Summary
A pharmaceutical company wanted to better monitor its sector. Because the industry is private in nature, the best place to gain insights is at industry events, but did not have the necessary resources to attend every industry conference and the corresponding sessions. Their wanted to use industry events to gain insights into the market and competitive developments.
Our Conference Coverage solution kept the client up-to-date on the latest pharma news and competitive intelligence by data mining audio feeds from in-person, hybrid, and virtual industry conferences and events.
the Challenge
The pharmaceutical industry is constantly evolving and changing. In the MedTech and pharma sector, competitive intelligence is requisite because new products stay in the research and development stage for 10 to 12 years. Companies need to know what their competition is working on or risk falling a decade behind.
While the industry is extremely private, medical conferences are where professionals come together for networking and, often, where they disclose clinical data for the first time. Industry insights and valuable competitive intelligence abound at medical conferences.
Our pharmaceutical client, knew how critical medical conferences were and wanted to better monitor them. However, they didn’t have the resources to send an employee to every conference. It is not always feasible for a company to have a representative at every conference, much less cover every track and every session.
Individuals attending might struggle to pay attention all day and gather the right information from booths and sessions to offer a comprehensive conference overview. Further, people covering conferences need to be familiar with the domain to know what intel is important and how to seek it out. It is unlikely that the full picture from each conference will be gleaned by even the most experienced analyst.
Our client turned to us to provide better coverage of events through audio feeds, and improve the outputs gleaned from that information.
Our Solution
The pharmaceutical company implemented Evalueserve’s Conference Coverage solution. Evalueserve starts by designating a pharmaceutical industry domain expert to cover the conference, based on geographical region, conference language, and therapy area. The company has experts across the globe in a wide variety of therapy areas, covering over 25 languages. The Conference Coverage solution uses advanced technology to cover virtual sessions.
- Pre-Conference: Before the conference, Evalueserve’s expert works with the pharma company to decide which sessions and talks to attend. They discussed who they should speak with at the conference and what questions they would find the answers to while attending. Evalueserve also conducts a thematic/trend analysis of the most common topics/recurring themes from looking at the planned programming.
- During the Conference: Depending on the event’s format, our experts can attend conferences either virtually or in person. They will take notes, go through the exhibition space, attend talks and Q&As, speak with industry professionals, and observe booth materials, gathering primary intelligence on market developments and competitors. Then, our experts will send the client daily debriefs about what they saw and learned that day. Evalueserve’s experts capture clinical developments, emerging opportunities, and how the competition is positioning its offerings.
- Evalueserve also has technology that will attend all virtual sessions and automatically transcribes and summarizes them, then provides domain-expert vetted analysis. This element of the solution uses domain-specific AI and machine learning trained in technical medical/pharma terminology. It achieves results with a 90% accuracy rate before our analysts review its outputs.
- Post-Conference: Our experts write an executive summary of the conference and conduct clinical and commercial benchmarking, a social media analysis, and a thematic/indication deep-dive.
Business Impact
The combination of domain experts and AI and ML-driven tools has proven to be highly beneficial for the pharma client, providing an organized view of the crucial insights shared at conferences and expert analysis. The client receives first-rate competitive intelligence at current conferences from which they otherwise would not have gained any knowledge.
The Conference Coverage solution:
- Increased efficiency for the client. They no longer had to send their employees to cover critical conferences but could instead rely on Evalueserve’s experts and AI-powered technology.
- Was more accurate and provided complete coverage thanks to the domain knowledge AI utilized.
- Offered the pharma company better visibility into their competitors’ roadmap and research and development strategies.
The information gained with Evalueserve’s Conference Coverage solution enabled competitor clinical and competitive strategy analysis and the identification of industry trends. This knowledge helps the pharma client make informed decisions about strategic investments and informs product and overall corporate direction and decisions.