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How to conduct effective Pharmaceutical Market Research?

By: Pharma Tips | Views: 2926 | Date: 09-Aug-2013

What is Market Research?Market research and marketing research are often confused and used interchangeably.Market Research: Determination and assessment of qualitative and quantitative dimensions of a marketMarketing Research: Analysis of the effects of various marketing activities of a company or its competitors.

How to conduct effective Pharmaceutical Market Research?


Pharmaceutical Market Research


What is Market Research?

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.

pharma-market-research-crm-module

How market research helps in Pharma marketing & sales?

Environmental scanning:

–        Physicians
–        Pharmacists
–        Pharmacies
–        Hospitals

  • Data gathering and analysis
  • Influence of unique aspects of the pharmaceutical market on market research:

–        Known list of entities
–        Knowledge-based decisions
–        Similarities in education and thinking (professionalization)
–        Availability of records for transactional activity

  • Significant use of outside vendors for market research

–        Syndicated services
–        Custom services

Questions Answered by Market Research

Strategic Level:

–        What diseases or product areas should be considered for long-term investment?
–        Short-term?
–        Market size or potential?
–        Availability and utilization of therapies?
–        Next logical steps in therapy?
–        Potential market segments to be exploited:

  • Disease conditions (e.g., migraine sufferers)
  • Dosing preferences (inhalants vs. injections vs. patches)

–        Prevalence of disorder?
–        Shared conditions?
–        Potential development partners?
–        Potential acquisitions?

  • Clinical trial Planning:

–        Seasonality
–        Regionality
–        Specialty
–        Premarketing Planning:
–        What physician specialties are important in a given therapy or diagnosis?
–        What patient characteristics are important?
–        Who are our competitors in this market?
–        How do our competitors promote their product?
–        Are there unsatisfied portions of the market?
–        How do physicians perceive a proposed product?

Questions Answered by Market Research

Post-marketing Monitoring:

–        Adverse events
–        Product sales
–        Patient information (medical history)

This can be critical in product defense situations!  Example: Pfizer’s defense of Viagra when suits were filed alleging an increased risk of stroke.

Types of Market Research

Types-of-Market-Research

Retail Pharmacy Purchases:

  •  Measures the “inflow” of products from the manufacturer to the pharmacy
  • OTC
  • Prescription drugs
  • Indirect (through wholesalers)
  • Direct purchases from manufacturers

Hospital Purchases:

Growth of pharmaceutical purchases by hospitals has greatly exceeded purchases from pharmacies on a proportional basis. In many communities, the hospital has become more important in routine care.

  • Measures the “inflow” of products from the manufacturer to the hospital
  • OTC
  • Prescription drugs
  • Indirect (through wholesalers)
  • Direct purchases from manufacturers

Warehouse Withdrawals

Can be valuable in dealing with questions of individual territory performance and potential or different selling techniques

  • Measures the “outflow” of products from the warehouse to all purchasers

–        OTC
–        Prescription drugs)

  • Does not reflect direct purchases from manufacturers
  • Provides ability to analyze small segments of the marketplace such as zip code or territories

Retail Pharmacy Prescriptions

  • Measures the “outflow” of prescription drugs from the pharmacy to consumers
  • Most sensitive indicator of prescription product performance (factual)
  • Reflects mindset of prescribers and consumer demand
  • Best indicator of marketing or promotional effort effectiveness
  • Data available at national and sub-national levels

Physician Panels

  • Specialized research services to identify patient product usage along specific variables:

–        Diagnosis
–        Patient characteristics
–        Location of visit
–        Drugs used
–        Action desired from drugs used

  • Tracking of new prescriptions over time and monitors changes in doctor prescribing habits

Retail Pharmacy Sales

  • Historically used for non-prescription pharmaceuticals
  • Data typically collected for products of interest
  • Collect unit and dollar information at the package size level
  • Main use is to obtain prescription counts by product
  • Used for pricing analysis and cross-tabulation analysis using data warehouses

Promotional Media

  • Monitoring of detailing visits to physicians by sales representatives
  • Monitoring of journal advertising
  • Monitoring of direct mail advertising
  • Physician sampling

Stages of Market research

Stages-of-Market-research

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