Circa 2023. We are in a world where AI and data science in pharma are exploding exponentially, and large amounts of data are being collected every single day. Unfortunately, there isn’t a clear way to sort through or analyse this data, let alone decide within a reasonable timeframe, and this phenomenon made many organisations data-rich and insight-poor.
Symptoms of being data rich and insight poor include the use of an abundance of indicators and the predominant use of a variety of retrospective medical and sales data from various sources. Often, too many indicators are used because the organisation is still subscribing to a traditional quality assurance methodology for performance improvement.
To successfully conduct market research and forecasting in international markets, pharmaceutical organisations need an in-depth understanding of the environment in which they are planning to operate, and this can be tricky as many lack reliable data intelligence.
Related: Advanced technologies and data are key to driving transformation of healthcare
Custom market research can plug the gaps in knowledge and help marketers make more effective strategic decisions. The healthcare landscape in each market especially emerging markets is complex and does not follow a structured drug approval process, as compared to the developed markets. Carrying out market research in these lesser-known markets can be challenging, requiring a strong understanding of the local healthcare environment and an awareness of cultural and behavioural nuances. Forecasting with limited data is especially valuable during times of uncertainty, such as the effects of COVID-19 on virtually all industries, in terms of disrupted supply chains and shifted consumer demand.
Some of the key considerations to bear in mind are:
- Encourage collaboration and expand horizons.
- Increase collaboration efforts between business, HCPs, research consultants, and life-science technologies so that they get into a seamless integration.
Who is the right source?
One should invest in adequate sample size to make sure your data is representative of the target population. Pharma customers today include various types of consumers including but not limited to doctors, pharmacists, hospitals, patients and caregivers. The sample size should include all customers to make sure drug development and other pharma products are on point. In increasingly competitive times, it is also a good point to consider payors in market research. Payors from the public segment will differ from payors from the private segment, hence it is crucial to consider them in the sample mix.
Unique data collection methods
While surveys are a great place to start when it comes to gathering data, it is important to expand the network to consider that the data collection is done at various aggregate levels. This will not only ensure that the collected data is truly representative of the target population but also increase the confidence of the organisation to utilise the information for effective decision-making.
Related: Personalised, next-gen healthcare experiences are within grasp
Stop, look, introspect, and be agile
It might be tempting to collect initial data and call it good. However, if there is anything the best practices dictate from the pharma industry, it is that it is complicated. This means that one needs to keep track of the quality of the information collected from the inception of your project to completion.
The more insight you can gather, the easier it will be to tailor your drug, product, or technology to your target audience. If there are a few questions or information that are correctly synthesised, they should be tweaked immediately and course corrected. After all, one will want to get the most accurate picture in the process and not wait last minute for course correction.
Compliance and regulatory landscape
Compliance, ethical and regulatory requirements should be followed to a T. There are several rules regarding privacy, adverse events (AE), and changes regarding the General Data Protection Regulation (GDPR). As such, no matter what data one collects in which geography, one must remain in compliance with all regulations.
In today’s times when acquiring quality data may be a challenge, efforts need to be taken. This is not only to collaborate with various business leaders and stakeholders in the organisation when it comes to collecting data, but also to get their input once the data is collected as well. Different perspectives, teams, and professional backgrounds provide insight into data analysis that may be helpful when moving forward with forecasting and market research.
Conclusion
Market research provides insight into your target market’s needs and how to enhance the overall healthcare market experience. You can then use that information to guide the development of your product and other research projects. In other words, market research helps ensure you are investing your millions into something that is needed and that will be well received. The pharma industry is slowing down, which means market research is more important now than ever. As you are familiar with market research trends and challenges, it will arm you with the information to choose the right data collection and analysis tool and create a winning global market research plan.
The views in the article belong to the author and have no affiliation to any organisation — past or current.
References available on request.
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With over 14 years of experience in leading business strategy and forecasting, Sanobar Syed is an industry expert who works alongside top pharmaceutical firms and is involved in bridging the gap between academia and industry around strategy, analytics as well as forecasting emerging trends and their usage in the real-life pharmaceutical world. She has marked a presence in leading industry conferences across North America and Europe, delivered guest lectures, and developed academic modules in reputed Canadian institutions.
