RESEARCH TRIANGLE PARK, NC--(Marketwire - December 16, 2008) - Pharmaceutical companies are
increasingly relying on their market research departments to provide
decision support to help them run leaner organizations in these troubled
economic times, according to a new report, "Improve Market Research Impact"
(
www.PharmaMarketResearch.com), from biopharmaceutical business
intelligence leader Cutting Edge Information.
Amgen recently announced that once denosumab, a bone-strengthening drug,
hits the market, the biotech leader will use a reduced sales force to
promote the drug. What led to this decision was a finding from the
company's market research department that 25% of primary care physicians
write 85% of the prescriptions for bone-strengthening drugs.
"It would seem that using a smaller, targeted sales force in this situation
was the obvious decision," said Jordan Stone, Cutting Edge Information
research analyst. "Without the analytical insight of their market research
department, Amgen probably would have employed the typical but, in this
instance, inefficiently large sales force."
When layoffs were on the horizon in years past, market researchers were the
ones looking over their shoulders to see if the pink-slip was coming. Now
it appears that market research departments are helping to call the shots
and have cemented their strategic importance within drug companies.
To continue to demonstrate their value, market research teams must reach
out to new internal stakeholders and prove that quality information leads
to smarter decisions. "Improve Market Research Impact" illustrates the
keys to expanding market research's role within a company.
The report examines structure, spending, staffing, and compensation data
for dozens of market research departments. Developed from surveys and
interviews with top executives from more than 30 companies, the report
provides strategies for maximizing market research's reach and impact and
winning stakeholder support.
The 210-page report contains 500+ metrics, including:
-- Select surveyed companies' organizational structures
-- U.S. and rest-of-world market research budgets, 2007 and 2008, by
company size
-- Brand-level market research spending, by development phase
-- Market research spending for 13 therapeutic areas, by development
phase
-- Market research analyst compensation based on experience
-- Percentage of U.S. market research budget spent on outsourced
activities
-- U.S. market research dollars outsourced by year and by company size
A complimentary report brochure is available at
http://www.PharmaMarketResearch.com
Contact Information: CONTACT INFORMATION:
For more information, contact research analyst
Jordan Stone
919-433-0376