Market research holds great value for pharmaceutical companies in today’s digital age. Pharma companies rely on scientific investigations to develop new drugs and medicines that sit better with users. They can separate themselves from the competition by developing new medication or treatment techniques, transforming their reputation and market standing. A new medicine can become a pharma company’s unique selling point (USP), as in the case of Pfizer’s vaccine. However, drug discovery and research processes are not easy and come with significant challenges. Companies would need to invest in pharma market intelligence to overcome the increasing complexities of clinical research revelations.
Understanding the concepts of clinical research and market intelligence
Clinical research aims to develop new drugs or treatments for incurable diseases. It refers to the process of investigation and analysis, without which clinical trials would fail. Such trials also include testing subjects to learn about the side effects and benefits of a pharmaceutical product.
What lab technicians need to complete clinical research successfully
Rich insights are essential for clinical research. With the help of market intelligence, pharma companies would have enough data from market reports, the latest trends, forecasts and real-time reports to conduct a clinical trial successfully. Predictive analysis and other data analysis techniques also generate rich insights.
How market intelligence helps overcome the complexities of clinical research
- Shortlisting patients
A clinical trial follows clinical research. A company cannot expect to launch a new drug in the market without performing trials. A big concern of pharma companies is their struggle to find suitable patients for clinical trials. This is understandable. Say a pharma company wants to develop a new drug for leukaemia. To perform clinical trials, the company would need patients who have leukaemia. If they were to go scouting individually, they may not be able to gather the right set of patients. This predicament delays trials, and companies may have no choice but to wait for patients to volunteer to undergo novel under-trial leukaemia treatment.
If the pharma company does not find the right trial patients, it will simply not succeed in developing a new drug; it would not even be able to try. Pharma market intelligence enables pharma companies to access digital patient data from hospitals. This would help them quickly determine the right set of patients with the relevant symptoms/characteristics needed for life-saving research and development.
- Trial data evaluation
A vast amount of data is generated after each clinical trial. Unfortunately, this data is not always appropriately structured. Therefore, the unstructured data needs to be evaluated to generate rich insights for a successful clinical trial. Clinical research revelations are beneficial only when effective data evaluation techniques are applied. Market intelligence would help pharma companies generate rich insights from a vast data pool.
- Lifecycle management
Clinical research can be conducted in different phases. There is an entire lifecycle for developing a new drug. Drug discovery, preclinical testing, clinical studies and target validations are some of the phases involved. Pharma market intelligence helps investigators maintain the lifecycle of a new drug. Market intelligence reports help investigators remain on the right path.
A pharma company does not have to hire in-house researchers for market intelligence. It could outsource its market intelligence requirements to a reliable third party and have easy access to final reports.
