Why Market Research is Crucial for Life Sciences Companies
Market research is the procedure of investigating the viability of a new service or product by engaging with potential clients personally. Market research assists businesses in comprehending and interpreting an ever-more complicated reality and creating profitable business plans.
Market research is an essential tool for the life science industry as it helps companies to understand the needs and preferences of their customers, stay informed about market trends and competition, and make informed decisions about product development, pricing and marketing strategies.
Lifescience companies are embracing advanced analytics swiftly for application in a range of functional areas, such as supply chain, R&D initiatives, clinical trial design, regulatory compliance, sales and marketing, and pharmacovigilance. The SARS Covid-19 pandemic directly affected the life science sector and highlighted the potential advantages of technology development in the pharmaceutical and healthcare sectors. According to Grand View Research, the life science analytics market expanded by 16.0% from 2019 to 2021 and is predicted to expand by 7.5% to 8.4% over the next five years.
Here are some specific ways in which market research is used in the life science industry:
- Data Management : Market research can help manage chemical and scientific data for life science research, including chemical structures, reactions, and properties. This can improve the accuracy and efficiency of research and development efforts.
- Research and Development : It can provide access to a vast collection of scientific literature, patents, and experimental data. This can help scientists stay informed about the latest research and develop new products and solutions.
- Quality Control : Market research can be used to ensure the quality and safety of products in the life science industry. The system can provide information about chemical hazards, toxicity, and regulatory compliance, helping companies comply with safety and environmental regulations.
- Chemical Inventory Management : It can be used to manage chemical inventory, including ordering, tracking, and disposal. This can help ensure that companies have the necessary materials for research and development while maintaining safety and environmental standards.
- Collaboration : Market research can facilitate collaboration between companies which can lead to improved funding, efficiency, knowledge sharing and innovation.
There are tons of services that can help one in achieving all the above and one such ecosystem of such services is provided by Lifescience Intellipedia Pvt. Ltd. which is an Indian market research provider based in Delhi – NCR region and provides various services such as Market research (survey, landscape studies, patent analytics) , Chemxpert Database (Buyer and supplier information), Clivial Database (clinical research analytics, organ drugs etc.), Regulatory Services ( licensing and certification, dossier and DMF etc.) and Consulting Solutions across various lifesciences and pharmaceutical industries.