Choosing a market research method for life science products

Life science businesses have several ways to use market research firms to understand researcher needs and market size. Which method delivers the insight you need, and what should you look for when outsourcing?

Here we compare three methods often used in life science marketing research: desk research, surveys and in-depth interviews.

Desk research: building a hypothesis at the planning stage

Desk research collects and analyzes public information, mainly from the internet, sometimes backed up by interviews with a few industry insiders such as suppliers, and summarizes it in a report. The main deliverable is a research report with market size estimates and trends. If a move into the life science business is still at the planning stage, a research report helps you form a hypothesis about the target market and understand its attractiveness.

Surveys: an objective view of where you stand

Unlike desk research, a survey is quantitative research with a large panel of respondents, and its main deliverable is tables of tabulated data and charts. When you want to know whether the specifications of a prototype instrument match end-user needs, for example, survey data free of subjective bias is invaluable. Leading life science tool manufacturers use surveys to keep R&D efficient while tracking user needs.

In-depth interviews: understanding why customers act

In-depth interviews dig into the reasons behind behavior, for example with respondents who gave a particular survey answer, such as a negative view of buying your product. The interviewer must ask questions neutrally so as not to bias the answers, which takes skill.

BioSurvey: market research without preconceptions

BioSurvey is our survey service with front-line life science researchers in Japan. Because we never reveal the client’s name, it removes brand bias and suits confidential new-entry projects and prototype evaluation. In-depth interviews are available as an option.

Summary

When you outsource life science market research, the common methods are desk research, surveys and in-depth interviews. Choose the one that fits your question and goal. If your market is Japan, the hardest part is often reaching the right researchers, which is where a local panel makes the difference.