Study Highlights How Pharmaceutical Industry Can Expedite Market Research Studies to More Quickly Uncover Insights

CHAPEL HILL, N.C., April 15, 2016 /PRNewswire/ -- Pharmaceutical companies rely on market research projects to uncover new insights, tactics and strategies that will improve their market position.

However, organizations often find it difficult to expeditiously launch a market research project. For simple projects, most companies can get internal approval within five business days, but sign-off for complex projects takes most companies one to four weeks, according to a study by Best Practices, LLC.

To help companies facing slow internal approvals for their market research projects, Best Practices, LLC conducted a primary research project that uncovers how functions such as marketing, legal, compliance and pharmacovigilance can work together to more efficiently improve and approve market research projects. The study also presents tactics for streamlining policies and reviews as part of reaching consensus on approvals for new market studies.

In short, "Creating a High-Performance Market Research Approval Process: Best Practices in Listening and Responding to Market Change" shows how to eliminate the pinch points that can hold up new market research projects.

One of the issues that market research leaders' face in winning quick project approvals is ensuring that all rules and regulations are met regarding compliance with company and industry standards. Another major barrier to efficiently launching market research projects is the conflicting needs and priorities of the individual departments collaborating on the research, according to the study.

Market research leaders can use the research to help them understand how their organization compares with peers in building market research standards and what are the best practices that lead to successful collaborative and strategic project sign-offs.

The 113-page report probes topics that include:

• Managing Roles & Responsibilities
• Managing Cycle Times & Fast Response
• Managing Honoraria Requirements
• Managing Non-conforming Requests
• Approval Process Excellence Drivers
• Managing Vendors

Twenty leading pharmaceutical and biotech organizations participated in the study and eight executives participated in deep-dive operational interviews.

To learn more about this report, download a complimentary report excerpt at http://www.best-in-class.com/rr1424.htm.

ABOUT BEST PRACTICES, LLC 

Best Practices, LLC is a leading benchmarking and advisory services firm serving pharmaceutical and medical device companies worldwide. Best Practices, LLC's clients include all the top 10 and most of the top 50 pharmaceutical companies. The firm conducts primary research and uses its comprehensive benchmarking tools and executives interviews to form the basis for our Benchmarking Reports and advisory services utilized by top executives. 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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