In August 2005, Forbes magazine reported that it takes, on average, $800 million and 14 years to develop a drug and win Food & Drug Administration approval. With so much at stake, bio-pharmaceutical companies can’t afford to miscalculate the market.
Product sales forecasts are the backbone of healthcare marketing strategy. This is particularly true for the pharmaceutical industry, where less than half of all products that make it to market ever recoup the high costs of required research and development.
Yet as a result of shorter product lifecycles, complex incentive structures, regulatory adjustments, and other industry dynamics, achieving accurate forecasts for these products is more challenging than ever. Unfortunately, there’s no crystal ball or magic formula that’s going to flawlessly forecast a brand’s performance.
So as with any market research project, your forecasting study will yield the most accurate and relevant information if you use appropriate resources. This means more than appropriate methodology and great data; meaningful interpretation requires keen insight to your product’s disease category and marketplace. Choose a research partner who understands your business as well as the issues and events that will affect your company and its competitors during the forecast period.
As your consultative partner, G & S Research can help you make reliable predictions about your products market performance by developing an appropriate and focused research program. Your study will be custom-designed to address the current reality and idiosyncrasies of your business, your product, and the market you hope to win.
Equally important, the deliverables you receive from your G & S research team will provide timely, relevant, and insightful information in easy-to-read, presentation-ready formats. It’s one of many ways we show our commitment to making your job easier.
Access the resources on this page to better understand and approach forecasting market research.