Whether you are in product marketing or sales for an emerging market or in corporate strategy/development or venture capital looking into emerging markets, it is worthwhile to spend time understanding the real-world evidence behind that market.
What is the real world evidence behind an emerging market?
Scientific publications, research grants, clinical trials, and startup funding are the four pillars that constitute real world evidence for emerging markets in the life science industry. These metrics can be easily accessed and monitored. Unlike established markets, for emerging markets, data points such as number of prescriptions or reimbursement data are non-existent. There in comes the four facets of real world evidence I highlighted above: Scientific publications, research grants, clinical trials, and startup funding
Why monitor publications?
Publications are a testament to the interest and amount of research activity in the field and are therefore an indicator of market demand. By analyzing publications, you can
Understand uptake of competitive products
Identify key thought leaders that can be key influencers and promoters of your products
Spot leading institutions that can serve as key leads for sales, collaborators for R&D or key influencers for your product.
Why mine research grants?
Grants are a close representation of the market opportunity in the academic community. Mining research grants points out:
Key institutions, funding bodies, and researchers that are indicators of awareness. These could become key beta sites, partners and promoters for your products
Distribution of grants by countries and regions could inform the focus of your marketing campaign
Why are clinical trials important?
Investigation of clinical trials is a crucial framework to recognize the influence and impact on human health and diseases. Clinical trial data analytics helps you understand:
Progress of pipeline and promising therapy areas & indications
Identify leading trial investigators
Take note of optimum locations for patient enrollment
Why follow startup funding activity?
Understanding startup activities in not just human health but also across many industries such as agriculture, food and beverage is critical to unravel investor enthusiasm. This is critical as it tends to reflect the market growth potential, market need and validity of a solution. Assessment of startup funding will reveal:
Key acquisition candidates or collaborators with innovative solutions
Competitive fund raising activity
Activity of leading investors and their bets
Follow the money and emerging market trends
The right approach to analyze the trends within the pillars is paramount. Identifying the right data sources, ideally ones that span many resources, has wide geographic coverage, employs natural language processing, relational and precise search algorithms is key to capture the data comprehensively. Then comes data validation and QC. Lastly pushing the data into a dashboard with visuals is easier to communicate the key findings.
In conclusion, monitoring these four pillars is great way to understand your target market.