How Market Research helps to study the markets for Healthcare products and services

1. ARROWPOINT-MARKET RESEARCH AND INSIGHT SOLUTIONS

2. How Market Research helps to study the markets for Healthcare products and services In general, the acquisition of most healthcare products and services is not discretionary, unlike other consumer goods and services. However, this does not imply that potential consumers are obligated to purchase a product solely based on a brand's offering. Therefore, it becomes essential to address a series of questions to foster and sustain a thriving business in any market. Key stakeholders in any healthcare market typically include: 1. Pharmaceutical companies (both regional and multinational brands) 2. Manufacturers, distributors, and dealers of medical devices, supplies, and equipment 3. Primary and secondary care facilities and service providers, such as hospitals and nursing homes 4. Healthcare service providers, including doctors, nurses, and pharmacists 5. Potential patients who consume products and services offered by any of the aforementioned stakeholders.

3. Step 1 involves addressing the following foundational questions: 1. What are the study's objectives? 2. Which markets need to be examined? (e.g., global, national, or regional) 3. Who constitutes the target group? (Patients or other stakeholders) 4. What are our competitors planning? (Service providers, product/service brands, or key players in the market) 5. What does the market landscape look like? 6. What is the total market size? What are the key segments, and what trends are observed? 7. Who are the major players and competitors, and where are they located precisely? 8. How is the supply chain organized, and how is distribution channelized? Step 2 involves addressing the following additional key questions: 1. How is the brand or business perceived, and what is the image that contributes to the brand's reputation? 2. What is the perception towards substitutes for the product or service? 3. What motivators influence customers to purchase the product or service? 4. What is the frequency of purchase? Is it a one-time occurrence, or is it repetitive? This helps understand purchase behavior and the likelihood of repeat transactions.

4. Stage 3 involves deciding on the methods and tools for conducting the market research study, and it is a critical phase that shapes the entire research endeavor. The selection of methods is particularly crucial in Pharmaceutical and Healthcare market research studies, where sensitivity and personalization are paramount in B2C studies, and complexities are heightened in the B2B platform due to intense competition. In the context of India, numerous challenges, such as legal intricacies, diverse vernacular languages, varied physical locations, and cultural differences, add to the complexity. Nevertheless, leveraging our extensive experience in conducting intricate Healthcare and Pharmaceutical market research studies in the challenging Indian market, Arrow Point devises effective research strategies to overcome these challenges, especially in data collection. Our approach encompasses a range of modes, tools, and methods. Given the global scope of our client inquiries from the USA, UK, Germany, France, Netherlands, Switzerland, Sweden, Portugal, Denmark, the Middle East, and North Africa (including Bahrain, Israel, Kuwait, Qatar, Saudi Arabia, and the United Arab Emirates), we employ state-of-the-art methods that adhere to international standards at every stage of the research process.