Market research is the best method for knowing and understanding customers, specifically their needs, wants, expectations, and buying habits. By giving a clear direction and removing the guesswork when coming up with new products and services, the findings of these studies are vital to the marketing strategy and product development of an industry producer. Through market research, producers and service providers can get a clear picture of what customers need and focus their resources on fulfilling these needs.
In healthcare, market research is crucial for discovering the needs of the industry’s members, from pharmaceutical companies to hospitals to patients. The focus of market research for healthcare, however, are often the patients and caregivers. Improvements in healthcare ultimately aim to raise the quality of patient experience.
In other words, healthcare market research is about gathering opinions, recommendations, and facts. Their findings often become a cornerstone for innovations in the healthcare industry.
Types of Market Research in Healthcare
Market research for healthcare can be conducted through any of these formats:
- In-depth, one-on-one interviews – Patients and caregivers can be sensitive about their privacy. For some, it takes time before they feel comfortable enough to share all of their concerns and expectations. One-on-one interviews help researchers get all the data they need and keep the patient’s information strictly confidential.
- Focus groups – This method is best for companies that are developing new products and services. One-on-one interviews may give researchers lots of insight, but sometimes it is only during brainstorming sessions that certain ideas take shape. Focus groups can also bring together patients with the same medical condition to share their experiences in one discussion group. The conversations between different patients and caregivers are often eye-opening and a valuable source of information for researchers.
- Enthographic research – This method is a combination of interviews and observations of research participants. Many consider it to be the most accurate source of data. With interviews, respondents have to rely on their memory and might not be very accurate with their answers. Ethnographic research, on the other hand, can verify testimonies by observing the participants in real time survey research.
The Benefits of Healthcare Market Research
Here is a list of the benefits that industry members get from market research:
- Helps companies stay competitive and innovative.
- Identifies the strengths and weaknesses
- Increases knowledge
- Helps producers spot potential problems
How It’s Done
Researchers typically need to find enough people who can be a part of their study. They and their sponsors often go out in the field and do everything themselves: recruit patient respondents for the market research, conduct the study, collect data, interpret the findings, and offer suggestions or solutions to the pain points.
There is, however, an easier method: sampling patient panels.
Patient Panels: Simplifying Market Research for Healthcare
Patient panels refer to the groups of patients who are assigned to a doctor or medical team. They are assembled in such a way that patients with similar conditions and healthcare needs belong to one group. They all share the same physician and medical team.
Touching base with patient panels and getting them to become respondents to a healthcare market research is cost-effective and time saving. If researchers need to get market data about Hemophilia, Multiple Sclerosis, Breast Cancer, or Diabetes, all they need to do is get in touch with physicians who specialize in these diseases and ask information on how to recruit their patient panels as research subjects.
Rare Patient Voice Does the Work for You
Take advantage of the conveniences patient panels offer and get in touch with Rare Patient Voice. We connect patients and caregivers with healthcare market researchers. We help the former get their needs and concerns through to researchers and, hopefully, to the pharmaceutical companies and healthcare providers.
Determine your next steps as healthcare providers by conducting market research. Get in touch with Rare Patient Voice and submit a proposal request for patient or caregiver samples.