MRX time machine: How to use time series forecasting to improve your demand assessment
In the second part of our Innovation in #MRX series we demonstrate how to use time series forecasting to better inform product uptake and competitive scenarios up to 10 years into the future.
Understanding likely demand for a new product or service is essential to help develop the right brand strategy. Techniques such as conjoint and fixed product profile assessments are great for evaluating the market landscape and opportunity, but are they enough? Can we predict the future with greater accuracy? Time series forecasting is one of the latest market research innovations we have been championing at Research Partnership and we would like to share the benefits of this technique with you.
How we used a hybrid qual-quant methodology to assess the market opportunity for a new rare disease treatment
Our client is a recently established independent biopharmaceutical company specialising in small molecule development. They were developing a new oral compound for the treatment of a rare genetic disease for which the standard treatment is administered intravenously, however a large proportion of patients receive monitoring only or remain undiagnosed. Their objective was to successfully launch their product in order to provide clinically meaningful benefits to patients and contribute to the overall growth of their business.
Research Partnership welcomes Misti Paul as Analytics Director
Research Partnership is pleased to welcome Misti Paul, who recently joined the company as Analytics Director.
Misti has over 16 years’ experience in statistical modeling and market research. Before joining Research Partnership, Misti headed up her own advanced statistical consultancy firm Advanced Analytics, providing statistical modeling and consulting services to global pharmaceutical, biotech and medical device companies. She specialised in the areas of merger and acquisition modelling, segmentation, new product development, conjoint methodologies and other analytical techniques.
Comparing apples and oranges: Is a global segmentation transferable?
When our clients are considering primary market research in emerging markets they typically face two challenges - a lack of good local data and budget.
The absence of reliable and up-to-date information in emerging markets should mean that a greater budget is allocated to primary market research. However, in reality the opposite is true. Consequently, our clients want to know if they can tailor global studies to reflect the nuances of different emerging markets.
How a hybrid approach delivered fast insights to feed into an oncology product’s adoption strategy
Our client wanted to quantify how ovarian cancer patients are managed prior to product launch, but also needed to understand why patients do or do not receive key diagnostic tests or therapies. Time constraints limited the ability for a full qualitative phase.