M3 and the world of healthcare market research.
We’re frequently asked by many members of our community of healthcare professionals what happens before and after they participate in market research studies.
Market research is a vital tool for pharmaceutical companies to identify needs (both for clinicians and patients) and answer questions.
Even before they start market research focusing on developing a new drug or tool, they will have questions on where specifically they should concentrate their development capabilities.
Then, once a product is approaching the launch phase they’ll be looking to the promotion of the product, and how best to communicate its benefits to the doctors they hope will prescribe it.
After release, market research is often used to better understand what penetration the product is having, and to check that it’s being used in the right way, and prescribed to the right patient groups.
When most pharmaceutical companies start to explore their market research options they’ll engage a research agency who will then help them develop questionnaires and establish the best approach.
They’ll then work with us, handing the project over to us to carry out the research. In summary, the research process includes the following steps:
M3 Global Research has a panel of over 2 million healthcare professionals globally. Over the years our panel members have worked extensively with us, and it is this relationship that ensures we get quality data to report back to our clients in the pharmaceutical industry.
The studies can take on several different forms: the most common at M3 are the quantitative online studies where we build the surveys online and send links to our contributors; and the qualitative studies, which could be face-to-face interviews or interviews carried out over the phone.
Less frequently, we make use of more innovative techniques, such as ethnography, app studies or even scenarios where doctors will need to record themselves. Our community members decide themselves which studies they want to participate in.
After gathering the information and sending it back to our client in the format requested, the data is analysed and then helps inform decision making about the product and how it is perceived.
On the second part of this post we’ll share our members’ experiences.