LucidQuest
Combining Data Analytics and Primary Research for Actionable Insights

A huge data wave is quickly sweeping across the pharma industry today. Most of it is dominated by large amounts of unstructured data. Pharma companies lack the expertise in asking the right questions and gaining insights from the dataset to convert it to actionable insights and business decisions. Empowering pharma companies to cut through the noise of tons of data, LucidQuest offers forward-looking insights that help solve clients’ most pressing business issues by using targeted research methodology. The company reverse-engineers clients’ business issues and identifies the answers they need through a combination of targeted data mining and primary research. By capturing the best of primary research and data analytics, LucidQuest offers fast, reliable, and forward-looking insights for customers. "Because we are experts in biopharma, healthcare and digital and our methodology is extremely strategic in nature, we can offer extremely good results at competitive price points,” explains Dr Timos Papagatsias, CEO of LucidQuest.

LucidQuest’s Intelligence services combine primary research with targeted data research and analytics. Here, clients receive forward-looking insights, packaged in bespoke reports which contain conclusions and recommendations, helping them solve their business issues. The company also offers customised workshops, either as competitive simulations or simply as training modules. “We do most of our work through LucidQuest Intelligence, understanding markets, companies and new spaces and continuously use our findings to inform our next steps and offerings,” says Papagatsias.

On the other hand, LucidQuest’s Digital services work closely with its Social Pharma division. It focuses primarily on conducting research into the digital health and IoE space and feeds its learning into Social Pharma, which focuses on better understanding and then reimagining the patient journey. Again, the company delivers reports and workshops where clients benefit significantly from the output of the research in the digital and IoE space, as they receive forward-looking insights, often enabling them to identify emerging trends, opportunities and threats.

Because we are experts in BioPharma, Healthcare and Digital and our methodology is extremely strategic in nature, we can offer extremely good results at competitive price points

Social Pharma further offers truly innovative outputs, as it combines key market data analytics with collective primary research insights from leading companies and individuals. “We are one of the few companies that manage to “marry” data-generated insights with primary research, including SM and SN research through our Social Pharma division,” says Papagatsias.

Elucidating on LucidQuest Ventures, Papagatsias says that it offers investment insights and analyses to private/ corporate investors. “Drawing from our extensive network of contacts and internal expertise, we are able to offer analysis and recommendations to our clients,” he adds. Similarly, LucidQuest Capital is the fundraising arm of the company, providing matchmaking services for entrepreneurs, companies and potential investors.

With its varied services in the pharma space, LucidQuest has assisted numerous clients. In a recent case, the company supported a top HealthTech company to better understand the evolving competitor landscape as well as audience preferences in terms of Internet-connected devices and platforms. “We conducted online market research, public data analysis (including SM and SN) and interviewed leading players in the space in order to provide an up-to-date view of the emerging IoT landscape in the area of interest for our client,” says Papagatsias. As a result, the client was able to be far more strategic in their business development and licensing (BD&L) efforts.

LucidQuest’s carefully plotted roadmap includes leveraging AI to speed up its internal processes to “crunch” more data in less time. Simultaneously, the company is investing further in educating its staff and developing solutions that help clients analyse collected datasets and derive critical insights from research more effectively. “We view this part as critical for success, perhaps even more than having the latest state-of-the-art AI-powered analytics tool,” adds Papagatsias.