Looking Towards The Future of Market Research Within Healthcare Organizations
The Market Research function is highly valued in both pharmaceutical and medical device companies. Leading organizations utilize Market Research to inform their strategic planning and operational tactics across numerous functions. As these companies evolve, Market Research must also adapt and develop new capabilities in order to support intelligent planning and innovative business decision making.
The Market Research function is constantly changing in many ways- including by adding support for other functions & expanding the activities completed. Becoming aware of what the future of the Market Research function looks like at other companies can help leaders to properly plan for the future of the organization.
Some of the key areas to focus on when it comes to understanding the future of the market research function in the pharmaceutical & medical device industries include:
- Service Orientation: More efforts will be focused on strategic objectives that will shape and support business goals. This will mean moving away from acting as an “order-taker” or “help desk” and taking on a more proactive role in shaping the “right” research.
- Support for Other Functions: Market Research anticipates providing more support to other areas and activities. The top areas include: New Product Development and Strategic Planning.
- Innovation: Innovation is an integral part of the evolution of Market Research. Technological advances, pressure to reduce costs, and changes in research targets and methods all drive innovation. Almost 90% of respondents from a Best Practices, LLC study believe that greater use of new/innovative tools and techniques—more than any other factor—will inform the function over the next 3-5 years.
Market research is always balancing the strategic and tactical, the proactive and reactive, long term and short term, pipeline and inline products, growth and maintenance, in-house and outsourced work, and integrated and isolated activities. Understanding which changes will be occurring within pharmaceutical, device, and biotech market research functions in the next 5 years is key when setting a forward-looking strategic plan for the function.