Market Research Teams Exist as Stand-Alone Functions at 74% of Pharmaceutical Companies

RESEARCH TRIANGLE PARK, N.C.--(BUSINESS WIRE)--Team structure and organizational position are vitally important to create effective, proactive pharmaceutical market research teams. Market research teams across the pharmaceutical industry have experienced deep budget and resource cuts during the recent global economic downturn. To operate efficiently, these teams need to be given the power to effect change.

“The danger lies when larger organizations do not understand the importance of market research”

Cutting Edge Information’s recent study, “Pharmaceutical Market Research Groups: Creating Knowledge for Better Brand Decisions,” found that the top-performing market research teams were commonly positioned to access important brand information and effect change. The average percentage of surveyed companies with stand-alone market research function is 74%. Large pharmaceutical companies, which have more marketed products, more frequently have stand-alone market research functions is higher. The study found that to be the case at 86% of these larger firms.

However, market research teams do not need to be a stand-alone function to be effective. Two-thirds of surveyed small pharmas and large affiliate organizations positioned their market research groups under other functions. In fact, strategically aligning this function under another department is sometimes more productive. For example, market research teams focused on a particular brand benefit from being closely aligned with the brand-team.

“The danger lies when larger organizations do not understand the importance of market research,” said Elio Evangelista, director of operations at Cutting Edge Information. “Companies need to make sure that if they do place market research under another department, they are not demoting its importance. Market research teams need to be given an equal voice and need to be tied in with stakeholders.”

“Pharmaceutical Market Research Groups: Creating Knowledge for Better Brand Decisions” (http://www.cuttingedgeinfo.com/research/market-intelligence/pharmaceutical-market-research/) explores the market research teams’ stature in today’s pharmaceutical and medical device industries. This study is designed to help market research teams: