What is the most effective way to conduct Pharmaceutical Market Research?

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  • What does Market Research mean?
  • Don’t confuse it with Marketing Research.  That’s the most common mistake one does. There is a difference between the both.
  • Market Research – Market research is a systematic, objective collection and analysis of data about a particular target market, competition and/or environment. In short and simple terms, it is the assessment and determination of quantitative and qualitative dimensions of the market.
  • Marketing Research – Scientific discovery methods applied to marketing decision making. In simple terms, it is the analysis of the effect of marketing activities of a company and/or its competitors.
  • So how does market research help in pharma sales and marketing?
  • Environmental Scanning –
  1. Hospitals
  2. Pharmacies
  3. Pharmacists
  4. Physicians
  5. It helps in gathering data and analysing it.
  6. There is an influence of various unique aspects of the pharmaceutical market in market research:
  7. Have a known list of all entities
  8. Make knowledge-based decisions
  9. Have similarities between education and thinking – Credentialism
  10. Has an availability of all the records for transactional purpose
  11. Right use of outside vendor for market research:
  12. Syndicated Research Services: Is a research funded by market research companies. These results are made available to those who want to purchase it.
  13. Custom Services: Is a government organization that oversees the collection of duty applicable to imported and exported goods.
  • What type of questions does market research answer?
  • At a strategic level:
  1. Should it be short term or long term?
  2. If long-term, what are the diseases and product areas that need to be considered for long-term investment?
  3. What would be the potential or market size?
  4. What are the availability and utilization of therapies?
  5. What would be the next logical steps in therapy?
  6. What are the potential market segments that need to be exploited?
  7. What are the disease conditions? For example Sinusitis sufferers, Spondylitis sufferers, migraine sufferers, etc.
  8. What type of dosage is preferred? For example injections vs. inhalants vs. patches.
  9. What is the prevalence of the disorder?
  10. What are the shared conditions?
  11. What would be the potential development partners?
  12. What are the potential acquisitions?
  13. Clinical Trail Planning:
  14. Regionality
  15. Speciality
  16. Seasonality
  17. Premarketing planning:
  18. In a given therapy and diagnosis, what are the important specialties needed by a physician?
  19. What are the important patient characteristics?
  20. Who are our competitors in the market, and how many are there?
  21. What are the methods of promotion our competitors use?
  22. In the market, are there any unsatisfied portions?
  23. When a product is proposed to physicians, how to they react and perceive it?
  • Post-Marketing Monitoring:
  1. Adverse Events: Are unwanted and unusual outcomes.
  2. Product Sales
  3. The patient’s medical history and personal information
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  • Retail Pharmacy Purchases:
  1. They measure the “inflow” of products from the manufacturer to the pharmacy.
  2. Over-The-Counter: OTC describes a security or trade that does not occur on an exchange.
  3. Prescription drugs.
  4. Indirect purchases from wholesalers.
  5. Direct purchases from manufacturers.
  • Hospital Purchases:
  • Hospitals have been making pharmaceutical purchases from pharmacies on a proportional basis. In certain communities hospitals have become very important in routine care.
  • It is very similar to retail pharmacy purchases.
  1. They measure the “inflow” of products from the manufacturer to the hospital.
  2. OTC.
  3. Prescription drugs.
  4. Indirect purchases from wholesalers.
  5. Direct purchases from manufacturers.
  • Warehouse Withdrawals:
  • These are very important when dealing with questions about an individual performance and if there are any different and potential selling techniques.
  1. They measure the “outflow” products from warehouses to all purchasers.
  2. OTC.
  3. Prescribed drugs.
  4. They do not show the direct purchases from the manufacturers.
  5. They provide an ability to analyse certain segments of the marketplace such as postal address, zip code, etc.
  • Retail Pharmacy Prescriptions:
  1. It measures the “outflow” prescription drugs from the pharmacy to each customer.
  2. It is factual in nature and is the most sensitive indicator of the prescription products and its performance.
  3. It is a reflection of what the mindset of prescribers and consumers
  4. This is the most reliable indicator of marketing and promotional effectiveness.
  5. This data is accessible at national and sub-national levels.
  • Physicians Panel:
  1. Provides specialized research services to identify what the patient uses along with specific variables.
  2. Location of the visit.
  3. Drugs used.
  4. Diagnosis.
  5. Patient characteristics.
  6. Action wanted from the drugs.
  • Promotional Media:
  1. Monitors detailed visits of physicians by the sales reps.
  2. Monitors journal advertisements.
  3. Monitors direct mail advertisements.
  4. Samples used by physicians.

Stages Of Market Research:

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  • About Veltrod:
  • Veltrod offers on-demand, affordable mobile SFA solution to manage end to end activities and performance of medical representatives, efficiently with ease. For a demo,  please drop an email to sales@veltrod.in

About Author

Zeina Sravya

Zeina Sravya

Zeina Sravya is a Marketing Technologist, a strategist & a visionary with experience in traditional & digital marketing. She is responsible for the development & execution of sales force effectiveness strategies, tools, processes for SFA for pharmaceutical companies. Lead key initiatives, critical projects & continuous improvement activities.

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