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Life science marketers are more tech savvy, erudite but only 2 per cent looking to Twitter, survey says

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By Laurie Fullerton, Freelance Writer

August 10, 2016 | 2 min read

A new kind of market researcher is emerging as the pace of the life sciences sector changes and evolves with the demand on market researchers quickly changing, too.

Life sciences big pharma
life sciences

A recent report took the pulse on this highly educated group and found that market researchers in the life sciences are more nimble and focus on big data while valuing longevity and colleague interaction, with 71 per cent of those surveyed having 15 or more years of experience in their field with 71 per cent holding a graduate degree and 40 per cent holding PhDs. The life sciences are defined as the sciences concerned with the study of living organisms, including biology, botany, zoology, microbiology, physiology, biochemistry, and related subjects but for market research purposes this includes pharmaceutical and biotech companies.

The study also found that life science market researchers are highly loyal, and change companies less frequently with over 70 per cent of respondents saying that they look to their peers for information on market challenges they face with less than 2 per cent looking to Twitter for answers. Additionally, the report notes that the market research budget focuses heavily on research but also includes a fair amount of the budget for promotion, events and advertising. Further, the survey suggests that nearly half of those surveyed said they are resourceful and tech savvy while one third said they are traditional when it comes to market research tactics and strategies.

Although one third of market researchers said they are "traditional", many are willing to experiment and care about finding the best methodology for projects and are willing to invest in new innovations to do so. Market researchers also noted that they are more invested in big data analytics, social media analysis, online communities, and prediction markets but many wish they could invest more in areas like big-data analytics and social media analysis.

The biggest challenges facing life sciences market researches is that the cost, timeliness and quality of the research they are currently getting is not keeping pace with the demands of their industry. They see the biggest barriers in their market as reaching the right respondents, getting information fast enough and funding projects.

Big Pharma B2B Marketing Marketing

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