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Pharma cos. seek specialized meetings vendors.

Article Excerpt
Pharmaceutical companies increasingly are seeking specialized vendors for meetings services, consultants said, and putting vendors through rigorous approval processes to comply with procurement and regulatory requirements. Buyers said consolidating business with fewer third-party management companies helps to control data and mitigate risk.

The shift to specialized vendors has had a leveling effect on the competitive market, vendors said. Mega agencies can be perceived as too broadly focused, and midsize and small agencies are stepping up to fill the need by offering till-service pharmaceutical event planning. However, pharma customers have extensive demands and service needs, consultants said.

Judy Benaroche Johnson, president and CEO of Dallas-based Rx Worldwide Meetings Inc., which serves corporate pharma, medical and biotech companies, said vendor approval processes are lengthy, often with 80-page online questionnaires followed by company visits and even more paperwork.

Preferred vendor relationships are especially key for the pharma industry, she said. "Over the past five to seven years, they've really honed in on what they're looking for. The pharma codes are all still voluntary but the bigger companies observe them keenly," Johnson said.

The Pharmaceutical Research and Manufacturers of America in 2002 issued voluntary but strict guidelines on entertainment, gifts...

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