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Major pharmaceutical companies typically spend around $3 - 4 million on pre-launch research for a product, and spend an average of $710,000 on post-launch or 'in-line' product research, according to a new report from US pharmaceutical intelligence firm Cutting Edge Information.
In-line pharmaceutical products are seen to require lower investment than pre-launch, but there is wide variation in the amount allotted with some companies still regarding research as highly important post-launch, while others give it far less emphasis. One company's strategy pushes nearly all of its considerable market research resources into product development, leaving in-line products with an average market research budget of only $50,000 each.
The report, entitled 'Pre-Launch Pharmaceutical Market Research: Decision Support for New Product Development' contains details of market research budgets, strategies and tactics from leading pharmaceutical companies including Pfizer, AstraZeneca, Eli Lilly, Bristol-Myers Squibb and Aventis.
Cutting Edge is based in Durham, NC and provides primary and secondary research reports, combining specialised business intelligence with information on the practices of top-performing companies.
'While most pharmaceutical companies drastically cut market research spending after launch, there are still a great many lifecycle management activities that companies can invest in', said Jason Richardson, Cutting Edge Information's CEO. 'Companies should allocate post-launch market research budgets to conduct key strategic lifecycle management activities'.
The report gives detailed financial information from the Top Ten pharmaceutical companies and covers the following key metrics:
All articles 2006-23 written and edited by Mel Crowther and/or Nick Thomas unless otherwise stated.
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