NEW YORK CITY September 15, 2011 -- Nice Insight announced today publication of its Q3, 2011 marketing intelligence report for the pharmaceutical and biotech CRO/CMO industry. The release of the third quarterly report enables companies using the research to see industrytrends developing over the course of 2011, as well as benchmarks on customer awareness and perception across more than 400 businesses that serve the drug development lifecycle.
Nice Insight’s third quarter sample size increased to reflect 3,021 outsourcing-facing pharmaceutical and biotechnology executives. From this, 29% came from Big Pharma, 28% from biotechs, 22% from emerging, niche and start-up companies, 15% from specialty pharma, and 6% from emerging biotech. This breakdown demonstrated consistent representation with the Q2 survey response.
Key awareness trends in the data show a continuing decline in companies with low awareness among survey respondents. This equates to a respondent knowing little about the company other than recognition of the name and/or logo. The total was down from 85% in Q1 to 60% in Q2 – and only 42% registered low awareness in Q3.
Conversely, the number of CROs or CMOs that respondents report having worked with has steadily increased. It rose from 33% in Q1 to 65% in Q2 and climbed again in Q3 to 80%. This meant that respondents had worked with 323 of the 406 companies covered. Kate Hammeke, Research Manager at Nice Insight, said, “Our monitoring of these awareness levels enables Nice Insight to better profile the pool of respondents, ensuring it is both representative of the industry and also reflecting the right customer base for companies represented in our Brand Index.”
Outsourcing budgets remained consistent across the first three quarters of 2011 but there were notable changes in the allocation of where that money would be spent. Shifts were evident across various segments that indicated which services are likely to grow in the next 12 months and those likely to contract. The NiceInsight service was designed specifically to show these trends, along with other intelligence that helps CROs and CMOs to make strategic positioning decisions and understand where to seek new contracts.
Data indicted that Big Pharma is reigning in spending on outsourcing in an effort to maintain profitability. Biotechnology companies demonstrated the opposite trend, with an anticipated increase in outsourcing expenditure across 75% of the services singled out in the survey. Broad custom manufacturing and process optimization were the segregated categories showing the strongest demand.
Nigel Walker, Managing Director of Nice Insight, said, “These trends, based on primary research among the qualified audience of executives making decisions on CROs and CMOs, enables them to prepare for contractions by seeking partnerships among alternative customer bases. This is obviously a fundamental in pursuing sustainability in the project pipeline and minimizing financial impact.”
Nice Insight also announced the rollout of several new product features available on its website. These include a tool dedicated to publicly traded companies that correlates their stock prices with their customer awareness / perception performance in the Brand Index. A lead generation feature has also been added to help companies identify potential business partners. And on the back end, a shopping cart has been added as an additional option for report purchases.
Victor Coker, Director of Business Intelligence, said, “We continue to add features that bring added value to both CROs/CMOs and the pharma and biotech companies that use Nice Insight. We’ve added new companies to the 400+ we already covered and ensure that marketing data and brand analysis is updated to bring comprehensive benefits alongside the primary research-driven Brand Index.”
Nice Insight marketing intelligence products will be demonstrated by That’s Nice staff at AAPS (booth #1562) in Washington DC from October 23-27 and at CPhIWorldwide in Frankfurt, Germany from September 25-27. More information can also be found at www.niceinsight.com.
For more information, contact:
Nigel Walker
Managing Director
That’s Nice LLC
Tel: +1 212 366 4455
Email: nigel@thatsnice.com
Website: www.niceinsight.com
Victor Coker
Director of Business Intelligence
Nice Insight
Tel: +1 212 366 4455
Email: victor@thatsnice.com
Website: www.niceinsight.com
About That’s Nice LLC
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