Why Medical Conferences Are Critical for Pharma Competitive Intelligence
Medical conferences (also referred to as medical congresses) are the holy grail for pharmaceutical competitive intelligence teams seeking to gain valuable insights into the competitive landscape. The high density of attendees and free flow of information make these events prime channels for gathering intelligence on competitors’ strategic priorities, pipeline developments, new product launches, and shifting clinical perspectives.
Large international medical congresses provide unparalleled access to key opinion leaders, top researchers, C-suite executives, and other stakeholders who freely discuss emerging trends, data readouts, novel therapies, and future directions. Engaging these experts through informal conversations and interviews supercharges primary research and enables intelligence professionals to rapidly collect more actionable insights in a few days than most desk research efforts could produce in months.
Key Advantages of Gathering Intelligence at Medical Congresses
Several key factors contribute to the exceptionally high return on investment for pharmaceutical intelligence gathering at medical congresses:
- A high concentration of attendees from competing drug makers, academia, hospitals, payors, and regulatory bodies networking in a single venue provides a diversity of perspectives. This abundance of experts results in more opportunities for engagement and intelligence gathering per square foot than in any other setting.
- A continuous influx of new participants combined with existing attendees enables engagement with hundreds of stakeholders throughout the multi-day event. The constant turnover and restocking of experts to interact augment intelligence collection.
- The conference atmosphere encourages sharing of information and opinions among participants. The networking mindset makes stakeholders more willing to discuss competitive insights they would be tacit about in other settings.
- Frequent medical congresses (normally for most therapy areas, there is at least an American and a European congress) focused on specific therapeutic areas provide regular touchpoints to monitor competitive dynamics throughout the year. Ongoing events enable tracking of intelligence over time.
- Large volumes of actionable data can be rapidly acquired to deliver fresh insights faster than typical secondary research. The compressed timeframe of congresses (normally 3 to 5 days) increases output.
- Specialized third-party vendors maximize output and overcome the limitations of in-house intelligence teams through dedicated focus and event experience, and thus leveraging external expertise boosts productivity.
- Casual conversations reveal candid insights that may not emerge through formal interviews or surveys. Informal interactions bypass company approved messaging.
- Conference presentations and materials provide a trove of intelligence for gathering competitive data and insights from one place. Access to slides, posters, and brochures enriches the intelligence repository.
Conferences are Unparalleled Sources of Competitive Intelligence
Our experience as a competitive intelligence consultancy indicates the ROI is upwards of 4 times higher from medical congress intelligence gathering compared to similar desk research mandates. The sheer density of experts and a plethora of networking opportunities are unmatched in their efficiency for intelligence collection.
The jam-packed conference schedule also provides opportunities to collect relevant brochures, presentations, posters, and other materials that contribute additional intelligence for analysis. Medical congress demo areas are a treasure trove of collateral.
From early-stage clinical trial results and new therapy launches to shifting treatment paradigms and future strategic plans, medical congresses offer a closer perspective into competitors’ R&D priorities and commercialization programs often months before publications or press releases.
Gleaning these competitive insights in real-time as they emerge enables intelligence teams to rapidly disseminate actionable reports to executives and internal stakeholders. This delivers time-sensitive insights when they have the highest value to inform critical decisions and strategic planning.
Medical Conferences Provides High ROI for CI
With careful planning, preparation, and effective execution, pharmaceutical CI professionals can collect intelligence at conferences that may not be accessible through any other channel. The ROI from these events is unmatched for both the breadth and depth of competitive insights obtained – learn more about how to maximize the ROI of pharma CI. Medical congresses and conferences should be a cornerstone of any pharmaceutical competitive intelligence program looking to proactively identify threats, monitor the competitive landscape, and gain a competitive advantage over rivals in the industry.
BiopharmaVantage provides medical conference coverage and wider competitive intelligence services to pharmaceutical and biotech companies. If you would like to explore how we can assist you, then please contact us.