Why spend time and money on market research?

"There is such a long time to our product reaches the market and since no one can tell how the market looks like at that time, we think it is a waste to do any market research" (Biotech executive).

The same company excels in great science and would never compromise on the quality of the science and technology. How come?

Steering the Ship in the Right Direction

The explanation is that most biotech companies are technology-driven and do not bother much about markets. But the truth is that knowledge about the relevant market(s) is critical for business success. The market knowledge should be used to  steer the ship -  your development efforts in the right direction and to understand the potential value of your products. A professional business cannot be managed based on intuitive expectations. Market analysis is a fundamental requisite to devise a strategy.

Desk and Field Research

Wiborg has extensive experience in carrying out market research for early and late stage products and technologies. We combine literature studies, desk research (public and commercial databases) with field research (interviews with key opinion leaders or consumers). Both qualitative and quantitative analyses are performed.

A market analysis can also be of guidance in company building and in the search for out-licensing and partnering alternatives. A market analysis can be combined with competitor and product surveillance. Contact us if you want to know more or want to discuss your specific requirements - without obligations.