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We’ve all heard the business adage that acquiring a new customer costs 6 – 7 times as much as retaining an existing one. But how often is that wisdom applied for pharmaceutical products? As an industry, we are often too focused on driving new patient prescriptions and forget to focus on the patients already taking our product. Average treatment duration is one of the most important metrics in evaluating sales of a pharmaceutical product and small improvements translate directly to a product’s bottom-line. Read the full post to learn more!
One of our longtime clients recently engaged with us to collect physician feedback on two diabetes-related diagnostic testing panels. Because rollout was impending, rapid insights were needed to inform their decision. To obtain nuanced information quickly, we employed a new methodology called Virtual Voice-response Interviews (VVIs). Read the full post to learn more!
Clinical trials are a significant portion of the cost to bring a new drug to market. Recent research published in Clinical Trials estimated the combined average total cost of conducting a single endocrinology clinical trial in each of Phases I, II, and III was US $30.5 million. With costs this high (and likely higher as time goes on), it’s natural to wonder if there are ways to optimize a clinical trial’s impact before committing to the substantial investment required. Fortunately, market research provides two opportunities to gauge the impact of a clinical trial through use of two designed experiment methodologies.
An estimated 12 million Americans need some form of formal, long-term care (LTC). Commonly, when our clients think about the LTC market, they focus on skilled nursing facilities (SNFs), but assisted living facilities (ALFs) and home care are equally important for many products and services.
In an ever-evolving landscape, manufacturers are developing “new” products and solutions across many therapeutic areas. The key to market acceptance is differentiation, and as cost pressures increase, the receptivity towards new formulations or other line extensions with limited clinical and economic benefit is waning. To ensure your product hits home with your customers, consider understanding their needs and how your product may fill that gap.
Published by Quirk's Media on October 10th, 2018
Understanding the competitive dynamics of your market, as well as your customers’ satisfaction and loyalty, are critically important - not just for gauging your current performance, but also for understanding how to improve your performance and identify early warning signs of an issue. A measurement and tracking system must be put in place to do this effectively. Once you’ve figured out what to ask, who to sample, and how to sample them, there is one more question to answer: when (and how often) should you utilize your measurement and tracking system?