (multi-year PSUs/SARs) mitigates voluntary turnover but provides limited parachute economics, which can be investor-friendly but may raise transition risk if leadership changes .
- Governance protections: Robust ownership guidelines (3–6× salary), 50% net share retention until compliant, and prohibition on hedging/pledging support alignment; dual clawback frameworks reduce risk of value-destructive behavior tied to incentives .