How to Conduct Medical Market Research

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How do healthcare professionals decide on what products to sell in the healthcare marketplace?

When a consumer purchases a health care product, it is usually because a patient needs a medicine and it is an item that they do not choose to buy. The healthcare market consists of pharmaceutical companies, businesses who supply medical devices, care facilities, healthcare providers and patients.

Healthcare professionals need to ask questions to establish what needs there are for different products. Discover what steps you need to take when carrying out medical market research in this simple guide.

1. Define the Objectives for Your Research

To begin your market research, you will need to determine what your goals for will be. You should consider whether the study will focus on the whole of the healthcare market or just part of it. For example, the audience for your market research could be regional, global or national. Think about the characteristics of your participants. For your market research, you might want to find out about the motivations for your patient’s purchases, their reaction to a product or how often your businesses messages reach your target audience. One popular approach involves participants using a product and then being questioned about their attitudes and feelings towards the item. Participants are tested with a set of questions before and after the product has been used.

2. Select the Appropriate Research Method

Take some time to research which method would enable you to get the right information out of your audience. Decide whether you need to use qualitative, quantitative, or both types of research so that you can ask questions and collect the data you need to answer your objectives. Some methods you could include in your research are personal interviews, focus groups, and surveys. If you are dealing with sensitive health issues you might want to be careful which method you choose, for example, a diary or survey might be better for this kind of medical topic. A conjoint analysis can help to assess and predict how likely a purchase is to happen based on the different options that are given. A combination of methods often work best and will provide an optimal answer to your research question. Once you have chosen the methods you are using for your market research, take some time to understand how to analyse the data that you collect.

3. Choose a Research Company to Assist with Your Project

If you’re researching a complex topic, you might decide to hire a research company to help you. You should choose a company that have had previous training and experience in researching complex medical topics. The market research company you use should have the skills to analyse any data that you provide them. This will help you to make informed decisions about the overall outcome of your research.

However, if you decide to conduct your own medical market research, follow PPCR’s guide. Learn how to define the objectives for your research, select an appropriate research method and choose a research company to assist with your project to successfully gain an insight into your consumer’s requirements.

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