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Long-term View for Drugs Firms
A new study from business research firm Cutting Edge Information reveals that top pharmaceutical companies start conducting MR an average of 6.2 years before a drug launch. The study highlights the research strategies and techniques of leading drugs companies.
In its report, 'Pharmaceutical Market Research: Decision Support for Brand Growth', Cutting Edge provides details of how 19 of the top pharma firms allocate resources, develop strategy, and conduct effective market research. It uses more than 250 metrics as well as real-life techniques for improving the efficiency of pharma MR.
According to the report, major companies such as Eli Lilly, Pfizer, Procter & Gamble Pharmaceuticals, Sanofi-Aventis and Wyeth have realised the necessity of collecting market research years in advance. On average, they begin 6.2 years before the drug's launch date. Cutting Edge states that other pharmaceutical firms would benefit from such early research 'to allow them ample time to prepare for positioning and pricing policies'.
'Before any pharmaceutical research and development team is born, company executives must identify and recognize a business opportunity,' said Elio Evangelista, Senior Analyst at Cutting Edge Information. 'Therefore, leading companies incorporate market research throughout the development cycle to support product positioning and market opportunities.'
Another report from Cutting Edge, this time focusing on competitive intelligence in pharmaceutical firms, again points to the importance of MR in the industry. It states that the average pharmaceutical competitive intelligence team receives a budget of between $292,000 and $364,000 per year, compared with an annual budget of
$5.5 million for the average market research group.
The Cutting Edge web site is at www.cuttingedge.com . The report can be downloaded from www.pharmamarketresearch.com .
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