A study surveying top pharma companies found that market research (MR) buyers are largely unsatisfied with supplier results.
The Market Landscape 2008 Study, conducted by G & S Research, found that 97% of pharmas surveyed believe that “market research deliverables enable effective decision-making.” However, just 45% of the respondents said suppliers are providing effective, insightful deliverables, according to the study.
The study also found that 68% of companies want MR suppliers to be held accountable for the extent to which their deliverables impact strategy. Seventy-three percent are interested in a supplier that “defines a project's success by the extent the results influence business.” George Grubb, principal of G & S Research, said holding suppliers accountable is doable and could be the next step for MR. He cited client relationships with agencies as an analogue.
“Relationships might become closer if there is more risk-sharing,” said Grubb.
Niche agencies were also preferred, as 75% of respondents said they “prefer to work with several MR suppliers across brand projects to benefit from different perspectives.”
Grubb suggested a cautious approach to multiple suppliers: “Working with a client on more than one project makes [MR suppliers] more intelligent, and able to provide more value.”