How can biotech companies tap into effective market research?

The advent of biotechnology has been something of a miracle in itself. It has completely revolutionized the healthcare and pharma industry over the last 20-30 years. As the potential of biotech to solve problems in every category from healthcare to agriculture increases, so does the size and strength of the industry. As published by Datafox, biotechnology products represented 21% of the total $714bn global market for prescription drugs in 2012, equating to $150bn of sales. And it’s expected to grow to $224bn by $2018.

New products and innovations are an everyday affair when it comes to biotech. One category of products that is taking the industry by storm right now is biomaterials. Biomaterials have the potential to repair tissue and work as substitutes for missing tissue. A good example of a biomaterial is collagen, which is being used in a wide range of applications, from dentistry to drug delivery systems.

If you walk into a pharmacy, you’re likely to find a whole range of collagen products – from those that promise to make your skin look younger and to those that make your bones/cartilage stronger. There are multiple brands manufacturing the same product. As a biotech firm, how then, can you position your product differently? You’d need to have a report of the current industry practices and products – their sources, composition and effectiveness.

Traditionally, companies have bought standard, over-the-counter market research reports to assess the market for their product and to keep themselves updated with scientific developments. However, there is often a time lag between the publication of a report and the latest, ongoing research. Companies also have to scour through various reports to finally find one that is of particular interest to them, and more often than not, the report doesn’t present evidence-based answers that directly relate to the questions at hand.

In such cases, hiring a freelance expert who can prepare a report specific to the product and the company’s requirements can prove to be very useful. Being able to discuss your requirements with a scientist gives you the flexibility of explaining your requirements and not having to waste time and energy reading report after report.

Another growing category of biotech products is biomarkers. Typically, a biomarker is anything that gives you an indication of the biological state of an organism – for example, a warm forehead might mean a fever. However, novel biomarkers can now help us diagnose a disease and also predict how the patient will respond to a certain kind of treatment. We know that some specific genes, if inherited, can signify increased chance of having cancer or schizophrenia. Biomarkers help measure the immune response of a patient to specific antibodies, so that the most effective form of treatment can be developed. In case the patient has a mutated gene, for example, it may lower the response of the patient to the drug. Biomarkers are being used in cancer diagnostics, drug discovery and personalized medicine. The market for biomarkers is expected to grow in the next five years, as more and more companies are jumping into the bandwagon.

Finding the right specialist for a customized market research report helps companies make well-informed, calculated decisions. It is essential for biotech firms to work hand-in-hand with researchers to keep themselves aware of the latest innovations and product developments. Working with a freelance scientist equips you with the knowledge you need to power your business decisions, improve existing products, position new products and find the right target audience. Consulting a researcher on a one-on-one basis for a customized report can also prove to be much cheaper than getting over-the-counter reports from agencies. Personalized delivery is not limited to just medicine!

The third sector of biotech that is seeing widespread application is what forms the backbone of biotech – good ol’ genetics. With a rise in incidence of hereditary diseases, technological advances and public awareness, the global market for genetic testing is predicted to grow by USD 500 million in the next four years. Research also shows that personalized medicine is future of healthcare. Genetics forms the foundation of predictive diagnostics, oncology, genomics and sequencing, and drives a large part of the industry forward. Genetic engineering also has large applications in the agriculture and energy sectors.

It can be quite a task for an emerging or mid-size biotech company to find all the literature it needs to develop a new product. And let’s not forget the bigger, established companies, who also need to keep abreast of scientific developments so that they can sustain their products and maintain industry standards and protocols. Instead of paying a large fee for pre-created reports, it is much more effective for a company to be able to access customized services in one place.

In a nutshell, here’s why biotech SMEs should be working with freelance specialists on a one-on-one basis:

With the biotech industry holding great promise for the future, it’s essential that companies look at innovation in a big way. Comprehensive, thorough research lays the foundation for any novel product, and our pool of scientists from around the world are here to do just that.