RESEARCH TRIANGLE PARK, N.C.--(BUSINESS WIRE)--A recent Cutting Edge Information report pinpoints efficient communication across functions as pharmaceutical companies’ leading challenge when conducting market research.
On a scale from one to 10, with 10 being the most challenging, surveyed drug manufacturers rated cross-team communication as a 6.8 — the highest of all reported challenges. Under the same scale, the largest surveyed companies ranked communication at 7.4.
As information travels between corporate and local channels, each recipient’s needs and interpretations can obscure the intended messages. Companies can overcome communication hurdles by establishing strong top-to-bottom reporting protocols within their market research teams. These relationships promote efficient and accurate transmission of information catered to the needs of each message recipient. Strong lines of communication grant decision-makers at the corporate level access to all available information. At the local level, reporting protocols equip managers with a clear picture of company-wide strategies.
Among surveyed companies, the study found that dedicated market research functions are the most heavily involved in the collection and analysis of market research across all company sizes (89%). Companies incorporate multiple perspectives within their market research teams from the business development end to competitive intelligence. Often, garbled communication within a company’s chain of command overshadows the value these cross-functional teams provide.
Establishing communication protocols proves especially important for large companies. “Large companies need to recapture the ease at which small companies’ market research teams communicate with internal stakeholders,” said Elio Evangelista, director of operations at Cutting Edge Information. Collaboration between market research teams and internal stakeholders allow market researchers to cater their data collection and subsequent analyses toward upcoming stakeholder decisions. In return, stakeholders gain an understanding of the value of market research and of the opportunities available within market research.
“Pharmaceutical Market Research Groups: Creating Knowledge for Better Brand Decisions” (http://www.cuttingedgeinfo.com/research/market-intelligence/pharmaceutical-market-research/) explores the market research teams’ stature in today’s pharmaceutical and medical device industries. This study is designed to help market research teams:
- Strategically position themselves within their companies.
- Win critical resources to build proactive market research groups.
- Showcase market research’s full value to gain team autonomy.
For more information about market research teams and market intelligence reports, contact Cassie Demeter at 919-403-6583.