LONDON--(BUSINESS WIRE)--A well-known market intelligence company, Infiniti Research, has announced the completion of its latest article – comprehensive guide on pharmaceutical market research.
“Pharmaceutical market research provides insights into the demands in the target market and how to enhance the overall healthcare market experience,” says a market research analyst at Infiniti Research.
Pharmaceutical companies are experiencing an industry slowdown. Amidst this, many players in the sector are seeking to transform their R&D engine into a source of competitive advantage in order to thrive. In such cases, effective pharmaceutical market research is paramount. Furthermore, current medicines are reaching saturation levels, making it even more crucial for pharma companies to invest in better drug development through comprehensive pharmaceutical market research. To gain reliable results and understand the actual needs of the target consumers, pharmaceutical market research must encompass data relating to potential success rates for new drugs as well as determine what factors affect pharma sales. Pharmaceutical market research ideally comprises early, pre-launch, launch, and post-launch market research.
The COVID-19 outbreak has caused a significant threat to the global pharmaceutical industry. Our business continuity support solutions can help you to combat the business impact of COVID-19. Request a FREE proposal here.
In this article, Pharma industry experts at Infiniti Research outline some essentials for effective pharmaceutical market research:
- Gather customer feedback: It is an integral part of pharmaceutical market research to conduct a wide variety of surveys and research studies across all customer types to help identify and prioritize which issues will have the biggest impact on the company’s success. This includes physician satisfaction surveys, product satisfaction surveys, and patient pre-and post-clinical trial surveys.
- Broad horizons: Although it may be easy for organizations and researchers to look to large companies for data, it is always advisable to consider bringing in data from small life science organizations as well. The more data gathered with the use of surveys and other data collection tools, the more accurate will be the business decisions.
- Assess the market thoroughly: This involves picking the right environment in which to market a drug is critical. Disease patterns, political turmoil, economic stability, and market size/segmentation and operating conditions are just a few of the key factors affecting a company’s overall success with a product. Pharmaceutical market research can highlight any obstacles or opportunities that might disturb or encourage favorable outcomes.
- Monitor customer feedback at different touchpoints: Provide a variety of ways for customers to share their comments and offer multiple feedback channels to improve both the quantity and quality of the feedback received. Ensure that customer sentiment is measured and monitored across all consumer support channels, as this kind of feedback is often provided ‘in the moment’ when opinions shared are most accurate. Moreover, feedback can also make a strong contribution to the development and evaluation of new initiatives, so remember to reference insight gathered when considering a new project.
Contact us to know the potential impact of COVID-19 on your business and for action plans to respond to the coronavirus crisis.
About Infiniti Research
Established in 2003, Infiniti Research is a leading market intelligence company providing smart solutions to address your business challenges. Infiniti Research studies markets in more than 100 countries to help analyze competitive activity, see beyond market disruptions, and develop intelligent business strategies. To know more, visit: https://www.infinitiresearch.com/about-us