Pharma Market Research:Decision Support for Product Growth

Executive Summary

Market research is such an integral part of the strategic process for pharmaceutical brand teams that few major decisions are made without some support data. At the same time, market research teams often lack the necessary resources to accomplish some of their most important tasks during product development. Cutting Edge Information’s study highlights common resource gaps in pharmaceutical market research groups and identifies tactics to elevate the strategic impact of this important function.

The most successful market research teams maintain a keen awareness of industry trends at all times. To truly impact brand strategy, these teams get involved from the outset and help position products well ahead of launch. By combining solid activity planning and adequate resources, market research groups can often be the driving factor in major go/no-go decisions.

Several components contribute to a strong market research plan:

• Structure & Investment - Average market research spending remained the same over the last three years, but companies have favored higher early-stage investments.
• Strategy Development - Market research strategy development begins with overall brand goals. Research groups must function as part of the brand team every step of the way.
• Activity Coordination - Even companies with low market research budgets can compete with large products if they know how to coordinate their activities.

Pages: 146

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