Pharmaceutical Market Researchers Expect Spending on Research Vendors to Increase

CHAPEL HILL, N.C., April 6, 2011 /PRNewswire/ -- By 2014, 60 percent of companies expect an increase in total spending on outside resources for pharmaceutical market research, according to "The Future of Market Research: Challenges and Changes in a Core Pharmaceutical Function," primary research conducted by Best Practices, LLC's RESEARCH & ADVISORY SERVICES.

Pharmaceutical market research vendors will be expected to function as full partners, delivering fully vetted recommendations instead of just data, and to provide access to innovative methodologies and techniques.

"As we're expanding, the volume of work will increase, so we will be using more vendors because we're growing," states a market research manager who participated in the research. Another respondent warns that finding and retaining quality market research vendors will be an obstacle to success for pharmaceutical market research departments in the future.

Download a complimentary white paper at http://www3.best-in-class.com/rr1053.htm that includes selected best practices drawn from extensive primary research with executives from 35 leading biopharmaceutical companies.

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
• Practice Insights

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, 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 out of the top 50 pharmaceutical companies.

SOURCE Best Practices, LLC