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The Future of Market Research: Challenges And Changes In A Core Pharmaceutical Function

ID: PSM-245


Features:

4 Info Graphics

16 Data Graphics

120+ Metrics

7 Narratives

30+ Best Practices


Pages: 46


Published: Pre-2013


Delivery Format: Shipped


 

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Sitewide: Authorizes use of the report for a geographic site. All people at site can view the report for a year and copies can be printed.

Corporate: Authorizes use for the entire company for a year and copies can be printed. No limitations for usage inside the company.




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  • STUDY OVERVIEW
  • BENCHMARK CLASS
  • STUDY SNAPSHOT
  • KEY FINDINGS
  • VIEW TOC AND LIST OF EXHIBITS
This comprehensive research by Best Practices, LLC will enable managers to understand the future prospects of the market research function and its applications. By identifying recent trends, new directions, and best practices in Market Research, executives can aid and accelerate advancement of other business functions like Product Development.

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


Companies Profiled:
3M Pharmaceuticals; 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


In an effort to identify recent changes, new directions, and best practices prevailing in Market Research functions of pharmaceutical, biotech and medical device organizations, Best Practices, LLC has compiled this exclusive research report drawn from surveys and interviews of 42 representatives from 35 companies with a median of 11 years experience in the pharmaceutical, biotech and medical device industries.

This study will help define how the market research function can continue to provide value through:
  • Market Research Roles & Responsibilities
  • Use of Outside Resources
  • Market Research Talent Selection & Development
  • Metrics & Performance
  • Practice Insights

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.
Table of Contents

PROJECT OVERVIEW 3
    Project Methodology and Study Objectives 4
    List of Participating Companies 5
    Job Titles of Participants 6

    KEY INSIGHTS 7
    Market Research Functions Along a Continuum 8
    The Overall Balance is Shifting 9
    Service Orientation 10
    Support for Other Functions/Activities is Expanding 11
    Managing Talent Must Address Future Needs 12
    Innovation is an Integral Part of Evolution 13
    Vendor Relationship 14
    Measurement and Value 15
    Ensuring a Successful Future for Market Research 16

    DETAILED FINDINGS 18
    Type of Companies Represented 19
    Centralized & Distributed Market Research FTEs 20
    No. of Brands Supported by Market Research 21
    Current Market Research Support 22
    Responsibility for Activities 23
    Strategic Market Research 24
    Strategic vs. Tactical Market Research 25
    Expectations for Using Outside Resources 26
    Expected Spending on Outside Resources 27
    Expected No. of Market Research Contractors/Suppliers 28
    Future of Market Research Statements 29
    Market Research Staff Hiring Criteria 30
    Changes in Hiring Criteria 31
    Traits of a Senior Leader in Market Research 32
    Most Effective in Developing Market Research Staff 33
    Least Effective in Developing Market Research Staff 34
    Key Metrics 35
    What Constitutes a “Good Year?” 36
    Changing Metrics/Definition of Success 37
    Characteristics of Future Market Research 38
    Recent Innovations 39
    Fostering Innovation 40
    Adding Value 41
    Biggest Mistakes 42
    Obstacles to Future Success 43

    APPENDIX 44
    Additional Quotes 45
    About Best Practices, LLC 47

List of Charts & Exhibits

Future Market Research Support Level
  • Expected Spending on Outside Resources
  • Average number of brands supported by market research at benchmarked companies
  • Extent of support currently provided by MR to different parts of benchmarked companies, and how - if at all - do is the expected changes in these support levels in 3-5 years
  • Responsibilities of functions tied to different activities?
  • Expected usage of outside resources (contractors, consultants, suppliers) for each of the following market research activities at benchmark companies in the next 3-5 years
  • Expected spending in total on outside resources for market research at benchmarked companies in the next 3-5 years
  • Anticipated growth of market research function in the next 3-5 years with respect to several characteristics as explained by research participants