Effective communication through market research

Date of publication: June 15, 2008

Abstract:

The pharmaceutical industry is a sector that has been undergoing a number of changes over the past few years. the most evident change is related to the increase in competition, resulting in a great number of mergers and acquisitions. In order to maintain its profitability and survive in this market, the main solution the companies found has been the development of new products. However, it is becoming even more difficult to enter the innovative molecules market, resulting in a high cost of development (about one billion dollars per product), and a long time in development. These products have been developed under an increased complexity degree, using high technology and complex industrial processes in production, resulting in a very high added value and, thus, a high cost. Another change that has occurred is that the pharmaceutical industries increased their focus on new therapeutic areas, particularly on hospital segments such as oncology. Market niches have also been used as an attractive alternative for new products. Traditionally, the main focus of direct communication for this market is the doctors, regardless of the related therapeutic area. Recently, however, other stakeholders such as the government, regulatory agencies, treatment paying sources, among others, have been playing an important role. In this competitive setting, communication has been essential for the companies, because its effectiveness is becoming an even more strategic differential allowing their objectives to be reached.

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