31.8% of Pharmaceutical Companies Lack a Centralized Market Research Database
RESEARCH TRIANGLE PARK, NC--(Marketwire - September 18, 2007) - According to a study by
pharmaceutical business intelligence leader Cutting Edge Information,
despite the availability and efficiency of database technology, nearly one
third of pharmaceutical companies still do not take advantage of a
centralized database for disseminating market research findings.
(http://www.PharmaMarketResearch.com). The fact that 68.2% of
pharmaceutical companies have implemented such a database underscores the
importance of technology in communicating market research findings
internally.
While those companies that go without database technology must rely on
presentations, e-mails, and other channels to communicate market research,
those companies that use a database have a centralized structure to deliver
information quickly to employees that need information. Market research
projects vary in levels of confidentiality and sensitivity, and a database
often allows market research executives to restrict access to certain
findings or reports to the appropriate parties.
Many companies with centralized databases conduct presentations about
market research findings and then post summaries and key points within the
database so that employees can easily find the information. Even with a
concise presentation, employees cannot be expected to remember specific
data so a centralized database can act as a useful tool to put the
information at their fingertips.
Lead researcher Elio Evangelista, research team leader at Cutting Edge
Information, said that implementing a database for market research is a
best practice among the companies his study examined. "Technology should
not replace human communication, but databases can be leveraged to
supplement in-person presentations. A centralized database can direct
employees to pertinent information and ensure that no one misses out on the
opportunity to utilize helpful market research."
"Developing Integrated Market Research Functions: Decision Support for
2008," available at http://www.PharmaMarketResearch.com, is an extensive
guide outlining surveyed companies' market research structures, budgets,
staffing and outsourcing metrics. The report also includes best practices
and strategies for elevating the market intelligence function to a
stronger, more strategic decision support organization.
To download a free summary of this 173-page report, visit
http://www.cuttingedgeinfo.com/pharmamarketresearch/index.htm#body.