1<!DOCTYPE html>
2
3Anonymous
4/bestp
5/bestp/domrep.nsf
62B6E875DF20FB9578525775100692703
8
9
10
11
12
13
140
15
16
17/bestp/domrep.nsf/products/market-research-changes-challenges-for-pharmaceutical-biotech-medical-device-industry
18
19
2034.239.153.44
21
22
23www.best-in-class.com
24/bestp/domrep.nsf
25BMR




» Products & Services » »

Market Research: Impending Challenges And Changes To A Core Pharmaceutical Function

ID: SM-189


Features:

3 Info Graphics

12 Data Graphics

120 Metrics

7 Narratives

8 Best Practices


Pages: 44


Published: Pre-2019


Delivery Format: Shipped


 

License Options:


Buy Now

 

919-403-0251

  • STUDY OVERVIEW
  • BENCHMARK CLASS
  • STUDY SNAPSHOT
  • KEY FINDINGS
  • VIEW TOC AND LIST OF EXHIBITS
The market research function plays an important role in adding value through the strategic process of transforming raw competitive data into actionable insights. This in turn helps churn out profitable results for organizations.


In addition, the pharmaceutical and biotech industries are constantly developing and with this the market research functions at these companies are also evolving. It has become critically important for companies to continuously assess their market research functions for enhanced benefits. However, most companies are still unaware of how they should utilize this function efficiently.
Best Practices, LLC undertook this research to help companies overcome this critical challenge.

This study captures quantitative benchmarks and qualitative insights which provide companies with a deeper understanding of the future of market research. Specifically, the study covers the changing roles, responsibilities and trends in market research. In addition the study highlights valuable insights on talent development and growing importance of using outside vendors. This report is intended for pharmaceutical, biotech and medical device market research executives.

Best Practices, LLC offers research that can help companies catch up on the latest trends and challenges facing the pharmaceutical, biotech and medical devices industries. Specifically, this report examines the future of the market research function and how it can continuously add value through:

  • Market Research Roles & Responsibilities
  • Use of Outside Resources
  • Market Research Talent Selection and Development
  • Metrics and Performance
  • Practice Insights

Industries Profiled:
Professional Services; Health Care; Pharmaceutical; Diagnostic; Medical Device; Research; Biotech; Technology; Manufacturing; Consumer Products; Media; Consulting; Energy


Companies Profiled:
Adler Life Sciences; LLC; Abbott; Charles River; Auxilium; BioChain; Bayer; Boehringer Ingelheim; Inventiv Health; Alcon; Labopharm; Actelion; IRIS; Bausch & Lomb; Cubist Pharmaceuticals; Cephalon; Inc.; CSL Behring; EMD Serono; GlaxoSmithKline; IDS Canada; Ethicon Endo-Surgery Inc.; Galderma; IMS; Medrad; Orion Energy; MSD; Vertex Pharmaceuticals; Ortho-McNeil; Merck; Novo Nordisk; Pfizer; Vistakon; Johnson & Johnson

Study Snapshot

This benchmarking research included 42 executives and managers at 35 leading bio-pharmaceutical, healthcare and medical device companies.

Best Practices, LLC employed a two-pronged approach to this research; benchmark partners participated in a quantitative study, and selected participants also contributed their qualitative thoughts, observations and narratives detailing the future of the market research function.

Sample Key Findings

In the next three to five years, New Product Development will receive increased support from Market Research. Additionally, Strategy and Business Development will continue to rely on Market Research as a decision support service.

    • Currently, New Product Development and Strategic Planning responsibilities are split between Market Research and other organizations. A strong refocusing on development and planning suggests Market Research’s vital role in strategic decision support.
    • More than two-thirds of respondents believe Market Research will balance strategic and tactical work. Few believe tactical market research will be the main focus of the function in three to five years.
  • Technological advances, pressure to reduce costs, and changes in research targets and methods all drive innovation. Almost 90 percent of respondents believe that greater use of new/innovative tools and techniques—more than any other factor—will inform the function over the next 3-5 years.
Table of Contents

Executive Summary....................................................................................................................2
Introduction....................................................................................................................3
Research Approach.........................................................................................................3
Definitions and Abbreviations........................................................................................3
Report Structure and Organization.................................................................................4
Participant Demographics...............................................................................................4
Key Findings...................................................................................................................7
The Evolving Role of Market Research: Achieving the Balance Between Strategic and Tactical................................................................................................................................10
Performance Management: Developing Staff and Optimizing Structure....................18
Align your market research staff deployment strategy to reflect your greater need: developing market research proficiency or building rapport with product teams..................................18
Attract, develop and cultivate top talent so market research becomes both an esteemed career track and training ground for future business leaders.............................................23
Provide market research training and development to build skills, develop people and make them more valuable to the organization..........................................................................27
Fit training programs to development needs of hard and soft skills.....................28
Develop a core curriculum to support career path competencies and grow market research capabilities..................................................................................................................29
Leadership must nurture a culture that enables the structure to work by championing open communication and collaboration across units in support of the business strategy.............29
Managing Vendors and Outsourcing....................................................................................31
Develop guidelines for selecting and managing vendors that qualify as “best fit” to maximize the benefits of outsourced activities...............................................................................33
Integrate preferred vendors a core part of the supply chain and of the intelligence network to increase quality and reduce cost of outsourcing..............................................................34
Take a hands-on approach to managing vendors to ensure you hear the market, keep projects on track and obtain optimal pricing and insight...................................................35
Demonstrating Market Research Value Through Key Metrics.....................................37
Ensuring a Successful Future for Market Research.........................................................40

List of Charts & Exhibits

Table 1.1: Benchmark Participants.....................................................................................4
Table 1.2: Job Titles of Participants...................................................................................5
Figure 1.1: Types of Companies Represented....................................................................6
Figure 1.2: Number of Brands Supported by Market Research..........................................7
Figure 1.3: The Essential Market Research Framework.....................................................8
Table 1.3: Market Research Requires Laser-like Customer Focus.....................................9
Figure 2.1: Market Research Functions Along a Continuum...........................................10
Figure 2.2: The Overall Balance is Shifting.....................................................................11
Image 2.1: Successful Market Research Programs Develop a Strategic Focus................12
Figure 2.3: Support for Other Functions/Activities is Expanding....................................14
Figure 2.4: Responsibility for Activities...........................................................................15
Figure 2.5: Current Market Research Support..................................................................16
Figure 2.6: Strategic Versus Tactical Market Research....................................................17
Chart 3.1: Centralized Staffing Example for Market Research........................................19
Chart 3.2: Decentralized Staffing Example for Market Research....................................20
Chart 3.3:Hybrid Staffing Example for Market Research...............................................20
Chart 3.4: Group Deployment Strategies..........................................................................21
Figure 3.1: Managing Talent Must Address Future Needs...............................................22
Figure 3.2: Centralized and Distributed Market Research FTEs......................................23
Figure 3.3: Market Research Staff Hiring Criteria...........................................................25
Figure 3.4: Changes in Hiring Criteria.............................................................................26
Figure 4.1: Vendor Relationships.....................................................................................31
Figure 4.2: Expectations for Using Outside Resources....................................................32
Figure 4.3: Expected Number of Market Research Contractors/Suppliers.......................33
Figure 5.1: Measurement and Value.................................................................................37
Figure 6.1: Future of Market Research Statements..........................................................42
Figure 6.2: Characteristics of Future Market Research....................................................43
Figure 6.3: Biggest Mistakes............................................................................................44
Figure 6.4: Obstacles to Future Success...........................................................................44