Diaceutics, an international consulting and software application firm that advises pharmaceutical and diagnostic companies on the development of personalized medicine (PM) business strategies, held its second "Converging Industries Summit," April 14 to 15, 2010, in Washington, DC.

"Building on the success of our last summit, where industry leaders were provided a forum to openly explore differences between their business models and explore collaborative ways to move the space forward, this year we tackled practical financial benchmarking issues that often hinder PM development and commercialization," said Peter Keeling, CEO of Diaceutics.

The invitation-only summit involved 40 senior pharmaceutical and diagnostic industry executives from 26 companies in a day-long interactive discussion. Diaceutics’ case studies and analytical work tools were used to identify impediments to optimizing the return on investment for pharmaceutical and diagnostic companies.

"The summit is a unique forum that brings together the two sides to build bridges between their often incompatible business models," said Mollie Roth, Corporate Counsel and Vice President of Business Development of Diaceutics. "To successfully combine tests and a targeted therapy, pharmaceutical and diagnostic companies must have reliable, reality-based financial indicators that can be used to help align incentives, assess risk and predict return on investment."

In preparation for the Summit, Diaceutics conducted a Delphi study among participating companies to assess their views on key drivers of PM development. Study results guided the discussion and helped to illuminate differences in perspective between the two industries.

"The results of the survey and ensuing debate clearly demonstrated that while pharma and diagnostics still have very different understandings of each others’ risks in PM, there is now more alignment on the importance of working together than at our first Summit in 2008," said Keeling.

Source: Diaceutics