SOURCE: Cutting Edge Information

September 18, 2007 07:27 ET

31.8% of Pharmaceutical Companies Lack a Centralized Market Research Database

RESEARCH TRIANGLE PARK, NC--(Marketwire - September 18, 2007) - According to a study by pharmaceutical business intelligence leader Cutting Edge Information, despite the availability and efficiency of database technology, nearly one third of pharmaceutical companies still do not take advantage of a centralized database for disseminating market research findings. (http://www.PharmaMarketResearch.com). The fact that 68.2% of pharmaceutical companies have implemented such a database underscores the importance of technology in communicating market research findings internally.

While those companies that go without database technology must rely on presentations, e-mails, and other channels to communicate market research, those companies that use a database have a centralized structure to deliver information quickly to employees that need information. Market research projects vary in levels of confidentiality and sensitivity, and a database often allows market research executives to restrict access to certain findings or reports to the appropriate parties.

Many companies with centralized databases conduct presentations about market research findings and then post summaries and key points within the database so that employees can easily find the information. Even with a concise presentation, employees cannot be expected to remember specific data so a centralized database can act as a useful tool to put the information at their fingertips.

Lead researcher Elio Evangelista, research team leader at Cutting Edge Information, said that implementing a database for market research is a best practice among the companies his study examined. "Technology should not replace human communication, but databases can be leveraged to supplement in-person presentations. A centralized database can direct employees to pertinent information and ensure that no one misses out on the opportunity to utilize helpful market research."

"Developing Integrated Market Research Functions: Decision Support for 2008," available at http://www.PharmaMarketResearch.com, is an extensive guide outlining surveyed companies' market research structures, budgets, staffing and outsourcing metrics. The report also includes best practices and strategies for elevating the market intelligence function to a stronger, more strategic decision support organization.

To download a free summary of this 173-page report, visit http://www.cuttingedgeinfo.com/pharmamarketresearch/index.htm#body.

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