When it comes to market research for life science companies, research analysts follow an extensive methodology to screen, select, and analyse the data with thorough exploration and fact-finding. After checking the veracity of screened and selected data, a comprehensive groundwork is carried out to use the information for the existing company. To check that the information gathered is factually correct, the research analysts deep dive into various sources. This article focuses on various contemporary market research methods that analysts follow.
How Important is Market Research for Life Science Companies?
With detailed market research and implementing the key insights to the current business model, life science companies can ensure their sustenance and growth for the near future. It is beyond doubt that life science companies spend heavily in accumulating and inspecting market data that presents insights into customers’ needs, technological trends, and pipeline drugs of the competing companies. With the right market research, companies can cut costs, revaluate their strategies, and get acquainted with the current market practices and trends.
Focus Group Discussions (FGD)
Highly informative and to-the-point statements, focus group discussions hold a degree of paramount importance for life science companies. These discussions can be carried out both online as well as offline, to gather insightful feedback from respondents. Online discussions are carried out via electronic media whereas offline discussions are carried out in presence of a moderator with a few participants, sharing their insights. The purpose of carrying out these discussions is to use the recorded feedback in quantitative research.
Market Research Online Communities (MROCs)
Deemed to be highly effective, online communities can be used to gather valuable data from a wide range of participants. Be it a form of a survey, Q&A, or descriptive responses, MROCs come in handy in any scenario. With market research online communities, analysts gather tailored insights and responses from the right participants. MROCs provide straightforward opinions, feedback, and insights of select people that become the foundation of understanding the target audiences, their needs, their problems, and much more.
Patient Interviews
What good would-be life science research if it does not address the problems of patients? Patient interviews help research analysts gather feedback and response and know the viability of upcoming products or services offered by the company. Moreover, patient interviews help companies improve their product quality and availability while understanding the needs of the patients.
KOL Interviews
Gathering insights from key opinion leaders is an integral part of market research. By tracking KOL interviews, analysts collect key information related to competing companies’ pipeline drugs, their plans, and more. Following KOLs’ activity on social media may also help gain significant information on unmet demands, recent global developments, and market trends.
Conferences and Symposiums
Conferences and symposiums are great platforms for sharing insights and keeping oneself up to date on current innovations and technologies. Moreover, life science conferences and symposiums provide enough exposure to the participating companies. Market analysts accumulate recent updates, technological trends, and pipeline drugs of various participating companies to gather market and business intelligence for their clients.
Ethnographic Market Research
Using ethnographic market research, analysts gather insights by directly participating in the community, exploring, and inquiring individuals about the kind of medical product, they would need that may infuse into their lives. Using the information directly from the consumers and businesses, the market researchers analyse the qualitative data and supplement it to the companies to design products and offer services to the customers.
Conclusions & Perspectives
Encompassing the detailed aspects of market research for life sciences companies is rather difficult to cover in this article. Adopting a mixed approach that combines the important facets of all the methods, essential for your products or services, may present a comprehensive and detailed report exclusive to your company. The insights obtained from the exclusive report can further be used to assess the need, quality, quantity, market size, and much more for your products or services.
About Octavus Consulting
Octavus is a dedicated consulting company that offers a one-stop market solution to life science enterprises, biopharma, MedTech, diagnostic centres, digital health companies, animal healthcare, and start-ups.
Since the inception of the company in 2017, the Octavus team has successfully delivered more than 100 studies including CATI, CAWI, FGD, Doctor’s survey, Patient Survey, Support & administrative staff. We have conducted HealthTech consumer studies. Our outreach is not just limited to India. We have delivered more than 15 projects in Southeast Asian countries, 7 projects in Australasia, and we have recently successfully concluded studies in the MENA region as well. Across Asia, we have our own established network of HCPs and patients among others. We are compliant with all international standards. We are a team of professionals with decades of experience in the industry. Our SEO-friendly content generation and social media marketing via our media division PharmaShots has helped numerous life science businesses outperform in the market.
Feel free to reach us bd@octavusconsulting.com for more information related to market research