The evolution and impact of pharmaceutical market research
Social Bonds : A significant financing opportunity amid the pandemic
Overview
Pharmaceutical market research methods have traditionally relied heavily on old datasets and manual searches of unreliable resources for information. In this age of information overload, separating useful information from the noise is a tedious, time-consuming and unreliable process. This was the case with the pharmaceutical and health sector as well, until the arrival of high-tech business intelligence systems. These tools have made a large task easy by increasing the accuracy of research.
The best methods for market research are currently based on speed, accuracy and authenticity of data –important for any company, but especially the pharmaceutical sector. Business intelligence systems have now provided organisations with the tools needed to conduct deeper and more informative and insightful analyses, with better results.
How market research helps pharma companies
Clinical pipeline tracking
Modern pharma market research tracks and analyses clinical pipelines and regulatory healthcare information from ClinicalTrials.gov, FDA, EMA and PubMed.
Disease landscaping
This involves conducting comprehensive competitor pipeline analysis to ensure regular updates are run using AI-powered company recognition and search summaries.
Earnings analysis
This involves analysing profit reports in a more comprehensive way, using sentiment analysis technology and search summaries.
Trend forecasting
Trend forecasting includes aggregating content from the four key points of view – of companies, journalists, analysts and experts – to gain critical insight.
How pharma market research is changing
The traditional vs the modern approach
Traditional methods:
Live-chat focus groups: This refers to qualitative discussions with a group of individuals that prioritise anonymity.
Online surveys: This is the most accessible method for collecting a large volume of responses.
Online diaries: These refer to tasks that consumers can complete with image and video extensions.
Online communities: The gold standard for qualitative engagement.
Webcam in-depth interviews. These ensure real-time and instant reactions from the target audience
Modern methods:
Health economics and outcomes research: The application of principles of economics to health and healthcare to provide guidance what should be provided, how it should be delivered and to whom.
Mobile ethnography: Similar to traditional ethnography but often self-recorded and on the go.
Gamification: Incorporates gaming feedback loops into traditional research tasks.
Virtual/augmented reality: The use of virtual imagery to test consumer responses and reactions.
Scrapbooking: Cutting and pasting images to create impactful, visual montages.
Social media listening: Analysing large volumes of social media data.
Biometric response research: Measuring cognitive and emotional stimulation via biological feedback.
Vox pops: Short, self-recorded videos that capture the essence of consumer feelings and engage stakeholders.
Wearable-based research: Capturing data by means of wearable devices such as smartwatches.
Eye-tracking studies: An emerging method that measures attention and spontaneous, even subconscious, responses
Conclusion and key takeaways
Market research helps find points where public opinions change or shift. It gives pharma companies an advantage over competitors by obtaining the right to sell a certain drug exclusively for a specific period and by gaining a deeper understanding of the experiences of patients, enabling them to provide better care and services. The pharma sector is characterised by complexity, steady advancement and unwavering commitment to addressing human wellbeing. To effectively meet their objectives, companies need to have a profound understanding of the market in which they work. This is where pharma market research becomes invaluable. At the core, pharma market research provides organisations with the experiences they need to make informed and key decisions. It serves as a compass, directing them through the complex web of challenges and opportunities in the healthcare ecosystem. With AI, ML and big data at its core, pharma market research can evolve to provide for better product development decisions, strategic planning processes and investment strategies.
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