Pharmaceutical Industry Leveraging New Tools to Overcome Challenges in Market Research

CHAPEL HILL, N.C., Feb. 10, 2012 /PRNewswire/ -- As pharmaceutical and medical device companies evolve, market research in these companies must develop innovative capabilities while refining current ones to support intelligent planning and decision-making. Consequently, market research leaders are beginning to explore different types of technological advances in order to bring forth developments in both external data collection and internal asset creation.

Almost 90 percent of respondents believe that greater use of new/innovative tools and techniques--more than any other factor--will inform the function over the next 3-5 years, according to primary research on "Market Research: Impending Challenges and Changes to a Core Pharmaceutical Function" conducted by Best Practices, LLC. Among the innovative tools and techniques that are at the function's disposal are interviewing doctors in-office via Webcam, biometric/neurological monitoring and social media/web analytics.

Download a complimentary white paper at http://www3.best-in-class.com/rr1146.htm that includes selected best practices drawn from extensive primary research with 42 executives from 34 leading companies, in which respondents averaged over 10 years of experience in biopharmaceuticals.

Study topics include:

• Market Research Roles & Responsibilities
• Use of Outside Resources
• Market Research Talent Selection and Development
• Metrics and Performance
• Practice Insights

The full 44-page report contains over 120 benchmark metrics and 8 best practices, delivering benchmarks useful for driving product development, making changes to compliance and educational requirements, and influencing the attitudes and actions of healthcare providers.

Specifically, this primary research identifies the changing roles, responsibilities and trends in market research. The results provided in this report include key benchmark metrics, executive insights and recommendations that can be used to map a path to future success in Market Research.  

For more information on this study and other recent primary research studies, contact us at 919.403.0251 or at [email protected].

BEST PRACTICES, LLC is a leading benchmarking, consulting and advisory services firm serving biopharmaceutical and medical device companies worldwide. Best Practices, LLC's clients include all the top 10 and 48 of the top 50 global healthcare companies.

The firm conducts primary research and consulting using its comprehensive proprietary benchmarking tools and analysis. The operational insights, findings and analysis form the basis for our Benchmarking Reports, databases and advisory services to support executives in commercial and R&D operations.

Best Practices, LLC believes in the profound principle that organizations can chart a course to superior economic performance by studying the best business practices, operating tactics and winning strategies of world-class companies.

SOURCE Best Practices, LLC

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