Pharmaceutical Market Research ? A Guide to Finding the Right Service Provider

Despite the fact that the pharmaceutical industry is currently facing an ebb in the introduction of blockbuster drugs, the sheer range and number of pharmaceutical products that are introduced to the market is expected to increase. This makes it strategically important for companies to do everything that they possibly can to ensure the success of these products, in order to secure their sustainability. The business environment for the pharmaceutical industry, however, is now more challenging than ever with an increase in regulations, competitive pressure from generics and a constantly decreasing exclusivity period. Why is market research Important? Pharmaceutical companies invest anywhere between USD 3 billion to USD 11 billion, and spend about 12-15 years to bring out a new drug. Hence it is critical for them to thoroughly investigate their market potential, disease conditions, dosage preferences, regulatory framework, possible side effects, etc. The first step to assessing the market accurately is screening the available service providers and selecting the right provider for the job.