Market research in the Pharmaceutical industry provides clear understanding about the market, target group viz. Doctors, Surgeons, Patients, Hospitals, Para medical staff, Trade, Competition etc. and thus improve the overall healthcare market experience. Targeting the right customers is crucial and thus market research helps.
Market Research involves systematic collection of data from the target group and analysing the data to uncover market insights.
Market research is conducted at various stages. For example:
- Before launching new products and/or services; exploring the market for the same.
- To develop marketing/business plans.
- To identify how a current/existing product is performing in the market,
- To expand in to new geographies/ markets,
- To create advertising and communication plans,
- To identify any problem areas in other departments within the company (e.g. production)
Someone with curious/ inquisitive and analytical bent of mind can think of exploring this field. One needs to be open about collecting data skilfully/ truthfully, have good communication skills and focus on the details required by the clients/ pharma companies. Ability to interpret data and understand information collected is an added skill.