Should I invest in R&D of newer molecules?
As Human life is evolving, the threats to human life is also increasing. Newer bacteria/ newer virus are getting diagnosed which are hampering healthy lives, on the contrary medical science is also getting advanced to counter attack these evils or get preventive drugs to protect human lives. Post all phases of clinical trials and pharmacovigilance studies, the new drugs/ molecules have to be tried on live cases. Scientifically/ clinically proven drugs need to test on live patients to check for their claimed safety and efficacy.
Often manufacturer of pharmaceutical products are seeking answers to many questions like:
Will this new molecule would be prescribed by doctors in lieu of the existing molecules?
What profile of patients would be suitable for this new molecule?
How many patients from the doctor’s existing practice would be switch to the new molecule?
These questions can only be answered through a detailed market potential study to understand the perceived benefits of the new molecule and prescription share possible from the existing and new prescribers.
Some Pharma companies conduct market research studies for innovative molecules at its conceptualized stage itself before developing the final formulation whereas some conduct studies after test marketing.
Solution from Market Search India
Market Search India have expertise in conducting such market feasibility studies. Our market potential study model has helped many pharmaceutical manufacturers and marketers to understand the prescription habits of the class A and class B doctors, which molecules are currently being prescribed and why, what is place of new molecule in the current treatment regimen, current challenges in managing the disease, perceived benefits of new molecule vis-a-vis the currently available options and intent to prescribe the new molecule.
Based on the incidence rate of the disease, % of doctors willing to use the proposed new molecule and share of Rx of new molecule, we can estimate possible market size for the new molecule. Revenue projections are done for the new molecule based on the most accepted price. Additional inputs like support required from pharmaceutical companies in terms of scientific data, clinical trials reports, patient assistance program, etc. is captured with this research. Market Search India acts as an unbiased partner to assist the client in taking Go/ No go decisions for their new products.
Pharmaceutical clients who have been benefited with this kind of research studies are BMS India, Liva healthcare, Janssen Cilag, Sun Pharmaceutical, Cosme healthcare and Bharat Serums & Vaccines.