Bernard M Y Cheung
Pharmaceutical market research analysis (PMRA) can validate a product’s potential reach and market penetration capabilities. Investors use it to put a value on drug-making companies and their product pipelines. Those companies use it to monitor the competition, identify potential unmet needs and value their products. Donors and grant providers use PMRA to look for drugs being developed to treat specific diseases and the likelihood of providing a cure for the disease they represent. Pharmaceutical companies need to weigh the potential of a product, which can often depend on the number of patients with the indication the drug is approved to treat. If existing products are already approved to treat that indication, a new product must represent a significant improvement to justify its development cost. Pharma firms must constantly evaluate their products as research progresses and more investment is needed to fund drug trials. Many Pharma firms will initially test a product to treat a rare indication with no current approved treatments in order to avoid having to compete against the results from existing treatments.