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A Brief Introduction to Market Research Consulting at Quintiles

A Brief Introduction to Market Research Consulting at Quintiles

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A Brief Introduction to Market Research Consulting at Quintiles

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  1. A Brief Introduction to Market Research Consulting at Quintiles Boston University School of Public Health November 12th, 2013

  2. Agenda • Introductions and Backgrounds • Quintiles Overview • Consulting • Market Research • Typical Business Questions Asked • Types of Research • Qualitative • Quantitative • Data Collection and Presentation • How to Get Into the Industry • Types of Jobs and Practice Settings • Final Thoughts / Questions

  3. Erik: Education and Work Experience • Brandeis University [1995-1999] • Bachelor of Arts (BA) in Biology • Boston University School of Public Health [2000-2003] • Master of Public Health (MPH) • Concentration in Epidemiology and Biostatistics • Research Analyst • MedPanel, Inc. [2003-2008] • Sr. Director of Research Services • Quintiles Market Intelligence [2009-Present] • Associate Research Director

  4. Nicole: Education and Work Experience • Fairfield University [1999-2003] • Bachelor of Science (BS) in Biology • Cell biology lab research – antioxidant proteins / oxidative stress • Boston University School of Medicine [2003-2005] • Master of Pharmacology (MA) • Cell and Molecular Biology Program • Concentration in Neuroscience • Thesis on molecular effects of MDMA (‘ecstasy’) on neurodegeneration • Quintiles Market Intelligence [2005-Present] • Associate Research Director

  5. Clinical • Ph.1-3 Trials • Late Stage (3b-4) • Outcome • Lab Services Quintiles Overview Quintiles is the only fully integrated bio-pharmaceutical services company which allows us to offer unique perspective, expertise and capabilities to our MR clients • Consulting • Commercial Strategy • Market Intelligence • Market Access • Clinical & Regulatory • Portfolio Strategy • Commercial • Commercial and Brand Solutions • Medical Communications • Health Management World’s Largest CRO Leading PharmaAdvisor Top 10 Biopharma Sales Org. Exceptional Industry Know-how Deep Therapeutic Expertise Unparalleled Capabilities Global Resources

  6. Claiming A New Space The World’s Leading Healthcare Consultancy Unlike specialized biopharma consulting firms, Quintiles has a more comprehensive knowledge of the entire product lifecycle from portfolio strategy to commercialization Compared with the general business strategy firms, Quintiles Consulting has a more in-depth and practical understanding of the biopharma industry

  7. Consulting Overview Size • 250+ consultants globally Locations • US (New York/Boston) • EU (Amsterdam/London) Culture • Young, thriving and entrepreneurial Levels • Analyst ->Consultant -> Senior Consultant -> Principal Consultant I/II/III -> Director -> Senior Director -> Vice President Market Access & HEOR Market Intelligence Regulatory & Quality • Product Development & Commercialization London Cambridge Amsterdam New York Frankfurt San Francisco Paris Barcelona DC RTP Singapore Delivering Local Knowledge with Global Breadth

  8. Quintiles Consulting

  9. Market Research? [1] Malhotra, Naresha K. (2002), Basic Marketing Research: A Decision-Making Approach, Upper Saddle River, NJ: Prentice Hall, ISBN 0-13-376856-2 9780133768565 0130090484 9780130090485 • Formal Definition • The systematic and objective identification, collection, analysis, and dissemination of information for the purpose of assisting management in decision making related to the identification and solution of problems and opportunities in marketing.[1] • Functional Definition • An orderly process of: • Identifying a business question • Designing a research program to collect and analyze the data necessary to answer the question • Reporting of conclusions and recommendations for action

  10. Typical Types of Projects • Market Assessment (what does the market look like today?) • Market Landscape • Unmet Needs in the Market • New Product Opportunity (how well will a new product perform?) • Product Development / Licensing Decisions • Potential Demand for New Products • Communications (how should we describe the features and benefits of the new product?) • Positioning • Messaging • Customer Segmentation • Brand Element Testing • Concept / Visual Aid Testing

  11. How is Data Collected and Analyzed? • Qualitative Research • Goal is to get an in-depth understanding of behavior and understand how and why customers make the purchasing decisions that they make • Smaller sample sizes and results are not meant to be projected to a broader population • Phone, in-person, or focus groups • Quantitative Research • Goal is to collect numeric data that can be used to describe how much a product is used — either currently or in a future marketplace • Larger sample sizes used to generalize results to a broader population • On-line surveys are by far the most common method of data collection • However, “pen and paper” surveys are still used sometimes due to technology limitations

  12. How is Data Presented? • PowerPoint Reports • 50-100+ pages • More dense than what is typically shown in a presentation • Interim, top line, final • Simulators • Complex excel models showing preference share, forecasted sales, etc. • Provenance • Proprietary Quintiles data analysis software

  13. Paths to Market Research • Very few market researchers have a formal college degree specifically in market research • However, graduate-level programs (Master’s and PhD degrees) in market research, marketing analytics, or survey research are somewhat more common • Regardless of background, key skills are: • intellectual curiosity • active listening • attention to detail • planning, organization, troubleshooting, and follow-through Many market researchers have a background in: • business administration (with a concentration in marketing) • science (biology, chemistry, psychology, etc.) • public health • mathematics (especially statistics)

  14. Market Research Job Categories • Market researchers work on one of two “sides” of the industry: • Vendor-side • Typically work for market research or consulting firms • Work with clients to design and execute research projects to inform brand strategy decisions • Client-side • Typically work in the marketing or market research department within a company • Support brand teams by overseeing research needed to inform brand strategy decisions

  15. Typical Career Path • Provide practice leadership • Develop new services • Represent organization to the broader industry • Oversee large programs • Develop client relationships • Drive project sales • Oversee whole projects • Assist with new sales • Begin to specialize skill set • Entry-level position • Perform assigned tasks • Learn about industry • Most client and vendor organizations follow this general model:

  16. Different Jobs in the Industry • The “vendor-side” of the market research industry contains many different specialties:

  17. Final Thoughts:My favorite part of my job is… Erik Nicole • Learning about a variety of clinical categories – cardiovascular, metabolism, oncology – from high level to very detailed • Research methods and problem solving – start with business question and use creative approaches to get to answer • Working with smart, motivated, curious, hard-working colleagues • Each project unique / different challenges • Combines interest in survey research, statistics, and medical / public health issues • Ability to work with several different clients across a wide variety of therapeutic areas • Presents opportunities to collaborate with, and learn from, colleagues who have different areas of expertise • Provides opportunities for domestic and international travel

  18. Questions?

  19. Opportunities • Hand in resumes today or send to Alexandra Dombalagian, Recruiter, at Alexandra.Dombalagian@quintiles.com • Apply online • www.quintiles.com/careers

  20. Resources for More Information • American Marketing Association (www.marketingpower.com) • Marketing Research Association (www.marketingresearch.org) • Pharmaceutical Marketing Research Group (www.pmrg.org) • Quirks Marketing Research Portal (www.quirks.com) • Council of American Survey Research Organizations (www.casro.org)