- Medimix International Weekly
Medimix international pioneers continuous tracking with real time data viewer capabilities for marketing indicators such as ATU, KAPS and NPS, by combining the use of its global healthcare community and the power of its proprietary online interv iewing platform. The cost of this tool is significantly lower than conventional trackers.
Miami, FL (May 8th, 2008) - Medimix International, global provider of Advanced Marketing Research Solutions for the life science industries, today unveils a revolutionary way to perform global tracking studies. While many other sectors for some time have been able to track brand, promotion or sales force effectiveness metrics in a continuous fashion (eg: tourism, FMCG, telecom or financial), the life science industries still have an unfulfilled need for appropriate tools to obtain continuous feed of marketing information.
Medimix has effectively created a method to supersede two critical issues specific to the healthcare industries:
- Overcoming the high cost of interviewing healthcare professionals. With incentives ranging from 50 to 300 (€ or $) to interview specialists for ½ hour, it becomes very expensive to survey the large samples usually required for continuous trackers.
- Effectively handling large target populations. In many countries, a sample of 50 to 60 specialists, such as oncologists or neurologists, would represent 1/10th of the overall population, making it impossible to interview large number of respondents in a continuous fashion.
Currently, most companies perform yearly or quarterly trackers, which result in information already outdated when it is published. In the context of shorter product life cycles, fast track approvals and rapid decision making, it is insufficient to obtain data 3 to 4 weeks after an interview or wait a couple of months to get the next data point for a simple information such as Awareness or Usage.
Global trackers, however, by surveying multiple countries and different specialties, offer the opportunity to interview large samples, and the availability of Medimix International online panel in most of the markets makes it financially affordable.
The concept of continuous reporting is simple: instead of all the interviews being conducted at the same time, the surveyed sample is spread equally over a continuous period of time. For example, instead of performing 100 interviews in 10 countries once every quarter over a year for a total of 4,000 interviews, Medimix spread them over 52 weeks, by performing 75-80 interviews each week. The data is being populated real time on our Dataviewer, and users obtain the most up-to-date information at their fingertips, without having to wait for a report.
Trackers with continuous reporting offer many advantages over regular methods.
- First of all they transform data from static to dynamic by adding time as a parameter of the research.
The resulting time series analysis can fuel robust forecast to predict evolution of metrics, such as
share of voice, usage or even intention to switch.
- It can be used to measure the impact of punctual promotion such as congresses or medical events, by evaluating the “peaks” created during that time period, and analyzing which one are confirmed over the long term.
- It gives access to continuously updated information. A global product team leader can report at any moment the most current product share of voice, adoption or awareness, without the need to wait for an agency to prepare a report.
- The respondents are not harassed by interviewers or bombarded by emails to finish a fieldwork on time for a presentation.
- Finally, different levels of the same information can be shared by multiple stakeholders within an organization. A country manager can analyze information related to one market, while global managers access consolidated information with drill-down capabilities.
“Obtaining a sequence of 40 to 50 data-points per year on metrics such as awareness, usage or intention to switch is completely unheard of and opens new avenues in healthcare Marketing Research,” comments Henry Gazay CEO of Medimix International. “Thanks to our tool, it is now possible to measure the ROI of congresses, forecast the evolution of usage or switches, create product dashboards, all in a manner similar to what FMCG or the service industry have had for a long time.”
Real time continuous tracker can be applied to :
- ATU Trackers: Up-to-date information on Awareness Trial and Usage of a drug, a class of drug or an indication
- KAPs Trackers: Continuous tracking of Knowledge, Attitude and Perception of Healthcare professionals about a drug, a service or a company
- Sales Force Effectiveness-Trackers: Real time feedback on efficiency of visits, share of voice, detail aid, commitment to the drug - NPS-Tracker: Continuous measure of Net Promoter Score, one of the single most reliable indicators of a company’s ability to grow.
“Many clients contact us to convert their regular, once-a-quarter tracker to continuous measure,” adds Henry Gazay. “The beauty of real-time reporting is that it ends up being less expensive than regular trackers, with far more capabilities. The main reason for this price difference is due to fieldwork which is easier to conduct as it is monitored in time”.
To obtain more information on Medimix continuous tracker or to request a live demonstration of this new product, please contact Kathryn McAdam at email@example.com
About Medimix International
Medimix International is a dynamic provider of advanced marketing research solutions for the healthcare industry worldwide. Medimix’s proprietary panel provides direct access to over 500,000 physicians and healthcare professionals from around the world, making it one of the largest panels in the industry.
Medimix specializes in global research. Learn more at www.medimix.net.
Contact for this press release:
35 NE 40th St., Suite 200
Miami, Fl. 33137