Press Release
“Turning Prophets into Strategists and Leaders” Seen as Opportunity for Market Research; Theme of Pharma Market Research Group Presentation
East Norriton, Penn., November 5, 2008 – Some of today’s most pressing issues in pharmaceuticals revolve around market research – forecasting and resource investment in a time of shrinking budgets and increasing pressure to identify new products. This is a critical time for market research to take a stronger leadership role in the crucial decisions that determine profitability, according to Matthew J. Carpenter, Executive Director, Customer & Competitive Insights, Wyeth Pharmaceuticals, and Robert S. Shewbrooks, Vice President, Management Advisors, at TGaS® Advisors, a benchmarking and advisory services firm for pharma commercial operations. Carpenter and Shewbrooks spoke at “Prophet’s Toolbox,” the Second Annual Meeting of The PMRG Institute, October 19-21st, 2008, in Philadelphia, sponsored by the Pharmaceutical Marketing Research Group (PMRG).
Addressing the topic, “Turning Prophets into Strategists and Leaders,” Carpenter and Shewbrooks encouraged market researchers to become grounded in the realities of the business and become proactive partners in growth. (View Presentation Slides) The increasing complexity of the pharmaceutical marketplace – pricing pressures, greater consumer decision-making, tougher competition and negative public perception – combined with changes in the political and healthcare environment are forcing companies to rev up both cost-cutting and the search for new products more strongly than ever. The ability of market research to fulfill its mission as “Insight Generator” at this critical juncture has never been more important, according to Carpenter. Surveys of heads of marketing and CEOs show that market research needs to strengthen its key growth-related research roles, such as identifying business opportunities and thinking strategically.
The speakers are also challenging the industry to leverage the body of knowledge and skills inherent in market research for these higher-level areas. Shewbrooks presented real-time benchmark data on how top- and mid-tier companies currently organize and manage this function as well as insights into optimal practices. He identified best practices for Marketing Sciences overall; playing a “significant role in the development of brand strategies” ranks Number One. Shewbrooks also identified optimal practices for constituent disciplines, including secondary information, primary research and Business Development & Licensing.
Career Pathways: From Traditional Market Research to Strategic Business Partnership Turning to career pathways in marketing sciences, Carpenter pointed to the importance of transitioning and upgrading skills and mindset. He encouraged market research to move from traditional skills such as analytics, project management, quantitative ability and computer/software aptitude to business partnership competencies – business acumen, communication skills, interpersonal skills and leadership ability.
This shift will become even more important as market research functions are increasingly outsourced and offshored, Shewbrooks pointed out, citing current TGaS Advisors benchmark data on the growth of outsourcing and the need for greater operational flexibility. Shewbrooks described the “prophet of the future,” presenting new research to indicate what skills and training are needed for the new generation of market researchers, what compensation should look like, the managerial skills needed and the level of strategic understanding and insight that will be required. In this environment, market research has an opportunity to provide a more holistic forecast of product performance, according to Shewbrooks, integrating sales analysis with marketing analytics and giving better guidance on resource investment. Carpenter defined a high-functioning market researcher as one who brings fact-based decision-making to the organization and communicates clearly and concisely in business terms, among other traits. He urged market researchers to keep their eyes on the big picture and to become proactive business partners, generating insights that help fuel business growth.
About TGaS® Advisors LLC
TGaS Advisors, ranked ninth among health-related companies by the Inc. 500, is the leader in benchmarking and advisory services to the pharmaceutical and biopharmaceutical industry. The TGaS Advisors roster includes nine of the top 10 and the majority of the top 50 pharmaceutical companies with operations in the U.S. market. The firm’s benchmarking and advisory suite of solutions, PharmaStance®, provides clients with a way to measure where they stand with respect to their operations and answers the question, “How do other pharmaceutical companies do ‘it’?” ® TGaS Advisors is based in East Norriton, Pennsylvania.
- Other 2008:
- Operational Challenges, Closed Loop Marketing, Sales Reporting are Key Topics for Pharma Operations Execs at TGaS Advisors First West Coast Forum
- Record Number of Pharma Operations Leaders Share Challenges, Solutions at Four TGaS Advisors Forums
- TGaS Advisors Named to Philadelphia 100®, Ranked 18th Among Region’s Fastest Growing Privately Held Companies
- Sharon Patent Appointed Director, Marketing Sciences Operations Practices, at TGaS Advisors, Adding New Dimension to Analytics Capabilities
- Top Pharma Execs Discuss Regionalization and Outsourcing Trends at TGaS® Advisors Operations Forum
- TGaS Advisors Launches Internet Performance Benchmark
- TGaS Advisors’ Gerard Moderates Featured Panel at CBI Pharma Leadership Summit on Impact of Innovation on Sales Operations
- TGaS Advisors’ Castello Offers Advice on Managing Changes in Pharma Sales Compensation Plans
- TGaS Advisors Named to 2008 Inc. 500
- TGaS Advisors Leader Steve Gerard Named One of “100 Most Inspiring People” by PharmaVoice Magazine
- TGaS Advisors Launches Organization and Career Guide Benchmark for Pharma Sales Operations
- TGaS Advisors Appoints James P. Castello Director, Management Advisor
- TGaS Advisors Named as Finalists In 2008 American Business Awards
- TGaS Advisors Hires Brian Bamberger to Spearhead Managed Markets Benchmarks
- Pharma Marketing Sciences Execs Learn “How Other Companies Do It” at TGaS Advisors Client Forum
- TGaS Advisors’ Wojcik Analyzes Incentive Compensation Issues at Pharma Sales Force Performance Conference
- TGaS Advisors Expands Executive Ranks to Accommodate Business Growth; Pharma Veteran John P. Carro Joins as Vice President, Management Advisor
- TGaS Advisors TGaS Advisors Creates New Position to Accommodate Business Growth; Pharma Veteran Tom Bang Joins as Executive in Residence
- TGaS Advisors Creates New Position; Pharma Veteran Gary McWalters Joins as Director of Marketing and Business Development
