Gathering and analyzing primary research data helps to deliver a comprehensive understanding of the target market, enabling businesses to create effective strategies that are tailored for maximum impact-but this only the beginning.
Secondary data analysis gives companies the tools they need to quantify their findings and uncover new potential opportunities giving them a 360° view of their target market.
In an ever-competitive pharmaceutical market, Patient-Level Data (PLD) is emerging as a powerful resource for marketers. Rather than relying on prescribing behavior alone to understand their markets and products’ performance, marketers can now access PLD data to fill in the gaps – reducing speculation from marketing decisions and boosting sales over time.
Pharmaceutical companies are constantly in pursuit of the holy grail: a medical solution that meets an unmet need. To ensure their products reach commercial success, they dedicate substantial resources to exhaustive market research and customer calls – but this is only half the battle! Once these needs have been identified, pharma must take decisive action to turn potential into reality; PLD helps them do just that.
Case Study: Opportunity Assessment Using Real World Evidence (RWE)
A forward-thinking pharmaceutical company was presented with a unique challenge – having limited resources to invest in developing their innovative biologic, they had the difficult decision of choosing which indication should take precedence. Fortunately, this revolutionary drug holds treatment possibilities across three or more areas, providing them multiple attractive options as they strive towards medical progress.
To combat this, KMK used PLD in a variety of analyses:
First thing's first: Understand Your Market
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