Q. What is Emerging Markets healthcare market research?
A. While the term “emerging markets” may actually be an outdated term, the general concept is to conduct research in economies that are less developed than more established and traditional economies of Western Europe, the United States and Japan. Regardless of the validity of the term, countries included in emerging markets may include the BRICS (Brazil, Russia, India, China, South Africa) as well as places like Colombia, Indonesia, Vietnam, Mexico, South Korea, Saudi Arabia, United Arab Emirates, Turkey, Chile, Morocco, Taiwan, etc.
Q. How is Emerging Markets healthcare research different from other market research?
A. The answer to this question may be been quite different in the past, but with the rise of the global technology revolution with mobile phone and internet access available pretty much everywhere the process can be quite similar to any other global research conducted in any country.
Working with a vendor who has local moderators and researchers who understand the healthcare system from a native perspective is always critically important. As with any global research, the distinctions of each country can include language, customs, culture and health attitudes, treatment options, payor models, all of which define the local market add complexity to the mix.
Each of these factors need to be considered for any global healthcare research project.
Coordination is the critical component of any global healthcare research, as there are many moving parts which need constant attention throughout a study. The same is true in Emerging Markets, where the opportunity for error is perpetual so oversight and attention to detail is crucial.