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We’re sharing key insights gleaned from the KMK team at PMRC USA 2023, which promises to shape the face of modern healthcare going forward.
Healthcare is an ever-evolving industry, making up a staggering 20% of the U.S. GDP. So how should pharmaceutical companies participate in this journey? To find answers and gain valuable insight into the sector’s development, the KMK Insights team attended the prestigious Pharma Market Research Conference (PMRC) 2023. This annual conference brings together executives from all sectors within healthcare looking for solutions in market research. Armed with fresh insights, our experts are now ready to guide you through these uncharted waters and drive successful outcomes!
Pharma is entering a new era of discovery, as evidenced by this year’s conference, which was packed with topics that push the industry forward. Attendees discussed groundbreaking topics such as the emergence of evidence-based medicines, quantifying physicians’ subconscious behavior, a multi-model approach to patient-journey mapping, and more; but it was design thinking in market research and a cross-functional approach that truly hit home.
Design Thinking in Market Research
By harnessing the power of the design thinking approach, the consumer market has soared to success through the practice of keeping end-to-end clients within their respective companies and engaging external stakeholders. Pharma, while slower on the uptake than consumer brands, has made recent advancements by utilizing technology for video takeaways and snippets with internal teams as well as social listening methods that provide insight into what patients need. All these measures are critical to staying ahead in an ever-changing landscape where timely insights are key.
By incorporating design thinking into the market research process, you can take a comprehensive approach to understanding perspectives from internal and external stakeholders – with patient needs staying at the core of everything that you do. This method gives you the opportunity to gain a broader understanding of an issue by leveraging mental models in order to provide more powerful insights.
Holistic Solutions with Cross-Functional Synergy
As healthcare teams strive for change, breaking down the walls of silos and working as one cohesive unit is key to driving improvement. Collaboration between multiple workstreams can prove beneficial for optimizing resources and freeing up valuable time. The end goal? A much smoother experience for patients when they interact with providers, ultimately serving the patients’ needs more effectively.
While Pharma companies often are structured in silos, KMK breaks these down by integrating secondary data from other areas of our clients’ business with primary approaches, allowing them to maximize the available insights to answer all of their business questions. By embracing this new model now, you can provide healthcare services that are nothing less than excellent in all facets going forward.
The pharmaceutical industry is rapidly transitioning to value-based healthcare, calling for a shift away from one-size-fits-all approaches. To truly gain useful insights into their clients and what matters most to them, firms must integrate both primary market research (such as surveys) with secondary market research (analyzing existing data about patients).
Investing in understanding patient needs through multi-disciplinary strategies will help build valuable relationships between corporations and those they serve – building trust, fostering loyalty, and creating innovative solutions that go beyond simply checking boxes.
KMK Has You Covered
KMK takes a 360-degree approach to market research. We evaluate primary and secondary data, conduct desk research, and tailor our results for each organization’s unique needs – so you get the insights that are most valuable in answering your business questions. Let us show you why we’re different – contact us today!