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Best Practices, LLC Study Examines Pitfalls and Benefits of Exclusive Vendor Partnerships for Market Research in Pharmaceutical Industry

CHAPEL HILL, N.C., Nov. 16, 2018 /PRNewswire/ -- Leaders who oversee market research projects within pharmaceutical organizations often struggle to find the optimal balance between controlling vendor costs and delivering quality insights to internal clients.

One of the vendor management strategies that helps biopharma market research groups provide support and value is the use of exclusive vendor partnerships.

Pharmaceutical organizations that contract with exclusive vendors cite "cost efficiency" as a primary objective for using this contracting model, according to a research study from Best Practices, LLC. Nearly two-thirds of the participants in the study cited cost, greater work efficiency and faster turnaround times as their primary goals for using exclusive market research vendors.

The study, Market Research Vendor Excellence: Exclusive Vendor Management, examines vendor management strategies and, in particular, evaluates the use of exclusive vendor partnerships. In addition to providing key vendor benchmarks around types of research conducted, the study presents the benefits, problems and management approaches for exclusive vendor partnerships.

Key topics addressed in this study are:

  • Role of Exclusive Market Research Vendors
  • Managing Exclusive Vendor Relationships
  • Goals and Evaluation of Exclusive Market Research Vendors
  • Return on Investment for Exclusive Market Research Vendors
  • Lessons Learned with Exclusive Market Research Vendors

This research will enable companies seeking greater cost savings or efficiency in their market research function to evaluate the pros and cons of using exclusive vendors. Best Practices, LLC engaged 16 leaders from 15 biotech and pharmaceutical companies through a benchmarking survey. Research participants included market research managers, directors and executives responsible for managing the external vendors.

Download a complimentary report summary at: https://www.best-in-class.com/rr1520.htm.

ABOUT BEST PRACTICES, LLC

Best Practices, LLC is a leading benchmarking, consulting and advisory services firm serving biopharmaceutical and medical device companies worldwide. Best Practices, LLC's clients include all the top 10 and 48 of the top 50 global healthcare companies. The firm conducts primary research and consulting using its comprehensive proprietary benchmarking tools and analysis. The operational insights, findings and analysis form the basis for our Benchmarking Reports, databases and advisory services to support executives in commercial and R&D operations.