RESEARCH TRIANGLE PARK, N.C.--(pharmaceutical market research teams begin supporting developmental compounds before Phase 3, according to a new study by Cutting Edge Information. In fact, only 11% of surveyed teams wait until Phase 3 to begin actively supporting a compound.)--More than half of surveyed
“Pharmaceutical Market Research Groups: Creating Knowledge for Better Brand Decisions”
The study, “Pharmaceutical Market Research Groups: Creating Knowledge for Better Brand Decisions,” also found that a 21% of surveyed market research teams begin support activities during pre-clinical development. Another 16% begin work in Phase 1 and an equal amount begins work in Phase 2. The remaining companies do not start supporting products until they have completed clinical development and have either launched or are preparing for launch.
The demands placed on pharmaceutical companies by payers and government healthcare systems are driving companies to take every available opportunity to prepare for reimbursement discussions. For many pharma companies, this means involving market research teams early during a product’s lifecycle.
During early clinical development, market research teams take the time to begin preliminary research on their product. Many teams begin reviewing internal or online databases and collecting secondary information during this time. Much of market research’s tools cannot be employed until the product is marketed and has customers. However, early starts allow market research analysts to offer clinical teams valuable input.
“Market research teams should try to involve themselves by Phase 2, if possible” said Jeremy Spivey, senior research analyst at Cutting Edge Information. “The endpoints pursued during Phase 3 may significantly impact product uptake. Market research involvement in Phase 2 can focus on gathering data pertinent for future reimbursement discussions following approval.”
“Pharmaceutical Market Research Groups: Creating Knowledge for Better Brand Decisions,” (http://www.cuttingedgeinfo.com/research/market-intelligence/pharmaceutical-market-research/) explores the position of market research teams in today’s pharmaceutical and medical device companies. This study is designed to help market research teams:
- Build effective, proactive market research groups
- Protect against resource cuts and gain team autonomy by demonstrating market research’s full value
- Creatively leverage limited resources to impact critical brand decisions
For more information about market research teams and competitive intelligence, contact Elio Evangelista at 919-403-6583.