Why Your Pharma Company Needs Market Research Services India

Given its sheer number, India is a potent market for the pharmaceutical industry. But its complexity and unique local market situations need deft and knowledgeable firms offering market research services in India.

The presence of market research in the pharmaceutical industry has been long established. Research is often paired with development and is an important aspect of strategy planning. Its role is highly respected and its results are considered crucial in the company’s development.

The dilemma lies in hiring the right research firm. If you are heading a firm with an international market, getting your research right is crucial and most companies look for an outside agency for this job. Market research services in India are fast emerging as the number one choice for those looking for reliable results.

But, what gives Indian firms an edge? Let’s find out.

Strong local market: For companies eyeing the lucrative and ever-growing Indian market, one issue appears to be the common hurdle. The Indian market is not the easiest market to break into. There is a strong local pharmaceutical industry. In addition, many high-priced drugs have much cheaper generic substitutes.

A local market research firm can offer invaluable insight. For instance, if you are planning to launch an expensive treatment which already has a cheaper local alternative, research can expose newer markets. Which segment will be willing to spend extra for your treatment? How can you approach your targeted market.

Complex local situations: In addition to local competition is the unique pharmaceutical market of India. There are a number of complex situations that straddle the social, economic, ethical and legal sphere. A foreign firm is often ill-equipped to handle this very complexity. They miss out on social cues or fail to grasp the diversity of Indian market. Often they are also ignorant of some of the nation’s more arcane laws.

Finding the right market: An important brief for most market research services in India usually is to find the right market. Overseas firms looking to invest millions of dollars in the Indian market are justifiably cautious and the right market can make or break their campaign. It is not just about finding the right income bracket, research also focuses expansion. How can a specific drug taken across the board? Can there be specialist versions or alternatively, a more affordable treatment.

Deciding on delivery systems: The delivery system is also a crucial aspect for a pharma company. Selecting the right mode can be critical for your success. With both private and public players, firms are often faced with a difficult. Research shows the correct and most effective way of distributing your product — choose one system or both.

For instance, a relatively expensive drug for neurological problems found few takers. Research showed a high demand of relevant treatment in the public distribution system. Following this, the company decided to offer the drug at highly discounted prices for a limited time period. This raised awareness, eventually creating more demand.

Justifiable use of resources: Ultimately the biggest reason to hire market research services in India is the efficient use of resources. Using in-house teams can be time-consuming and wasteful. An Indian firm can offer multiple benefits with simple research from strategy planning to marketing. In other words, you use less for more.

Ref:- http://www.articlesbase.com/marketing-tips-articles/why-your-pharma-company-needs-market-research-services-india-7424488.html