Editor’s note: Trace Sells is the marketing and account manager for MDOutlook®, a CEA company, and can be contacted at firstname.lastname@example.org. This is an edited version of an article that originally appeared under the title “How to Conduct Medical Market Research For Your Product.”
Medical market research is often conducted to understand and inform many different aspects of diseases, conditions and products used to treat patients. For example, research may be conducted to understand a product’s market dynamics, inform key life cycle decisions and make predictions about future performance. This important tool involves the interpretation of data from a breadth of resources covering pre-launch, launch and optimization stages of the product life cycle.
Evidence-based decision-making is a critical determinant of a treatment’s success. Rather than reacting to perceived market needs, companies can more directly meet customer demands based on observed outcomes. This can end up saving companies time and money during the vital stages of a treatment’s life cycle, ensuring that the right products are reaching the right patient at the right time.
Medical market research includes the interpretation of data from different techniques including:
By adopting a research-to-results approach to product development, companies can gain an intimate understanding of the market ahead of important milestones, increasing their competitive advantage.
Medical market research should be used at all stages of product development. Prior to treatment development, research should focus on determining whether there are unmet needs in the market and how they can be addressed with new products or treatments.
Once a need is identified, medical market research should shift to understand patients, geographies and market segmentation. Robust pre-launch medical market research supports teams ranging from marketi...