What is Primary Market Research (PMR)?

The fundamental concept of primary market research is quite simple—go out and observe, listen, and interact with potential customers. It sounds easy, but it is not. Here are some of the pitfalls to be aware of before you start the process.

Pharmaceutical, biotech and life sciences companies are able to capitalize the immense secondary data source for smart, well-informed decision-making on commercial operations, sales and marketing to segment their targets, match them to optimal channels and develop effective messages for internal and external stakeholders. Secondary data offers little in the way of insights to help pharma companies understand why a target group is behaving a particular way or which channels it prefers. Making assumptions about behaviors and channels based purely on secondary data can lead to inappropriate tactics, missed targets and wasted resources.

Considering the dynamicity of the Pharmaceutical, biotech, and life sciences ecosystem secondary data sources sometimes are not robust enough for smarter decision-making. The data from the secondary domain could be presented with respect to the perspective of the author/ publisher. Many business questions are being unanswered, specifically around the patient journey, patient outcome, and essentially characterizing a disease progression based on the patient’s point of view, a fact to realize secondary data sets have their own limitations.

However, Thelansis supporting their with a newer emerging integrated approach, in which combination of primary market research (PMR) and secondary data analytics yield robust insights than standalone of each discipline and help our clients in many areas; new product development, identification of unmet need, competitive intelligence (CI) and many more. Thelansis Primary market research (PMR) scoop out the answers for the most appropriate target, preferable channels to reach the target effectively, perception of influencers/ Key Opinion Leaders (KOLs), product fit into competitive landscape, clinical endpoints covering unmet needs and beyond.

Primary market research (PMR) bridges the gap to information generated through the secondary research, where secondary data presents a snapshot of what is happening, such as the highest prescriber in a class, early adopters vs. laggards, etc. Secondary source data, however, cannot explain why a specific physician or group of physicians is prescribing or not prescribing a product. Primary research can uncover the reason behind the data.

Riyanshi has been writing articles and other online content for last many years.