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In InCrowd’s recent 2017 State of the Life Sciences Market Industry Report we asked career life science market researchers what they fear most. Their answer: inability to understand their market.
Considering both the staggering cost and probability of failure, the pressure to ensure approved drugs succeed in the market—and the costs of market miscalculations—is extremely high.
In 2014 the Tufts Center for the Study of Drug Development estimated that it takes $2.6 billion to bring a new drug to market. That same year, according to a global study by Simon Kucher & Partners, 72% of all drug launches didn’t meet their revenue projections.
Long before FDA approval, during the early phases of a drug’s development, pharma manufacturers can’t do much to control the viability of their product. It is after FDA approval, when the drug is ready to launch, when companies can plan most effectively.
A successful product launch needs to help recoup those billions in drug development investment. But with 72% of drug launches failing to meet their revenue projections, successful launches are far from the norm.
Given this pressure, market visibility is vital—and doesn’t need to be difficult to access. Here is a short-list of how you can get the feedback you need to truly know your market:
One of the few consistencies of launches across the board is that they all bring surprises. Agile planning with the right tools and solutions can detect these surprises in real-time, before it’s too late, and help researchers handle them as thought that had always been part of the plan.
Learn how agile tracking market research software can help you meet your goals.
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