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Best Practice Database
Market Research, Analytics and Forecasting » Market Research Structure
Metrics, Graphics, Summary Matrix
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In today’s highly competitive pharmaceutical industry, Market Analytics (see Key Definitions below) functions play a key role in charting a course that helps companies avoid pitfalls and increase profits. Leading companies build flexible, company-specific Market Analytics organizations and continuously evolve them to meet the changing needs of the portfolios and products they support. Executives who oversee Market Analytics organizations will be able to use this research document to understand the pros and cons of centralization, the benefits of various departmental alignments, the drivers of growth for analytics organizations and the organizational structures for analytics that are typical of companies as they grow and evolve the analytics function.
· Executive Summary
· Structuring to Support Healthy Product Growth
· Centralization of Analytics Functions
· Activities Integration into Business Units
· Appendix A: Top Lessons Learned
· Organizational Structure Among Surveyed Companies
· Departmental Alignments for Analytics Activities
· Models of Analytics Organization Evolution, including Generalist, Differentiated, Specialist and Distributed
SAMPLE KEY FINDINGS
· There is no one-size-fits-all model for creating an effective Market Analytics structure. Rather, structure is highly specific to the product needs of each individual company. Winning companies drive high performance through closely aligning their analytics functions with the strategic marketing goals and lifecycle status of their brands.
· Pharma companies evolve their analytics functions continually as the profile of each product portfolio changes. Savvy companies reevaluate their needs and restructure Market Analytics functions to keep pace as key products move through their lifecycle.
Best Practices, LLC completed this study in two phases — an online survey and telephone interviews. Researchers surveyed managers and executives from 21 leading pharmaceutical, medical device and biotechnology companies to collect benchmark metrics. Best Practices also used in-depth interviews with Market Analytics leaders at six selected companies to surface executive insights and winning practices they use to evolve the analytics functions and keep pace with company growth and change.
“Market Analytics” is used broadly to encompass a range of activities usually conducted in such departments as Market Research, Market Analytics, Business/ Commercial/Franchise/Brand Analytics, Business Development, Competitive/Business/Market Intelligence, Sales or Sales Operations, Pricing, Forecasting, Marketing, or Finance. This study focuses on individual analytics activities rather than on departments where they may or may not be performed; analytics functions are rarely all centralized in a single department.