Well, it is not an easy task and we need to analyze several points before we start the study.
Our market research should be focused on the following parameters:
- Disease landscape
- Competitive landscape
- Regulatory framework
In this article, we will cover all the points which should be considered while doing market research.
To understand the disease landscape, we need to study the following sub-parameters:
- Epidemiology which will include the disease incidence and prevalence
- Unmet needs in the market
- Drivers and barriers in the market
- Current standard of care in the market
- Cost of different therapies with their MRP, price per patient and sales channel
Next important point is to study the competitive landscape. This will include:
- Current marketed therapies (branded and generics)
- Players in the market, their market share
- Distribution channel and their marketing strategies
Then, comes the regulatory framework. This includes:
- The approval process for the manufacturing plant
- Approval timeline
- Approval requirement
- Market access
- Pricing
For conducting such kind of study, we need to conduct both primary and secondary research. Big data sets will come into action. All the analytical elements need to be analyzed properly to get the best insight of the data.
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