Brand positioning analysis of the key industry players helps to develop an understanding on how the brands of companies are currently perceived / positioned in different market segments relative to their competitors. In addition, this analysis can help players to determine improvement areas by identifying gaps between their existing capabilities as well as recognize ways to gain a competitive advantage in the mid to long term.
Brand Positioning Matrix: Labcorp
Labcorp claims to have expertise in the healthcare diagnostics domain, offering a broad range of clinical laboratory and drug development services through its LabCorp Diagnostics and Covance Drug Development (CDD) segments. In February 2015, Labcorp acquired Covance with an aim to provide a complete set of services to the healthcare industry. Presently, CDD offers end-to-end solutions / services for conducting medical device focused clinical trials with the help of its experienced staff. It is worth noting that, in FY 2019, Labcorp generated revenues worth USD 11.6 billion, representing an increase of 2.0% as compared to the revenues from FY2018. The increase was attributed to the growth from acquisitions undertaken by the company (2.3%) and organic growth (1.6%). Examples of a high value acquisition carried out by the company includes that of Chiltern for a total consideration of approximately USD 1.2 billion.
Under its medical device segment, Covance offers clinical trial management services, such as clinical strategy and clinical study start-up. Apart from clinical services, the company provides regulatory affairs management services, namely gap analysis, risk management, technical dossier set-up and vigilance services. In addition, the company offers biostatistics, consulting, post-market activities, quality assurance and training services to its clients. Labcorp has established its footprints in all key geographies. Furthermore, the company claims to have expertise in majority of the therapeutic areas, including cardiovascular disorders, CNS disorders, dermatological disorders, immunological disorders, infectious diseases, kidney diseases, metabolic disorders, oncological disorders and rare diseases.