For the pharmaceutical companies, staying ahead of the competition is of pivotal importance. In the landscape of ever-evolving technologies, pharmaceutical companies are inevitably required to navigate a complex web of scientific, economic, and regulatory factors in their research and development. In order to ensure this; market research plays a vital role for pharmaceutical companies. Based on this data-driven research, pharmaceutical companies make enlightened decisions, optimize the utilization of resources, and bring economical healthcare solutions to the table.
We will discuss the techniques and methodologies that pharmaceutical companies utilize for healthcare market research, supplemented by facts and figures.
According to the 2022 report by EvaluatePharma, the top 10 pharmaceutical companies accounted for $ 2,591,949 million. So, understanding the competitive landscape, who are the competitors, their prices, and what therapies and products they offer are of utmost importance to make informed decisions.
Unmet Medical Needs
Identification of unmet medical needs can be considered the most effective and useful insight that any pharmaceutical company can get. In order to develop the targeted therapies and medicines, the pharmaceutical company needs to be aware of the disease prevalence and demographics of patients. In this regard, data from the World Health Organization (WHO) and Centers for Disease Control and Prevention (CDC) serves the purpose effectively. According to WHO data, there are more than 39 million people living with HIV and AIDS globally. So, there is huge potential for the pharmaceutical companies to target the unmet medical needs.
Target Market Analysis
Once the pharmaceutical company has spotted the target market successfully, the company is required to further dissect the market for better-customized decision-making. Local market segment analysis helps pharmaceutical companies make the decision that is supposed to play an important role for that particular segment.
For instance, 72% of prescription medicines are bought through retailers. So, reaching and understanding these retailers is of great importance for the success of pharmaceutical companies.
Forecasts and Predictions
Research conducted by pharmaceutical companies does not only cover the present prevailing facts and figures but the future as well. So, forecasting and predictive analysis are done to estimate the drug demand, potential revenues, and prices. As per Statista, global pharmaceutical sales will reach 1.48 trillion dollars by the end of 2023.
Patient and Physician Behavior Analysis
In the era of the Internet, it has become vitally important to understand the prescription patterns and behavior of patients. Pharmaceutical companies can identify the factors influencing the physician or patient’s behavior. As per Manhattan Research, more than 62% of patients search on the internet about their symptoms before visiting any physician. So, this data helps the pharmaceutical companies to tailor their strategies and policies to target these patients and doctors.
New Technological Trends
Keeping an eye on newly emerging technologies is also crucial for pharmaceutical companies. New advanced technologies affect the landscape of the healthcare industry remarkably. For example, the volume of artificial intelligence will reach 27.6 billion dollars in the healthcare market by 2025 as per a report by Grand View Research. So, it is of great importance for pharmaceutical companies to be in line with new emerging technologies to stay ahead of the competition.
This research approach allows pharmaceutical companies to dissect the market into meaningful segments. For instance, the market can be segmented on the basis of gender, age, location, and disease type. IMS Health dissects the global oncology market into two various segments North America, Asia, and Europe. This market segmentation allows IMS Health to understand that North America dominates the oncology market share. So, this segmentation allows pharmaceutical companies to prioritize the areas for urgent attention.
Without any second thought, healthcare market research is inevitably important for pharmaceutical companies. Comprehensive analysis of the competition landscape, unmet medical needs, target market analysis, forecasts, patient behaviors, etc, pharmaceutical companies can reduce the risks for pharmaceutical companies. In addition to this, they can bring innovative medicines and therapies with promising outcomes. In the dynamic healthcare industry where innovation is the key, healthcare market research is a compass that keeps the companies on the path to success.