Outsource Pharmaceutical Research to India

The Tufts Center for the Study of Drug Development estimated that the cost of getting a new drug into the market in the late 1990s’ was a whooping $897 million. A decade later the prices could only have gone higher. Yet it will be surprising to note that of all the drugs researched and developed a mere 21% get approved as safe for human consumption.

The time, costs and logistical requirements that go into pharmaceutical research make it the forte of only a few pharmaceutical companies.

Pharmaceutical research can de classified into two main sections:

1. Drug Development

Pharmaceutical research and development is the core of any drug development process. It involves:

• Identifying chemicals and testing their therapeutic, pharmacological and toxic properties
• Testing the drug for therapeutic benefits and side effects
• Launching the drug in the market

2. Market Analysis

Involves studying market trends to position the drug effectively. The process is broadly classified into:

• Affinity Analysis, which helps position and sell the product in the market
• Market Basket Analysis, which studies the purchasing behaviour of consumers
• Market Share Analysis which involves doing a comparative study of the product vis-à-vis competition and market trends
• Prescription Analysis, analyzes prescriptions across geographies to determine how similar products are performing
• Brand Related Research, analyzes the strengths, weaknesses and brand propositions of the product
• Study of Medical Practitioners such as doctors to understand why they prefer a specific drug for a particular ailment
  

Scope of Pharmaceutical Research in India

India is a booming destination for pharmaceutical research outsourcing. Its main advantage is a qualified work force and lower operational costs. Hence it ranks high on quality and competitive pricing. Choose India for pharmaceutical research.

Perceptual Mapping - The Trusted Tool of Marketing Planners

For companies planning to launch a new product or desiring to know which market segment they should launch their product in, perceptual mapping can be incredibly useful.

What is Perceptual Mapping?

In consistent use by marketing planners for over three decades, Business Directory defines perceptual mapping as - a marketing research technique in which consumers are asked questions on their experience about a product, and these qualitative answers are transferred to a perceptual map using a suitable scale such as the Likert scale. The results are employed in improving the product or in developing a new one.

Why is Perceptual Mapping Used?

Perceptual mapping is commonly used by senior marketing planners to get a broad graphical representation of the strengths and weaknesses of their product, product line, service and company vis-à-vis their competitors. It also allows marketing planners to view their customers and competitors simultaneously in the same realm.

Methods of Perceptual Mapping
There are two methods of developing a perceptual map

• Attribute based rating – which involves factor analysis
• Similarity based rating - which involves multi-dimensional scaling

Steps in Perceptual Mapping

Preparing a perceptual map involves three steps, namely:

• Data collection
• Data analysis
• Presentation

While perceptual maps can have any number of dimensions, a 2D map is most preferred. Any more can become a challenge to draw and confusing to interpret. However, one must also remember that perpetual maps work best for functional attributes like price and product features, and in there lays its limitations. With India becoming a favored KPO destination, perceptual mapping, the widely used tool of market planners, is likely to be outsourced to India in a big way.