In today's highly competitive pharmaceutical landscape, staying ahead requires more than having a great product. It demands an in-depth understanding of the market dynamics, the competition, and the strategies that can deliver the most value. That's where our recent initiative comes into play- the Oncology Field Scan.
What is the Oncology Field Scan?
Many of our clients ask us for help identifying events to prioritize for sponsorships, participation, or partnerships. This year, we ran a systematic scan to provide some higher-level insights about the field marketing landscape in oncology. We started by collecting publicly available information about sponsorships from associations active in the oncology space (such as ASCO affiliates).
This scan revealed some fascinating insights. The data indicated that just 15 companies account for more than 50% of all spending. Sponsor spend efficiency, defined as dollars spent per million people in the geographical footprint of sponsored associations, swung from a mere $0.34/mil to a whopping $4.38/mil.
Also, our data highlights the potential for cost-effective outreach. For instance, engaging with ASCO affiliates covering about half of the U.S. population can cost just around $84,000. Expand that coverage to about two-thirds of the U.S. population, and the cost can still be a relatively modest $157,000 - if one sequences investment carefully.
Competitive Scanning and ASCO Analysis
The ASCO analysis does more than just provide raw data; it offers a lens through which to assess your company's competitive standing. You can identify your strengths and weaknesses and see how you stack up against competitors. Are you overspending or underspending? Are there untapped markets that you could potentially reach more efficiently? Where are your direct competitors directing their efforts?
Are you curious about how your field marketing tactics stack up against the competition? Would you like to understand where you stand and how you can improve? Book a call with us today, and let's start the conversation.