PPD Competitive Landscape: IQVIA Biotech + Covance Clinical Biotech
Both IQVIA Biotech and Covance Clinical Biotech have yet to establish a meaningful reputation as biotech-focused CROs, however both organizations appear to offer niche services that are carefully tailored for their target customers.
- Despite the fact that IQVIA Biotech is the offshoot of a larger, multinational conglomerate (somewhat similar to PPD Biotech and Parexel Biotech) and is also a relatively new entrant into the biotech/CRO industry, IQVIA Biotech does not appear to depend on the scale of its parent company for a competitive advantage, but rather relies on the company's exclusive focus on serving small biotech companies.
- Notably, IQVIA Biotech's owned media rarely mentions the breadth of resources available to clients through IQVIA, but rather centers is messaging around the differences between small biotechs and larger pharmaceutical companies and the importance of choosing a firm like IQVIA Biotech that understands these nuances.
- Moreover, parent company IQVIA appears to further reinforce its subsidiary's competitive position within public statements.
- For example, commentary by IQVIA CEO Ari Bousbib and President of R&D Solutions Richard Staub does not emphasize how IQVIA Biotech will leverage the resources of its parent company, but rather highlights how the division is the "first-of-its kind" in supporting only small biotech clients and offers truly "fit-for-purpose" solutions.
- In lockstep with this competitive advantage, IQVIA Biotech asserts that the company offers "very different" services because it supports the specific needs of smaller biotech companies.
- Although IQVIA Biotech describes its services using the same words of many of its competitors (e.g., "flexible, tailored, and integrated"), IQVIA Biotech's underlying assertion is distinct.
- Specifically, IQVIA Biotech refers to these qualities as a byproduct of an approach that is built specifically for companies that are both in the biotech space and small, rather than as the core of the company's value proposition.
- UQVIA Biotech provides offerings to support its target clients through every step of the development lifecycle.
- These offerings are presented in two fashions (as depicted below): (1) an integrated suite of clinical and commercial offerings and (2) an in-depth journey map.
- Unlike some of its competitors, IQVIA Biotech appears to provide robust follow-on information related to how each of these offerings are tailored specifically to service small biotech companies.
Perception by Biotech Firms
- A review of IQVIA Biotech's owned media (e.g., corporate website, videos) as well as associated media coverage (e.g., Contract Pharma, Outsourcing Pharma) suggests that IQVIA Biotech has yet to establish a reputation beyond that of a new entrant to the biotech CRO industry
- However, considering that IQVIA Biotech was announced approximately one year ago, it less surprising that the organization requires more time to develop a reputation among biotech firms and the industry at large.
Covance Clinical Biotech
- Covance Clinical Biotech appears to differentiate itself from other CROs in the biotech space by marketing only one major product/service for biotechnology clients: clinical trials.
- Despite the fact that its parent company, Covance is a global CRO that offers a wide portfolio of services across a range of industries, Covance Clinical Biotech does not mention this expansive scale and scope of offerings in its marketing materials but rather focuses only on its highly tailored clinical trial support services.
- In lock-step with this competitive advantage, Covance Clinical biotech suggests that the company offers biotech organizations a unique level of value because its clinical trial services are "personalized" to meet the specific needs of the "progressive biotech."
- Per the below messaging, which appears across Covance Clinical Biotech owned media (e.g., corporate website, brochures), the company indicates that this level of personalization is achieved through the company's biotech expertise, focused team and collaborative style.
- As previously highlighted, Covance Cinical Biotech appears to promote only one major offering specifically for biotechnology clients: clinical trials.
- However, the company asserts that it has a detailed, four-step process for its "proven program" in advancing "personalized clinical trials," as depicted within the following graphic.
- In particular, Covance Clinical Biotech highlights access to The Hub, which provides cilents access to "clinical pharmacology, central lab testing, companion diagnostics" and other complimentary services.
Perception by Biotech Firms
- An extensive review of Covance owned media channels, Covance Clinical Biotech owned media channels and associated press coverage suggest that Covance Clinical Biotech does not currently have a meaningful brand identity that this separate from its parent company.
- Perhaps most notably, almost all media references of Covance Clinical Biotech are within owned media channels, while industry trades and other external publications do not appear to reference Covance Clinical Biotech in any meaningful way.
- Moreover, the Covance websites do not include any customer testimonials or meaningful case studies that can be used to deduce the perceptions of existing customers.