The Future of Market Research: Achieving a Balance Between Strategic and Tactical

STUDY OVERVIEW

Market research (MR) has always been an important function in the pharmaceutical industry, particularly for providing critical insights related to marketing and brand team support. Over the years, the focus of market research has expanded to more strategically focused areas such as new product planning and strategy. As the market research function has evolved, it has become challenging to balance between the strategic and tactical requirements of the function.

Best Practices, LLC conducted this research to explore how the requirements of the market research function are evolving into a more strategic focus that has a larger impact on the organization's future. Market research leaders can use this research to compare their MR functions current and expected activities with those of other organizations.

KEY TOPICS

• Role of market research
• Shift in the role of market research
• Focus of successful market research program
• Future of market research

• Percent rating for future level of market research support for other functions/activities
• Market research responsibility level for variety of key activities
• Percent rating for current level of market research support for other functions/activities
• Desired percent mix of strategic vs. tactical market research focus in 3-5 years

• Future of Market Research: 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.

The research employed a data gathering approach that gleaned quantitative data from 42 manager and executives from 34 leading companies in pharmaceutical, biotechnology and medical device industries. In addition, 6 executives participated in in-depth interviews.

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