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Best Practice Database
Market Research, Analytics and Forecasting » Building Influence and Enhancing Business Value
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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.
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.