The Pharmaceutical Industry is home to some of the most far-reaching requirements for market research within modern business. From certain vantage points, the industry seems slow-moving; drug development can take several years (if not decades), with the time between NME declaration and launch averaging 10-12 years. Getting a drug to market means navigating a maze of clinical trials and federal regulations.
And of course, with the onset of COVID-19 pandemic, this industry faces new challenges. In a recent roundtable discussion, Director of Market Research for Johnson & Johnson Joaquin Garcia-Lopez asked: “What does it mean to launch a new product in a digital environment, and how can we better support those efforts from an insights perspective?” He went on to note that the usual stakeholders that market research teams went to for insights–patients, doctors, and healthcare systems–are less available now than they were in the past. These realities make proper knowledge management even more crucial for pharmaceutical market research teams.
The Role of Knowledge & Insights Management in the Pharmaceutical Industry
The length of time and amount of investment in modern drug development means that stakeholders risk duplicating research on market data, overlook outlying data sets, or even losing information to staff turnover. Knowledge and Insights Management therefore must ensure that all data is in one centralised place and readily available for Subject Matter Experts. This not only saves a company time and money, it contributes to the overall success of a project.
While compliance with pharmacovigilance requirements may be manageable during early clinical trials, it becomes unwieldy when new therapies and products are brought to market. This can lead to delays in reviews, approvals and reporting, slowing down project execution and time-to-market, and a general lack of transparency regarding the real-time status of compliance.
Successful management of these insights and information requires a platform that combines easy collaboration with sophisticated categorization and compliance functions. The Insights function must ensure that all research activities and market related positioning are executed without causing harm to respondents and document compliance with regulatory requirements for auditing and reporting.
The Market Logic Difference
Market Logic has worked closely with a number of leading clients in the pharmaceutical industry to build out a platform that is best suited for this industry’s unique knowledge and insights management requirements. We’ve produced 14 base capabilities that are specifically engineered to allow research projects to be executed efficiently and in full accordance with the relevant regulatory, legal, and other requirements.
From Customizable Compliance Exports to advanced Combination Approvals, Market Logic has expanded our base offerings to ensure you can locate past research easily while collaborating on and integrating outside vendors on new research projects. Market Logic has produced an all-in-one platform to seamlessly take your market research team from drug discovery to market delivery.
Want to know more? Schedule a free demo today to see how Market Logic is transforming the ways pharmaceutical market research teams use their insights.BACK