Medpace: Culture, Org Structure & Business Development

This is a snippet of the transcript, sign up to read more.

And with the new contracts, are a lot of them with companies who have already used Medpace before, or are these new companies trying out Medpace? And with the new ones, are they hearing about Medpace, or are you developing them through relationships and connections in the medical field?

I don't know how it is now, but back then, medical would support or suggest if we found something. But BD did most of the new client effort and they were pretty good. Once the client was engaged and came to Cincinnati or for a high priority, when we put our team A, depending on the priority they had, ABC, our success rate was very high. It was 75% and up. Remember, the clients always call about three CROs, so your success is probably going to be one-third. But ours was more than two-thirds. So they had very good results. When the client showed up at the Cincinnati office and they looked at everything, they would be extremely pleased. Most of the time, we would get the business.

This is a snippet of the transcript, sign up to read more.

Going back to the new business conversation we touched on earlier, is there anything unique about how Medpace is positioning itself in its sales process? We've talked about how the executives are involved, and that's refreshing. They have everything on site in Cincinnati. They've built their own ecosystem. But are there other things that are unique to how Medpace is positioning itself in the sale or in the contract process?

Yes, I think there are a couple of things to highlight, all of which you mentioned, but specifically, one point is that they show data of previous clients who have returned for services in the relevant therapeutic area. For example, if you're looking into a neurology bid defense, they might show that in the last five years, they had 12 clients, conducted 12 phase two trials, three of which were unsuccessful, while nine succeeded. Out of these, seven or maybe nine returned for phase three. They present this data very transparently, and such numbers are quite impressive. When the retention rate is that high, it instills a lot of confidence in new clients that this company is repeatedly chosen, indicating they must be doing something right.

This is a snippet of the transcript, sign up to read more.