Healthcare is an extremely broad industry with many moving parts. Conducting accurate market research requires involving a number of different groups, including: healthcare providers, patients, stakeholder groups (e.g., medical and para-medical personnel), caregivers, medical suppliers, and other key components of the healthcare continuum. How syndicated research works?
Syndicated Research Basics
Syndicated research offers a very cost-effective and time-efficient way of collecting and compiling relevant information pertaining to these groups. It is also a practical way to gain generalized market insights and identify macro-level trends before venturing into the more costly custom research strategies that may be needed at a later stage of a pharma product.
Syndicated research ideally provides that a true representative sample of the overall market is studied rather than the smaller subject population typically focused on in custom research.
Companies participating (i.e. ordering) in syndicated research will receive a standardized set of data and information, in contrast to a customized report. Due to its general nature, syndicated research is available to all so the strategic advantage falls upon your company to identify and target beneficial information within the study.
Syndicated Research Benefits
The larger sample is expansive enough and weighed appropriately to generate more accurate data that is largely indicative of the industry. Syndicated research may also give certain companies an advantage by providing some market intelligence on how to best position new drug therapies or pharma products against competitors. It can also help distinguish the overall strengths and capabilities of a marketing research firm in regard to particular categories of data and market intelligence.
How to Make Syndicated Research Effectively Work For You
In order to maximize the benefits of your syndicated research, you may want to consider requesting that the marketing research firm expand their research to include questions that specifically apply to you. The results of your customized set of questions will then be compiled and analyzed separately with your specific objectives in mind. Therefore, you still benefit from the cost- and time-effective efficiencies of syndicated information, but have the added advantage of receiving more personalized and proprietary information from expanded questions.
Bear in mind that the most effective and meaningful syndicated research is conducted over an extended period of time, rather than in a one and done manner. The market is a continuum and should therefore be treated as such. In “syndicated tracking studies”, research is performed repeatedly over a given time period among the same group of study participants. This allows for the analysis of change and the factors that are driving that change. They also take into account change in regard to brand/product awareness, satisfaction, and sentiment, and effectiveness. With this information your company can better make market decisions on what methods to use, when to market, and what messages may be most effective.
Contact us if you want to know more about our hyperkalemia and hyperphosphatemia PROfilers.