Pharma Market Research Evolving to Fit Changing Healthcare Industry Dynamics

CHAPEL HILL, N.C., July 22, 2011 /PRNewswire/ -- Leading pharmaceutical and biotech organizations understand the value of using Market Research to inform their strategic planning and operational tactics across numerous functions.

As companies evolve, Market Research must also adapt and develop new capabilities in order to support intelligent planning and innovative business decision making.

Two areas where Market Research leaders anticipate providing more support in the future are new product development and strategic planning, according to research from Best Practices, LLC.  

"The Future of Market Research: Challenges and Changes in a Core Pharmaceutical Function" provides executives and managers working in Market Research and business intelligence areas with forward-looking insights around critical Market Research topics.

Sample key findings from this report include:

• 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 executives and analysts from 35 leading companies in the pharmaceutical, biotechnology and medical device sectors.  

To download a complimentary white paper of this report, go to: http://www3.best-in-class.com/rr1097.htm.

The full 46-page report contains more than 120 benchmark metrics and 30 best practices, providing pharmaceutical Market Research executives a roadmap for defining how the Market Research function can continue to provide value through staffing, vendors, development, metrics and practices in the next three to five years.

Key topics of this primary research include:

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

For more information on this study and other recent primary research studies, contact Cameron Tew, Executive Director of Research, at 919.403.9246 or at [email protected].  

BEST PRACTICES, LLC, conducts 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. Best Practices, LLC has been a leader in pharmaceutical research and consulting for more than 17 years; our clients include 48 of the top 50 pharmaceutical companies.

SOURCE Best Practices, LLC