The Secondary Market Research Challenge in Pharma - An Inside view on how to overcome the market monopoly

author

By: Angad Singh -- Senior Research Analyst

31 March, 2014

The Secondary Market Research Challenge in Pharma - An Inside view on how to overcome the market monopoly
WHITEPAPER

The objective of this whitepaper is to enable pharmaceutical organizations to position themselves as attractive buyers, so as to effectively source pharmaceutical secondary market research services by highlighting various negotiation opportunities & value benefits. The focal point of this whitepaper is to enhance objectivity in terms of procurement of pharmaceutical secondary market research spend. Introduction Pharmaceutical secondary market research plays a pivotal role in supporting pharmaceutical organizations in the form of insights on: ? Patients ? Payers ? Prescribers ? Drug positioning and much more. However, with the lack of choices in terms of service providers at a global scale & service provider dominance (single service provider monopoly ? the pharmaceutical secondary market research ?giant?), pharmaceutical organizations face stiff challenges in effectively sourcing pharmaceutical secondary market research. This whitepaper focuses on providing buyers of secondary pharmaceutical market research insights into sourcing practices that would enable pharmaceutical companies to leverage better from their spend on service providers of pharmaceutical secondary market research. Sourcing Pain Point: The major sourcing roadblock for pharmaceutical organizations in streamlining their secondary market research category spend is the fact that the pharmaceutical secondary market research ?giant?, a dominant service provider in this space, does not offer global contracts. In the sourcing of secondary market research services, global contracts as such is a major lever for cost savings for pharmaceutical organizations which in lieu of discounts bundle their global requirements to select service providers. The absence of global contracts is in line with the current business strategy of the dominant service provider which focusses on ensuring every business unit acts as a separate revenue generator. As a consequence, the pharmaceutical organizations have to engage with regional teams of the service provider in order to fulfill their secondary market research requirements without benefiting from direct negotiations with the service provider?s central team.




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