Analyzing Key Challenges in Conducting Market Research
Due to the recent amount of profitable drugs coming off patent and the need to streamline market research strategies, market researchers are facing many challenges in this complex and increasingly competitive industry. This conference will look at current and new market research trends and techniques that are utilized in the industry to ensure market growth. With the proliferation of digital media, we will also look at how these new mediums are enabling market researchers to reach out to customers and physicians.
Dev Das answered a series of questions written by marcus evans before the forthcoming 3rd Annual Life Science Market Research Conference, June 20-21, 2012 in Philadelphia, PA. All responses represent the view of Mr. Das and not necessarily those of Auxilium Pharmaceuticals.
How have new market segmentation strategies optimized your market growth at Auxilium?
DD: Market segmentations are a critical component of our business opportunity identification and targeting efforts when we launch new drugs. As a player in new, rare disease markets, we don’t have the luxury of a pre-defined market and learning from preceding market entrants. Market segmentations allow us to prioritize the immediate from the longer term opportunities, and in allocating our resources more efficiently.
What are some key operational challenges that market researchers are facing today?
DD: In my opinion, one of the biggest operational challenges is demonstrating the business impact from our market research efforts. Research teams in several companies are perceived to be “task-doers” with the strategic direction coming from the Marketing teams. In an environment of extreme cost pressures, this perception could eventually lead to the function being outsourced. Market research teams need to do a better job of demonstrating and marketing their role in generating actionable business insights.
Have you come across any innovative market research methods to position your products?
DD: We have vendors present to us regularly about new techniques they are developing. This helps us keep on top of innovative new methods that may be appropriate for a given business need.
How does market research shape and influence business opportunities?
DD: Market research shapes and influences business decisions in two ways. First, by providing actionable insight into customer needs, and second, by providing an objective assessment of what brand benefits can meet these needs most effectively.
Dev Das is Director of the Strategic Insights & Analytics at Auxilium. His past includes nearly 20 years of new product brand management and market research experience within the consumer packaged goods and biopharmaceutical industries.
For more information please contact Michele Westergaard, Marketing/PR Coordinator, marcus evans at 312-540-3000 ext. 6625 or Michelew@marcusevansch.com.
About marcus evans
marcus evans conferences annually produce over 2,000 high quality events designed to provide key strategic business information, best practice and networking opportunities for senior industry decision-makers. Our global reach is utilized to attract over 30,000 speakers annually, ensuring niche focused subject matter presented directly by practitioners and a diversity of information to assist our clients in adopting best practice in all business disciplines.
Tags: