Navigation Links
Optimizing Market Research to Best Serve Internal Customers

CHAPEL HILL, N.C., July 18, 2014 /PRNewswire/ -- Market research functions within the biopharmaceutical industry are increasingly being challenged to satisfy the needs of internal customers who are clamoring for deeper market research insights to grow business. On top of this, the docket of requests for tracking research continues to grow. Due to this struggle, leaders must now fully understand the ideal allocation of market research resources to best serve internal customers.

According to recent research by benchmarking firm, Best Practices, LLC, many companies are heavily skewed toward tracking projects that are not as impactful for customers as are Insight Projects. Rebalancing the mix can allow market research groups to go deeper and respond to market changes.

The related report, "Forging Deep Insights to Grow the Business: How Market Research Organizations Optimize the Mix of Tracking Research and Insight-Oriented Research," highlights common criticisms associated with tracking and insight research approaches, how to win trust and credibility internally, and effective approaches to selecting and training staff. The research also provides market research leaders with metrics and insights that will help them to better understand the appropriate mix of insight-oriented and tracking research projects.

Key study topics include:

  • Ideal mix of tracking vs. insight research
  • Overall relative impact of tracking & insight research projects
  • Impact of projects based on lifecycle stage of project
  • Improving the impact of both tracking and insight research projects
  • Removing redundancy of projects across brands/therapeutic areas
  • Allocation of budget and staffing resources for different types of projects
  • Managing and prioritizing ad-hoc vs. planned research assignments
  • Winning trust and credibility internally
  • Training for successful communication and implementation of insights

This benchmarking research drew participation from market research leaders from 14 global pharmaceutical and medical device organizations. Data was normalized throughout the study to account for the size of division or business unit the participant represented. Also, where applicable, considerations for the product portfolio being supported were taken into consideration.

To access the full report, or to download a complimentary summary containing insights found in this report, click on the following link:

For more information on other recent primary research studies, contact us at 919.403.0251. For related research, visit our Best Practices, LLC website at

Best Practices, LLC is a leading benchmarking, consulting and advisory services firm serving biopharmaceutical and medical device companies worldwide. Best Practices, LLC's clients include all the top 10 and 48 of the top 50 global healthcare companies. The firm conducts primary research and consulting using its comprehensive proprietary benchmarking tools and analysis. The operational insights, findings and analysis form the basis for our Benchmarking Reports, databases and advisory services to support executives in commercial and R&D operations. Best Practices, LLC believes in the 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.

SOURCE Best Practices, LLC
Copyright©2014 PR Newswire.
All rights reserved

Related medicine technology :

1. New Data Support Role of Prometheus Laboratories Novel Assay in Optimizing IBD Treatment Management
2. AG Mednet CEO Abraham Gutman to Moderate Disruptive Technologies Session at CenterWatch Forum on Optimizing Clinical Research Performance
3. Rapid Fire Marketing Funds Development of Second Generation Vapor Inhaler
4. ulrich medical USA™ Releases New Expandable Spinal Implant for US Market
5. Nektar to Announce Financial Results for the First Quarter of 2012 on Wednesday, May 2, 2012, After Close of U.S.-Based Financial Markets
6. Almost 50 Percent of the Glaucoma Patient Population Remains Untreated, Signifying a Vast Market for Glaucoma Pharmaceuticals, Finds Frost & Sullivan
7. International Drug & Explosives Detection Company IDenta Corp. Releases Information to OTC markets.
8. Althea Technologies Appoints Dr. Kristin DeFife, Director, Biologics Manufacturing And Jack Wright, VP, Sales and Marketing
9. Ophthalmic Drugs: World Market Prospects 2012-2022
10. OTC Pharmaceuticals: Global Industry Almanac, MarketLine
11. ResearchMoz: The World Anesthesia Drug Market (General, Local, Adjunctive) - Market Research Report
Post Your Comments:
(Date:11/25/2015)... SAN DIEGO , Nov. 25, 2015  Trovagene, ... molecular diagnostics, today announced that Chief Executive Officer Antonius ... at the 27 th Annual Piper Jaffray Healthcare ... Conference at the New York Palace Hotel in ... 2015 at 1:30 p.m. EST. Mr. Schuh will be ...
(Date:11/25/2015)... Endo International plc (NASDAQ: ENDP ) (TSX: ... and CEO, will discuss corporate updates at the 27 th ... York on Wednesday, December 2, 2015 at 1 ... Relations, and then the link to the event. Participants should ... to visit the site and download any streaming media software ...
(Date:11/25/2015)... Israel , November 25, 2015 ... "New Investors"), pursuant to which BioLight and the New ... IOPtima Ltd. subsidiary ("IOPtima") via a private placement. The ... of its innovative IOPtimate™ system used in the treatment ... approval pathway process for the IOPtimate™ system with the ...
Breaking Medicine Technology:
(Date:11/25/2015)... ALTO, Calif. (PRWEB) , ... November 25, 2015 , ... ... Smart and Beddit Classic sleep tracking systems. The new app features a more intuitive ... see and understand how well you slept. The SleepScore is created by a proprietary ...
(Date:11/25/2015)... LOUIS, Missouri (PRWEB) , ... November 25, 2015 ... ... Project HEAL, will provide scholarships for people struggling with eating disorders as a ... Proceeds from the second annual event, held at Fox Run Golf Club in ...
(Date:11/25/2015)... ... November 25, 2015 , ... Many people know of the common ... cold hands, and dry skin. But many people who find their cholesterol levels and ... instead of their thyroid, especially if they don’t have any of the other symptoms. ...
(Date:11/24/2015)... ... November 25, 2015 , ... ... Their Care Plan software creates an agreement between the practice owner and ... including financial, scheduling, monitoring, notification, and projections. Click here to ...
(Date:11/24/2015)... Texas (PRWEB) , ... November 24, 2015 , ... Charitable ... all charitable donations are made in the last five weeks of the year totalling ... was created in 2012 to connect the nation’s charities with those individuals who want ...
Breaking Medicine News(10 mins):