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Pharma Firms Switch MR Funds from US
Pharmaceutical companies have decreased their US MR budgets by an average of 22.7% since last year, but increased them elsewhere in the world, according to a new study by Cutting Edge Information.
The report says the average US market research budget fell from just above $2.5m in 2006 to slightly more than $2.0m in 2007. Market research spending outside the US, however, increased by an average of 42.9% to $2.9 million in 2007.
Outside the US, there was a stark contrast with none of the participating companies decreasing spend, and fully 84.6% of firms increasing it.
The report, Developing Integrated Market Research Functions: Decision Support for 2008, says that 53.8% of companies increased their overall MR budgets in 2007, despite the fall in the mean US figure.
Research team leader Elio Evangelista comments: 'There's a shift toward conducting more market research activities in markets outside the US. Pharma companies are looking to launch their drugs and establish a firm foothold in Asian and European markets, and they need to conduct extensive research to gather market intelligence.'
The company's web site is at www.PharmaMarketResearch.com.
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