Pharmaceutical market research and marketing research are often confused and used interchangeably. Market Research: Determination and assessment of qualitative and quantitative dimensions of a market. Marketing Research: Analysis of the effects of various marketing activities of a company or its competitors. Healthcare market trends are constantly changing. To keep up, businesses carry market research in the industry. Doing so helps them stay up-to-date with what is currently trending and further allow them to maintain a competitive edge.
As a medical marketer, market research will allow you to stay in-the-know on what is making your market tick.
No matter how much companies in the pharma industry invest into a new drug development or how innovative the drug is, it becomes completely ineffective if the drug does not satisfy the needs of the target audience. Pharmaceutical market research provides insights into the demands in the target market and how to enhance the overall healthcare market experience. Pharma market research also helps in:
Understanding the market and competition
Targeting the right customers
Designing a unique value proposition
Determining the most profitable market strategy
Testing the product efficacy
To successfully launch in these markets, however, pharma manufacturers need an in-depth understanding of the environment in which they are planning to operate and this can be tricky as many lack reliable data intelligence. Custom market research can plug the gaps in knowledge and help marketers make more effective strategic decisions.
But even carrying out research in these lesser-known markets can be challenging, requiring a strong understanding of the local health care environment and an awareness of cultural and behavioral nuances. Getting the help of local experts is key but they might be in short supply in a less-evolved market research industry.
Building in a definition phase to define the project scope is highly recommended to address some of the challenges regarding conducting research in these countries. It will also help you agree on any questions regarding market, city and stakeholder selection.
