Market Strategies' New Oncology Study Reveals Genentech Tops List in Terms of Overall Company Image19 February 2006
On Friday, February 17, 2006, Market Strategies, Inc. (MSI), a full-service custom and syndicated research and strategic consulting firm, announced key findings from its new study, MSImage: Oncology(SM). The study reveals that Genentech is rated as the top company by 320 Medical and Hematological Oncologists. These specialists were asked to rate the importance of over 30 product, sales, marketing and corporate activities as well as attributes, and then rank how 23 different companies fared in their performance within these measures. Market Strategies then applied its proprietary, advanced analytical capabilities to derive which activities were most important to Oncologists in formulating their perceptions about each company.
"As oncological therapeutic offerings become more extensive, and many more companies participate in this arena and vie for physicians' attention," noted Peter Carlin, Senior Vice President of MSI's Global Life Sciences division, "the image of companies (how physicians perceive the 'total offering') can become an important factor in therapeutic selection, given equal expectations of patient outcomes."
A company's image also impacts how physicians will determine to best allocate their time:
* Who are they going to listen to?
* Who are they willing to invest their time and partner with on clinical trials?
* Whose drug do they trust or with which do they have the greatest comfort?
The answer to most of these questions is the company that they perceive as having the strongest image in their therapeutic area is the one that they will invest their time with. Additionally, a company's image will impact its ability to attract investors, retain talent, reduce price sensitivities and navigate market changes successfully.
What are the most important facets of creating an "image" in the minds of Oncologists? MSI's study identified ten key drivers (of the 31 covered) that contribute the most to this specialty's assessment of an "oncology company." Half of these drivers focus on sales forces, such as; responsiveness to physicians' requests, therapeutic knowledge (in general and for their specific products) as well as providing objective and valuable information. Most of the remaining drivers focus on communicating information, especially new data on R&D activities and the quality of the firm's clinical trials. Finally, the company's overall credibility is another important factor since it relates to the issue of "company I can trust" as a key driver in creating and managing an image.
Although all of the top five companies placed consistently high in most categories, there were some areas of relative strength. Genentech was the leader in virtually all of the individual metrics, the only exceptions being AstraZeneca's slight edge for "providing patient assistance/indigent patient programs that are easy to use" and "providing products for compassionate use," and Amgen's top ranking for "facilitating physician participation in relevant company sponsored clinical trials." Amgen placed right behind Genentech on many variables (and second overall) and was noted as the "most familiar" company to Oncologists. Novartis' relatively best showing centered on its sales force, particularly providing objective and valuable data to these specialists. Sanofi-Aventis fared comparatively better in several areas dealing with physician education and information.
The next "tier" of leading companies consisted of pharmaceutical "giants" with Oncology being a relatively small segment of their business; Lilly, Pfizer, Bristol-Myers Squibb, Roche and GSK, and smaller firms which "specialize" in this area; Celgene, Millennium (both of whom placed in the top ten overall), Ortho Biotech and OSI Pharmaceuticals. Examples of above average attribute rankings included Celgene's fifth place showing in "is increasing its strength in Oncology," with Millennium, Abraxis, BiogenIdec and OSI also comparatively high on this attribute.
The study also asked Oncologists what were the most important products currently in research and development which they anticipated using. Celgene's Revlimid topped the list, being mentioned by 25% of all respondents; second was Bayer's Nexavar (17%). These were followed by Pfizer's Sutent (13%, recently approved) and Amgen's Panitumumab (12%). Therefore, depending upon the clinical trial results of these products, we expect these companies to be much more prominent in next year's study.
For further information on our MSImage: Oncology(SM) study or to purchase the complete study, please contact Peter Carlin at 908.739.4501 or peter_carlin@marketstrategies.com .
This syndicated study features 320 interviews conducted via Internet with Medical and Hematological Oncologists between December 22, 2005 and January 9, 2006. These specialists are Board Certified, in practice between 2 and 30 years, spend at least 50% of their time in direct patient care and have two or more pharmaceutical sales representatives visit their office per week.
Established in 1989, MSI goes above and beyond in delivering unparalleled insight, innovative tools and unique solutions that positively impact clients' ability to succeed. MSI is the 19th largest research firm in the US according to "Honomichl Top 50," published in the June 2005 issue of Marketing News. Corporate headquarters are located in Livonia, MI with regional offices in: Portland, OR; Washington, DC; and New Providence, NJ. For more information, please visit http://www.marketstrategies.com .
Source: prnewswire
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