Pharmaceutical research and development is a cost heavy exercise with the rising expenses involved in drug discovery, R&D investments, complicated review processes and the lack of availability of skilled personnel. Outsourcing pharmaceutical clinical research to a destination such as India can be beneficial because of its educated workforce and lower operational costs.
Outsource2india has been working with pharmaceutical and healthcare organizations around the world, in meeting their pharmaceutical - market research and development needs. With a well qualified team of chemists, biologists, PhD and MBAs we can quickly get up to speed in your research activities whilst giving you the cost advantage that outsourcing and India have to offer.
At Outsource2india, we have expertise in the following:
Affinity analysis is a statistical method to find cross relationships between different variables in a database. Although not completely accurate it is a cost effective way of identifying new opportunities to position and sell your products in the market.
Outsource2india can conduct in-depth affinity analysis on your product portfolio to find new ways to sell your product in the market and lower your pharmaceutical research development costs. A popular method of affinity analysis is Market Basket Analysis which is explained below.
Market Basket Analysis attempts to uncover the purchase habits of consumers. Though frequently used in the retail industry, this method can be applied to any other industry in knowing how products / services are purchased. Market basket analysis is typically used to find information that can be used to cross-sell your other products.
For example, one of the aspects in market basket analysis is to find what product combinations are made during a purchase. Outsource2india can conduct an in-depth analysis to provide you with information on how to better cross-sell your products.
One of the ways to obtain a ’bird’s eye view’ of how your market is responding is to study the market in terms of your competition, your product share and the trend of the sales of your product over a particular period of time.
Usually analyzing the market share is one of the first steps in pharma research. The data obtained here is then used to formulate further tactics to take action or conduct further research.
Prescription analysis provides details on the number of items (drugs) and the net cost of all prescriptions across a particular geographic area.
This is particularly useful when you are planning to undertake a new drug discovery aimed at a particular market or when assessing how similar products are performing. This is akin to pharmaceutical market research where certain conditions / parameters in a market are studied.
Like any other consumer product company in the market, pharmaceutical companies also need to rely on the power of branding in selling their product. Outsource2india can help you find the brand recall for your products in your target market. This can help you find the strengths, weaknesses and opportunities to improve your brand identity among consumers.
Studying the prescription habits of medical practitioners / physicians as part of pharmaceutical research can shed light into why physicians tend to refer to a particular drug(s) for a particular ailment(s). Data can also be obtained for a huge sample of physicians over a geographic area. This method gives you useful insight into how your product can be packaged into a selling proposition to medical practitioners who in turn will prescribe it to your consumers.
Contact us to outsource pharmaceutical research services.