Study: Pre-Launch Spending Aids Drug Companies

Jan. 13, 2005
Compiled By Traci Purdum Early market research investment in pharmaceuticals, which starts as early as the pre-clinical stage, drives long-term market preparation and competitiveness, according to a recent study by Cutting Edge Information, a ...
Compiled ByTraci Purdum Early market research investment in pharmaceuticals, which starts as early as the pre-clinical stage, drives long-term market preparation and competitiveness, according to a recent study by Cutting Edge Information, a pharmaceutical intelligence firm based in Durham, N.C. According to the study "Pre-Launch Pharmaceutical Market Research: Decision Support for New Product Development," the average support for a developing product is $7.1 million. Top-spending organizations dedicate more than $26 million to their market research initiatives. Despite the large support investment, pre-launch spending represents only 28% of overall market research investment. "Pharmaceutical market research teams are enjoying a rebirth in strategic responsibility," says Jason Richardson, Cutting Edge Information's CEO. "By holding back pre-launch budgets, however, companies are missing the opportunity to strategically position their products and grow the market years before launch." The study contains more than 250 metrics and details how top companies allocate resources, develop strategy and conduct effective market research activities. It also contains market research budgets, staffing, strategies and tactics from 17 top pharmaceutical companies including Pfizer, AstraZeneca, Eli Lilly, Bristol-Myers Squibb and Aventis. To download the online summary of the 141-page report, visit www.pharmamarketresearch.com.

Popular Sponsored Recommendations

Empowering the Modern Workforce: The Power of Connected Worker Technologies

March 1, 2024
Explore real-world strategies to boost worker safety, collaboration, training, and productivity in manufacturing. Emphasizing Industry 4.0, we'll discuss digitalization and automation...

3 Best Practices to Create a Product-Centric Competitive Advantage with PRO.FILE PLM

Jan. 25, 2024
Gain insight on best practices and strategies you need to accelerate engineering change management and reduce time to market. Register now for your opportunity to accelerate your...

Transformative Capabilities for XaaS Models in Manufacturing

Feb. 14, 2024
The manufacturing sector is undergoing a pivotal shift toward "servitization," or enhancing product offerings with services and embracing a subscription model. This transition...

Shifting Your Business from Products to Service-Based Business Models: Generating Predictable Revenues

Oct. 27, 2023
Executive summary on a recent IndustryWeek-hosted webinar sponsored by SAP

Voice your opinion!

To join the conversation, and become an exclusive member of IndustryWeek, create an account today!