Decision Resources and Millennium Research Group have published a new report that finds that the small, highly concentrated nature of the colorectal cancer market kept promotional spend among drug companies relatively low in 2006, especially compared to other markets with similar value. According to the new report entitled Brands & Strategies: Colorectal Cancer, the leading competitors in the colorectal cancer drug market spent just $25 million in 2006 to promote their respective brands to physicians and consumers.
"Because of the relatively low number of physicians involved in the treatment of colorectal cancer, companies are able to employ small, specialist sales forces at a much lower cost than would be required for a typical primary care sales force," said Victor Li, Ph.D., analyst at Decision Resources. "Bristol-Myers Squibb and Genentech were the leading competitors in terms of promotional spending in 2006, investing over $6 million to promote Erbitux and Avastin, respectively."
The report also finds that most physicians identify Genentech when asked what pharmaceutical company comes to mind when they think of treating colorectal cancer. Genentech ranked "best" in all of the eight factors surveyed: product quality; trial design; post-marketing trials; product innovation; patient assistance program; sales force; support for investigator- sponsored trials; patient education; and marketing. Sanofi-Aventis held a solid second place by ranking "second best" on six of the eight factors.
About Brands & Strategies
Brands & Strategies is the first and only report series to bring together all of the competitive information elements biopharmaceutical companies need to make informed decisions about their products and best next-steps. Each report includes the following:
-- Physician perceptions of companies & brand attributes -- Physician preference for sources of information -- Physician opinion of future strategies, messaging, and upcoming events -- Overview of competitive landscape -- Pipeline analysis by company within a specific disease -- SWOT analysis on each brand -- Brand lifecycle strategy, including clinical trial competitive analysis -- Trend analysis of brand-specific messaging -- Brand-specific, event-driven, 5-year annualized market forecast -- Country-specific, event-driven market share projections by company and brand -- Drug class and brand vs. generics sales by country -- Pricing analysis with company-specific strategy, projected pricing for emerging therapies, impact of generics -- Analysis of promotional spend for each product -- Potential marketing strategies based on ongoing clinical trials -- Prevalent and diagnosed population by country About Millennium Research Group
Millennium Research Group (www.MRG.net) is a leading provider of strategic information to the healthcare sector. Focused on the medical device, pharmaceutical, and biotechnology industries, the Company provides its clients with the benefits of its specialized industry expertise through published reports and customized consulting services.
About Decision Resources
Decision Resources, Inc., (www.decisionresources.com) is a world leader in healthcare market research publications, advisory services, and consulting designed to help clients shape strategy, allocate resources, and master their chosen markets.
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