It is quite common to see a number of organizations following the trend of introducing brands simply because other companies are launching similar products in high-growth therapy segments.
Market research data often serves as the primary guide for such decisions. Some pharmaceutical companies also consult their panel of doctors for approval before launching.
If these are the considerations, why do so many brands fail, and why does Product-Market Fit not happen?
This is where the role of Mind Research becomes crucial.
Organizations need to delve into “Mind Research” to explore the minds of doctors, patients, care takers and pharmacists to uncover unmet needs.
It is not just important to identify therapy gaps. What is equally important is the strategic approach that will uniquely place the organization to win compared to competitors.
The process involves a meticulous exploration of ideas and concepts, continuously testing and refining until a unique product concept and strategy crystallize.
This thorough approach is crucial for achieving Product-Market Fit and avoiding the pitfalls of investing in products that fail to yield significant returns.
Undertaking mind research is an essential component of strategic decision-making to ensure sustainable success in the marketplace.
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