Strategic Role Becoming Critical Part of Market Research Function

CHAPEL HILL, N.C., March 10, 2011 /PRNewswire/ -- As the biopharmaceutical marketplace has evolved, leading organizations have learned that the Market Research function needs to change as well. Specifically, Market Research is shifting from a tactically focused group to one involved with shaping strategic objectives for key commercial groups.

To meet this new need, Market Research groups will increasingly use new and innovative tools such as Webcams for interviewing physicians in-office, social media/Web analytics, and Webcast focus groups, according to new research from Best Practices, LLC.

"Market Research: Impending Challenges and Changes to a Core Pharmaceutical Function" highlights how Market Research leaders will balance  tactical and strategic activities to best serve internal customers like new product planning and strategy, which are two areas where Market Research leaders anticipate providing more support in the future, according to the report.

Other timely topics in the written report include:

• Developing staff and optimizing structure
• Managing vendors and outsourcing
• Demonstrating the value of Market Research

This study provides data on activities, roles, talent development, and effectiveness measures around the Market Research function. The research also identifies recent changes, new directions and best practices that will enable the Market Research function to continue to provide value.

Among the key findings in this report are:

• Currently, New Product Development and Strategic Planning responsibilities are split between Market Research and other organizations. A strong refocusing on development and planning suggests Market Research's vital role in strategic decision support.

• More than two-thirds of respondents believe Market Research will balance strategic and tactical work in three to five years. Few believe tactical market research will be the main focus of the function in three to five years.

Data for this study were collected utilizing primary research via an online survey that drew 42 representatives from 35 companies in the pharmaceutical, biotechnology and medical device sectors. In addition, six interviews were conducted with selected participants. Study participants included eight of the Top 20 pharmaceutical companies.

To download a portion of the report, click here: http://www3.best-in-class.com/rr1044.htm. 

ABOUT BEST PRACTICES, LLC

Best Practices, LLC serves 48 of the world's 50 top pharmaceutical companies.  For 17 years, we have conducted work based on the simple yet 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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