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Optimizing Pharmaceutical and Diagnostic Company Alliances: Both Parties Will Benefit

Posted on: Friday, 29 July 2005, 09:00 CDT

CHAPEL HILL, N.C., July 29 /PRNewswire/ -- Working partnerships between pharmaceutical and diagnostic companies are becoming a must as disease knowledge expands and therapeutic interventions become more specific and customized to individual patients. There is benefit of such partnerships for both parties. Pharmaceutical firms receive support from their diagnostic counterparts in realizing the full potential of a new drug or gaining FDA product approval. Likewise, diagnostic companies earn great benefits in product development and marketing support for new tests. According to Best Practices, LLC benchmarking research, the most successful partnerships are those that start early in the drug development phase - ideally in drug discovery or the pre-clinical stages.

To create successful partnerships, it is critical that executives from both sides understand each other's business models. "Pharmaceutical & Diagnostic Companies: Can They Work Together?" is available with a complimentary study excerpt at http://www3.best-in-class.com/rr594.ad.

The extensive research study gives executives insight into what is required to develop diagnostic tests, the activities, timelines and investments necessary to prepare the market for rapid product uptake as well as how diagnostic and pharmaceutical companies can best bridge differences in their business models to create successful partnerships. Study findings include:

- Companies that employ a combination of pharmaceutical and diagnostic industry PUSH and payer group PULL can reduce time to market acceptance from over 10 years to 2-3 years. - Through diagnostic testing, pharmaceutical companies are able to gain increased market demand, improved accuracy of their treatment and a more targeted patient population. - Benchmark information shows that it is inevitable for diagnostic firms to tap into the pharmaceutical marketing budget to subsidize marketing efforts and co-promote new tests. - The pharmaceutical marketing budget can be especially valuable for patient education, one of the areas identified as most important for gaining high-level market acceptance of a new diagnostic test and related drug.

The best practices and managerial insights included in this report are drawn from interviews with executives from 18 diagnostic and pharmaceutical companies. Topics covered in the research report include:

- Developing a Diagnostic Test - Preparing the Market for A Diagnostic Test - Pharmaceutical Companies' Influence on the Development of a Diagnostic Test - Contributing to Market Acceptance of a Diagnostic Test - Critical Factors for Successful Diagnostic and Pharmaceutical Companies Partnerships - Partnership Case Studies for two Treatment Areas

Download a complimentary summary of "Pharmaceutical and Diagnostic Companies: Can They Work Together?" at http://www3.best-in-class.com/rr594.ad. For more information about this or other Best Practices, LLC research studies, contact Connie Tillmann at (919) 767-9256 or ctillmann@best-in-class.com.

ABOUT BEST PRACTICES, LLC

Best Practices, LLC is a research and consulting firm that conducts work based on the principle that organizations can chart a course to superior economic performance by studying the best business practices, operating tactics and winning strategies of world-class companies. For more information, call (919) 403-0251 or visit www3.best-in-class.com.

Best Practices, LLC

CONTACT: Anna Buhr of Best Practices, LLC, +1-919-767-9175, orabuhr@best-in-class.com

Web site: http://www.benchmarkingreports.com/http://www3.best-in-class.com/http://www3.best-in-class.com/rr594.ad

Source: PRNewswire

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