Event: 2nd AIM-AMA Sheth Foundation Doctoral Consortium, January 5-7, 2014
Session: Relevance Of Research In The Marketplace
Speaker: Sudarshan Jain, Managing Director- Healthcare Solutions, Abbott Healthcare Pvt Ltd
In his presentation, Sudarshan Jain talks about the relevance of research in the marketplace with reference to healthcare industry which has changed extensively over the last few years. Referring to issues faced by GlaxoSmithKline in China and Ranbaxy in the US, he stresses upon the need to integrate market research with other critical functions such as pricing, policy making, legal environment and compliance parameters.
To gain maximum benefit from market research, Jain says that one must look at business in a more holistic manner with a focus on entrepreneurship. According to him, customers should be the focal point of any research project and not intermediaries like the people conducting research or for whom research is being conducted.
Further elaborating this point, he shares examples of two research projects undertaken by Abbott- one successful and one not so successful. The unsuccessful one resulted in a delay in the launch of an insulin drug and related devices because the company focussed on inputs given by medical practitioners rather than customers. Whereas, a project undertaken in collaboration with the government to create easy access to healthcare was successful beyond expectations as the company took feedback from 15,000 households across the country.
Concluding his presentation, Jain says that though research is very important, it can provide the right answers only if it is supported by the right problem definition and right methodology.