What is Market Research in pharma?
Market research teams work on helping to better understand current perceptions and behaviors of HCPs and patients, especially regarding a particular disease state or drug product. Insights generated from market research activities can be used to inform strategic decision-making by the brand.
Market research professionals in pharma will typically work closely with the broader brand team, especially HCP marketing or consumer marketing to determine when and what studies are of most importance and what to ask within those studies. The data generated are vital in understanding the market (including informing segmentation), the opportunity, and in setting and refining the strategy. Specific deliverables such as sales master visual aids can also be tested to determine what is most effective with providers (or potential ads to see what is most effective with patients).
Market research of payers can also be conducted in support of market access and pricing.