Blockbuster Launch Evolution: Learning to See the Market in Different Wavelengths and Perspectives (Part 2)
One of the areas within the Pharmaceutical and related industries which has the main goal of seeing market opportunities is the Market Research function. Despite this, many organizations’ Market Research groups do not have 20/20 vision. Much like many animals throughout the animal kingdom, organizations must adapt their vision for success.
In Mr. Bogan’s speech at the 2015 Pharma CI Conference, he discussed how eyes are a common evolutionary mechanism to survive-in nature and in the marketplace. Many species’ eyes have evolved to see the world from different perspectives with deeper insight. For example, the Mantis shrimp has adapted to its environment by having 16 color photoreceptors, while Humans only have 3 photoreceptors. The Mantis Shrimp has one of the most elaborate visual systems ever discovered.
Similar to how the Mantis Shrimp had to adapt to be able to see in order to survive and advance, Market Research groups must also adapt to today’s ever-changing launch environment. Unfortunately, not all companies look into the market as fast, as deep and as frequently as they should – effecting market insights and launch trajectory.
A recent study completed on the market research approval process showed that there are six key indicators on the dashboard of high performance market research groups. The six indicators are featured in the image below:
In today’s ever-changing healthcare marketplace, understanding how to see the market in different wavelengths and perspectives is key for launching a blockbuster.
Stay tuned for our next blog post in Evolution of a Blockbuster series!: Endosymbiosis: Thriving Within Your Ecosystem.