Non-members: Click here to review a complimentary excerpt from "Enabling Marketing Insights and Superior Competitiveness Through Faster Market Research Approvals: Managing Cycle Times"
Timely approvals of market research studies are critical to gain strategic insights that can provide competitive advantage. With different functions, including legal, involved in reviewing proposed market research studies, it is important for biopharmaceutical companies to have an effective and efficient study approval process.
Best Practices, LLC undertook this benchmarking study to investigate how leading companies manage cycle times and produce fast responses to accelerate the market research approval process for quicker and meaningful insights. The study provides benchmarks around length of the approval process for project types, review processing, tracking changes & approvals, response standards, review channels and managing vendors for fast responses.
- Best Practices of High-Performing Companies
- Managing Cycle Times & Fast Response
- Field Interviews & Executive Verbatims
- Market Research Approval Process Times for Different Types of Projects
- Effectiveness of Different Processes To Manage or Sequence MR Project Proposal Reviews
- Effective Approaches for Discussing & Ratifying Suggested Changes With Least Amount of Delay
- Timely Response / Service Level Standards Employed in Market Research Project Approval System
- Effectiveness of Different Market Research Vendor Management Approaches
SAMPLE KEY FINDINGS
- Timely Response Standards: Set time and service response standards and close review periods after agreed upon milestones. More than half of Best Practice companies set review periods and while more than 60% enforce stakeholder commitments for compliance, pharmacovigilance and market research. Start by working to consistently develop these exemplary behaviors and discipline with Market Research, Marketing, Compliance, Pharmacovigilance and Ad Promotion. Extend later to Legal (45% companies find this effective), which benchmark field analysis suggests takes longer to accept or develop such review discipline.
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.