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:
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.