DURHAM, NC (August 17, 2004) – Recent studies find that pharmaceutical companies increase market research investments by 73% between Phase II and Phase III clinical trials, according to Cutting Edge Information, a pharmaceutical consulting firm.
Pharmaceutical companies spend an average $679,000 in Phase II on marketresearch and increase spending to $1.18 million in Phase III, the firm reported. However, Market research spending easily can surpass $2 million in Phase III for drugs with significant blockbuster potential.
Cutting Edge also found that companies that increase market research investments during the early stages of product development establish more effective product-positioning strategies well before the product launch.
To download a free summary of the 141-page report, “Pre-Launch Pharmaceutical Market Research,” visit http://www.PharmaMarketResearch.com .The report showcases metrics and market research practices from several top companies. Profiled companies include Aventis, Eli Lilly, Pfizer, AstraZeneca, and Wyeth.