Quality market research for the pharmaceutical industry. Discover key strategies and benefits of using market research to drive growth in the pharmaceutical industry.

From a glance

Did you know that over 60% of the drug launches in the UAE used to fail within two years? Yet, the pharmaceutical industry in the country is set to hit $4.5 billion by 2027. No way you are thinking that is magic. It is the effect of smart market research.

Effective market research for the UAE’s pharmaceutical industry is a game changer. It will help companies decode patient needs, outsmart competitors, and convert data into healthy decisions.

How is Market Research for the Pharma Industry Relevant?

The basic reason for conducting market research is to know what the customer needs. Then work towards ensuring they get it. The role of market research in pharma cannot be underestimated.

It involves analyzing patients’ data to improve waiting time, treatment plans, and patient behaviour.

It answers questions like;

–       How do pricing models impact UAE market adoption?

–       How to avoid delays during the drug approval process?

Types of Market Research for Pharmaceutical Industries

1.     Primary research: This includes using surveys, focus groups, and interviews to collect data from medical practitioners and patients.

2.     Secondary research: This is a process of analyzing existing data from industry experts, government databases, and competitor analysis.

3.     Competitive analysis: Identifies market gaps and reviews areas for differentiation.

4.     Regulatory research: Deals with compliance. Ensuring health and safety laws are abided by.

5.     Product Testing: This requires gathering real-time feedback before product (drug) launching.  

Forms of Pharmaceutical Market Research

Depending on the area of focus, there are different areas of pharmaceutical research services.

Competitive Intelligence

The objective of competitor intelligence is to analyze competitor’s strategies, pricing, product portfolios, and positioning. Services here include SWOT analysis, sales performance comparison, and patent analysis.

Product and Drug development research

This part helps to optimize the process of drug formulation and development. Making market entry easier. It also designs strategies that ensure due diligence is done before releasing drugs into the market.

Services include preclinical and clinical trial analysis, drug adoption, and compliance studies, patient journey mapping, and so on.

Market Assessment and Opportunity Analysis

Identification of market potential, size, and growth opportunities. This includes market sizing and segmentation, demand forecasting, and a feasibility study for market entry.

Pharma Industry Growth Strategies

Three major growth strategies will be discussed here.

1.     Pinpointing unmet medical needs

2.     Optimizing market entry timelines

3.     Maximizing ROI on promotional spend

Pinpointing unmet medical needs

Dubai’s diabetes hit whooping 19.3% in 2023 with only 40% of the patients adhering to treatment. Thorough market research revealed gaps like wearable insulin monitors to drive innovation. For instance, famous pharma company – Novo Nordisk used patient surveys to design user-friendly injectable, capturing up to 40% of the total Golf Cooperation Council insulin market.

Optimizing Market entry timelines

Pharma companies that have robust and updated data in the UAE enjoy a fast drug approval process. Reducing launch time by 30%. Cultural preferences and telehealth options are major contributors to this optimization.

Maximizing ROI on promotional spend

Research showed that about 68% of UAE doctors prefer digital detailing of patients over in-person visits. This made a Dubai-based pharmaceutical slash its marketing budget by over 20%.

Why Market Research Is Important for Pharma Industry Growth?

Identifying demand and consumer needs

Market Research for Pharma Industry helps companies understand patient needs. Making it easier to develop the right drugs for their condition. Instead of wasting resources on drugs they may not need.

Enhancing drug development and innovation

Developing a new drug costs billions of dollars and can take as long as 10-15 years. However, with market research industries can reduce this gap and also cut costs. Testing potential drug formulations before full-scale production, identifying gaps for new drug innovation, and collecting clinical trial data to assess safety and effectiveness.

Ensuring regulatory compliance

The UAE has strict pharmaceutical regulations. Market research helps pharma companies understand these regulations. It also helps them keep up with regular updates in the drug approval processes. It also helps to identify the potential risks in manufacturing and distribution.

Market positioning

Companies must place a target on their competitors’ backs to maintain their position in the market. This approach helps to identify emerging players, understand customer preferences, and analyze competitor’s strategies.

Optimizing sales and marketing strategies

Market research for pharma industry helps them to segment their target audience. It aids strategic positioning and prevents the wastage of resources. Resources are channeled to the right place at the right time.

It also helps to identify the best marketing channel and leads to improved return on investment.

Quick Answers to some Pharma Research Questions

How much does a pharma market research cost in the UAE?

Prices for pharma market research in the UAE are not fixed. It depends on a couple of factors. Like the niche, survey type, and the resources available. Niche surveys can cost as low as $15,000 while multi-country clinical trials can cost up to $200,000.   

What mistakes do pharma firms make in the UAE drug research?

A common mistake is overlooking generics. 45% of UAE prescriptions are generic. These firms fail to analyze their pricing strategies and stand at risk of a launch failure.

What factors can speed up the drug approval process in the GCC?

Adherence to local patient data, accurate competitor benchmarking, following the International Council for Harmonization guidelines, digitalization and automation, and so on.

Closing words

So now, you can see why some pharmaceutical companies thrive and others just wither away. Market research holds the key.

The UAE’s pharma sector will continue to grow. And only companies who invest in market research will benefit the most. Companies using market research can avoid launch risks, boost patient trust, and stay ahead of the country’s innovation curve.

The next breakthrough in pharma isn’t just about science. It’s about strategy and Researchers can help you unlock the growth strategies customized for UAE markets.