Enabling Marketing Insights and Superior Competitiveness Through Faster Market Research Approvals: Process Excellence

STUDY OVERVIEW

In order to gain critical market insights that can provide a competitive advantage, it is important for pharmaceutical companies to ensure timely approvals of market research studies. In today's fast-moving marketplace, biopharmaceutical companies need to develop a tactical approach that expedites the approval process for market research projects.

Best Practices, LLC undertook this benchmarking study to investigate how leading companies manage cycle times and fast responses to accelerate the market research approval process. The study provides benchmarks around approval process excellence, as well as best practices of high-performing organizations. There is also a chapter regarding a case study of how one organization improved its approval system for market research studies.

KEY TOPICS

· Best Practice of High-Performing Companies
· Approval Process Excellence Drivers
· Best Practice Case Study: How One Company Evolved Fast & Efficient Approval Systems


KEY METRICS

· Metrics for Judging Effectiveness of Market Research Approval Process
· Use of Approaches for Tracking & Managing Approval Process
· Use of Approaches for Preventing Promotional Language
· Segmentation Used in Determining Project Urgency
· Balancing Project Types & Reviews
· Adverse Event Identification
· Effective Education & Training


SAMPLE KEY FINDINGS

Process Simplification Commonly Used to Track and Manage MR Approval Process: All benchmark respondents take at least one approach to tracking and managing the market research approval process. Process simplification is the most common approach, always used by 75% and used "sometimes" by the remainder of companies.

METHODOLOGY

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.

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