Future of Market Research Report Summary

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Report Summary--The Future of Market Research: Challenges And Changes In A Core Pharmaceutical Function. Contact me to view the full report.

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Future of Market Research Report Summary

  1. 1. The Future of Market ResearchChallenges and Changes in a Core Pharmaceutical Function
  2. 2. Table of Contents Project Overview Key Insights Continuum of Activities Service Orientation Functions Supported Talent Management Innovation Vendor Relationships Measurement and Value Ensuring a Successful Future Detailed Findings Appendix Additional Quotes About Best PracticesCopyright © Best Practices®, LLC 1 BEST PRACTICES, ® LLC
  3. 3. Project Methodology and Study Objectives As pharmaceutical, biotechnology, and medical device companies evolve, market research in these companies must also evolve, developing new capabilities while refining current ones to support intelligent planning and decision-making. Research was conducted through survey and interviews. By identifying recent changes, new directions, and best practices, 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 InsightsCopyright © Best Practices®, LLC 2 BEST PRACTICES, ® LLC
  4. 4. List of Participating Companies Forty-two representatives from 34 companies participated in this research. Respondents claimed a median of 11 years experience in the pharmaceutical, biotech and medical device industries. Six interviewed executives (outlined) provided in-depth responses.Copyright © Best Practices®, LLC 3 BEST PRACTICES, ® LLC
  5. 5. Job Titles of Participants From seasoned executives to managers full of ideas, the range of respondent titles suggests depth and breadth of perspective on the future of market research. Vice President, Marketing Senior Director, Business Analytics Senior Director, Marketing Insights Deputy Director, Global Market Research Director, Business Intelligence Director, Commercial Excellence & Business Development Director, Global Market Intelligence Director, Global Market Research & Competitive Intelligence Manager, Business Development Director, Market Intelligence Manager, Business Research Director, Market Research Manager, Global Market Research Director, OTC Business Intelligence Manager, Market Research Director, Research Manager, Marketing Research Head, Business Intelligence Regional Manager, Market Research Senior Manager, Business Analytics Senior Analyst, Business Intelligence Senior Manager, Market Research Senior Analyst, Market ResearchCopyright © Best Practices®, LLC 4 BEST PRACTICES, ® LLC
  6. 6. Market Research Functions Along a Continuum Focus, Objectives, and Activities Align Accordingly Market Research is always balancing the strategic and tactical, the proactive and reactive, long term and short term, pipeline and inline products, growth and maintenance, in-house and outsourced work, integrated and isolated activity. The “How” The “What” How to accomplish What we want to accomplish for what we want to do our customers and markets Tactical Strategic Focus on the Immediate Focus on the Future Attention to Methodology Attention to Business Value Messaging and Message Testing Segmentation and Positioning Physician Preferences Demand Analyses Media Choices Lifecycle & Portfolio PlanningCopyright © Best Practices®, LLC 5 BEST PRACTICES, ® LLC
  7. 7. Vendor Relationships Spending on Vendors (and Expectations of Them) Will Increase Most respondents suggest that spending on outside resources is likely to grow, in part because vendors will be expected to be able to function as full partners— delivering fully vetted recommendations, not just data—and to provide access to innovative methodologies and techniques. Expected Spending on Outside Resources “As were expanding, the volume of work will increase, so we will be using more vendors because were Less than Now, growing.” – Manager, Market Research 7.5% “A new vendor that was basically even new to the pharma industry brought a plethora of new methodologies to us that really helped us identify newSame as Now, 32.5% ways to look at our issues.” – Senior Director, Market Analytics More than Now, 60% “I think there are good vendors and bad vendors. The good vendors can bring it to a really great point, but there is still further overlay that has to be done internally. Market % of Respondents Research has the extra knowledge to make vendor recommendations even more valuable.” – Manager, Market Research Copyright © Best Practices®, LLC 6 BEST PRACTICES, ® LLC
  8. 8. Expectations for Using Outside Resources To accomplish future market research projects, the use of outside vendors on various project tasks is unlikely to change much from today. However the interpretation and presentation of the results tends to be the responsibility of in- house Market Research staff. In 3-5 years, how much do you expect to be using outside resources (contractors, consultants, suppliers) for each of the following market research activities at your company? N=Project Execution 30% 65% 5% 40 More than Now Project Analysis 28% 63% 10% Same as Now 40 Less than Now Project Design 20% 78% 3% 40 Interpretation of Other (More than Now): 20% 55% 25% Data manipulation and 40 Results Data manipulation and secondary data report secondary data report construction Presentation of construction 15% 60% 25% Legislation and compliance 40 Results Legislation and compliance makes using outside third- makes using outside third- % of Respondents party vendors a requirement party vendors a requirement Copyright © Best Practices®, LLC 7 BEST PRACTICES, ® LLC
  9. 9. Traits of a Senior Leader in Market Research In addition to the classic traits of successful senior leaders, such as excellent communication skills, interpersonal skills and industry knowledge/experience, effective senior leaders in Market Research have three key perspectives. In terms of the above criteria, how does someone in - or moving into - a senior leadership role at your company differ from someone in - or moving into - a senior non-leadership role (scientist/methodologist/consultant/etc.)? Senior Leadership Role in Market Research: Key Perspectives Global consulting, management, market research and industry experience enable a senior strategic thinker to see the big picture and to speak about the impact market research has on the decision making process. Senior market research leaders are business partners - successfully manage stakeholder relationships - with a "small company mentality" to get things done. People skills are key for a person moving into a senior leadership position within Market Research to help create a common vision for the organization and to inspire people to follow.Copyright © Best Practices®, LLC 8 BEST PRACTICES, ® LLC
  10. 10. About Best Practices, LLC Best Practices, LLC is a research and consulting firm that conducts work based on the simple yet profound principle that organizations can chart a course to superior economic performance by studying the best business practices, operating tactics, and winning strategies of world-class companies. Best Practices, LLC 6350 Quadrangle Drive, Suite 200 Chapel Hill, NC 27517 919-403-0251 bestpractices@best-in-class.com www.best-in-class.comCopyright © Best Practices®, LLC 9 BEST PRACTICES, ® LLC

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