Why market intelligence has never been more important in healthcare

MI in healthcare

Why market intelligence has never been more important in healthcare

Translating raw information into actionable intelligence through market research is critical for making the right decisions in all industries. Unfortunately, in STEM-related industries the role of market intelligence can be sometimes deprioritized, as decision makers tend to confine their decisions to technical research.

Recently, a perfect storm of industry-specific and global challenges has led to exponential awareness for the role of market intelligence in healthcare.

The role of market intelligence in healthcare

In 2019, we weren’t only struck by a global pandemic, but also by unfortunate revealing of the critical gaps in the healthcare system. Governments, policy makers, and other healthcare stakeholders needed months of data gathering before they could make decisions. Such an unfortunate loss of time drove everyone’s attention to the importance of embedding market research tools in the healthcare sector. It became evident that scientific data alone could no longer guide the healthcare activities.

Healthcare is a highly dynamic sector that has been pushed towards years-worth of advances since COVID crisis. You might have already noticed the booming in digitization solutions, digitization solutions, outpatient interventions, and much more. And although these advances eventually contribute to a better healthcare system, they come with their own set of complexity.

Market intelligence tools in healthcare

Healthcare advances are now intensely coupled with data-guided decisions arising from market research tools such as predictive modelling, geo-selection, brand monitoring, and competitive intelligence. In the healthcare world these tools work on combining market priority areas, medical technologies outputs, KOLs involvement, and understanding the drivers of healthcare spending.

You can think of market research as the bridge that facilitates collaboration between scientific researchers, policy makers, healthcare practitioners, medical equipment manufacturers, pharmaceutical tools providers, and healthcare payers. All these stakeholders eventually converge on the right data points provided by market research tools.

Why it is a great idea for businesses in healthcare to outsource market intelligence

In such a complex sector, you need informed decision making. Market research tools identify for you how to proceed with your next strategic plan, present your competitive edge, and position yourself in the market. These steps an be made easier with market intelligence tools and methodologies from an experience market intelligence company, like Hammer, Market Intelligence. Hammer has 30+ years of market research experience, 40+ clients across Europe, and a portfolio of projects in a wide array of industries. Hammer helps to stay up-to-date with the healthcare landscape to maintain your value proposition.

Source: Hammer, Market Intelligence