Non-members: Click here to review a complimentary excerpt from "Enabling Marketing Insights and Superior Competitiveness Through Faster Market Research Approvals: Lessons Learned and Roles & Responsibilities"
In the fast pace of today's marketplace, pharmaceutical companies need to be able to make strategic decisions quickly to maintain or gain a competitive advantage. This is especially true when it comes to making decisions based on internal market research studies. Having a laborious internal review process for these market research projects can bog down a study's launch and, consequently, slow down decisions. Therefore, it behooves organizations to adopt an efficient approach to the market research approval process.
Best Practices, LLC undertook this benchmarking study to provide qualitative and quantitative data on how leading companies manage roles and responsibilities to expedite the market research approval process. The study also provides a healthy sample of qualitative insights from participants that deal with lessons learned in speeding up the review of market research study proposals. Using both metrics and insights to create process slides that outline effective approaches to this topic, the study provides an overview of how companies are addressing this issue.
- Best Practices of High-Performing Companies
- Managing Roles & Responsibilities
- Lessons Learned & Pitfalls to Avoid
- Path Forward Recommendations
- Legal or Compliance Review Required for Eight Market Research Study Types
- Review Requirements for Major Country Markets
- Share Top Lessons Learned for Creating High Performing Market Research Approval Process
SAMPLE KEY FINDINGS
- Collaboration: Develop a solution-oriented collaborative culture across groups. Invite unit heads to address other groups. Use education to inform groups about other groups’ needs and requirements. Forty percent of companies highly prefer in-person meetings to create collaborative teams.
Best practices, LLC engaged 22 executives from 21 leading pharmaceutical, biotech, and life sciences companies. Eleven companies responded on behalf of rare disease markets. Eight companies participated in deep-dive interviews about the drivers of operational excellence.