RESEARCH TRIANGLE PARK, N.C.--(emerging pharma markets, such as BRIC countries. In these markets, efficient market research teams must rely on primary data until secondary research suppliers become more reliable.)--As pharmaceutical companies continue to expand into emerging markets, market research teams must be prepared to collect and analyze data on new populations. While many teams are used to relying on secondary data in developed markets, this may not be a viable option for
“As secondary research suppliers establish better operations within emerging markets and learn more about the customer population, secondary data capabilities will improve”
A recent study published by Cutting Edge Information, “Pharmaceutical Market Research Groups: Creating Knowledge for Better Brand Decisions,” found that without readily available secondary information, market research teams in emerging markets must implement different strategies for primary research in these markets. These teams must conduct more in-depth studies to develop payer analysis as well as to analyze the needs of patients and physicians in the new market.
Overall, 64% of surveyed market research teams’ budgets were allocated to primary research. Among surveyed large company market research teams, this allocation was higher, at 78% of budgets. Small companies and large affiliate companies, however, allocated much less of their budget to primary research, at 56% and 57%, respectively.
“As secondary research suppliers establish better operations within emerging markets and learn more about the customer population, secondary data capabilities will improve,” said Elio Evangelista, Director of Operations at Cutting Edge Information. “Until that time, however, market research teams will have to rely on primary research to understand the market’s dynamics.”
“Pharmaceutical Market Research Groups: Creating Knowledge for Better Brand Decisions” (http://www.cuttingedgeinfo.com/research/market-intelligence/pharmaceutical-market-research/) explores the strategic role market research teams play across pharmaceutical companies of all sizes. This study is designed to help market researchers:
- Gain stakeholders’ recognition of market research’s value to protect against resource cuts
- Improve cross-functional communication and integrate with high-level strategic teams
- Carve out a strategic niche for market research within the company
- Integrate with brand teams to develop a more proactive market research approach
For more information about market research teams and market intelligence, contact Cassie Demeter at 919-403-6583.