Today’s Life Science (Pharmaceutical & Biotechnology) companies have been launching and marketing new products at an alarming slower pace than in the previous decades and despite this trend, most companies are using the same research methodologies and process from the 1960s? So how do we reenergize this phenomenon. Artificial Intelligence (AI) Based Decision Making Innovation!
So Why Do Life Science Companies Need to Innovate and Utilize More Advanced Research and Insights Capabilities ?
Because they need to not only survive….but to THRIVE! And Innovation drives success! In the Harvard Business School Press WINNING THROUGH INNOVATION, by Michael L. Tushman and Charles A. O’Reilly III, it discusses the need for today’s companies and their management to provide the right leadership to change and renew it’s focus by innovating! AND Artificial Intelligence (AI) is one way to leapfrog a company into the Innovation space.
To gain more reliable results and understand the actual needs of target customers, pharmaceutical market research and decision making must encompass data and insights in real time to help increase the potential success rates for launching new drugs as well as determine what factors affect long term pharmaceutical sales.
Pharmaceutical market research ideally comprises early, pre-launch, launch, and post-launch market research.
Why are insights and market research important and why is AI the answer ?
Companies invest a significant number of resources in the development and marketing of a new drug. However, the benefit of these new molecular entities will be lost if that drug does not satisfy the needs of the target audiences (payer, provider and patient). Pharmaceutical market research needs to provide better insights into the demands in the target market and how to enhance the overall healthcare market experience. AI is the answer.
Pharma market research also helps in:
- Understanding the market and competition- By getting patient insights and doing a competitive landscape analysis, you will get a proper understanding of the market and develop a strategy.
- Targeting the right customers – Once you understand the market and know what your competitors are offering, it becomes a lot easier to target the right customers.
- Designing a unique value proposition – With an understanding of patient insights and a competitive study, you can work on creating a unique value proposition for your customers.
- Determining the most profitable market strategy– Determining a market strategy that will not just help you stand out from the competition, but also bring in profits is of paramount importance.
What are the three essentials for effective pharmaceutical market research and decision making ?
- Unbiased Customer FeedbackOne of the biggest flaws in today’s research methodology is the biased nature of an research project. Why is it biased?? Because the recruiting process for a panel or group is based on, for example, High Prescribing Neurologists in the New York Metropolitan area… is biased. And the questionnaire developed by the research firm is also biased. its developed by a human… and we all have our predisposed frame of reference… SO, let’s get the truth from our research in an unbiased way!
- Moving with AlacrityThings happen so quickly today, and we can’t wait for answers. How many times do we conduct a research project and the results come back 3 months too later?? Our ability to plan, test, learn and adapt is moving faster than ever and getting data and insighs in days vs weeks or months is going to the cost of doing business in the future.
- Having more Confidence in the Data
- There is no better way to have a higher confidence in data then by having more if it, with a larger sample size and having it interpreted by super-fast and machine learning capabilities. These items, will increase the confidence in the data, allowing managers to make better decisions that will ultimately drive success.
Wrapping It Up
Graphene has been providing a disruptive and innovative AI decision making platform to Life Science companies around the globe for the last 7 years. These tools provide unbiased insights delivered in real time for significantly less than the traditional research firms. Graphene has helped companies large and small with solving those hard to answer questions by leveraging AI and Deep Machine Learning techniques. They provide superior market analysis and will help your business in deploying the best market strategies need to succeed in today’s competitive pharmaceutical industry.
Request a free demo and see how we can help you benefit from our best-in-class market research services