New Ways to Answer Old Questions Conjoint Analysis Takes the Guesswork Out of Pharmaceutical Marketing Decisions Erich Joachimsthaler Paul Green
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“New Ways to Answer Old Questions Conjoint Analysis Takes the Guesswork Out of Pharmaceutical Marketing Decisions Erich Joachimsthaler Paul Green” In a Pharmaceutical marketing decision, a combination of competing marketing strategies is often the most effective approach. In my book “Crafting Effective Pharmaceutical Marketing Strategies”, I explained one such combination strategy: Conjoint Analysis (CA). CA involves asking patients how their preferred drug or medical condition will be treated,
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1. Erich Joachimsthaler 2. Paul Green 3. Now tell about New Ways to Answer Old Questions Conjoint Analysis Takes the Guesswork Out of Pharmaceutical Marketing Decisions Erich Joachimsthaler I have just completed my report titled “A Fresh Look at Health Literacy” in an esteemed institution. I was commissioned to conduct a thorough research about health literacy in relation to pharmaceutical marketing, especially in a context where health literacy had been recognized as a critical factor
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1. “New Ways to Answer Old Questions” Conjoint Analysis Takes the Guesswork Out of Pharmaceutical Marketing Decisions Erich Joachimsthaler “New Ways to Answer Old Questions” Conjoint Analysis Takes the Guesswork Out of Pharmaceutical Marketing Decisions Erich Joachimsthaler The marketing of new pharmaceuticals is always a high-stakes affair, but it is often a tricky one. The process of drug-market-entry is a highly uncertain, time
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1. “Conjoint Analysis.” 2. “A Construct with a Twist.” 3. “Learning from the Past.” “In the mid-1970s, an American biotechnology firm called A.I. DuPont developed a novel approach to drug development — pharmacokinetic analysis. The company identified a drug’s ability to get into the body, then the brain and then the liver. a knockout post A ‘conjoint analysis’ approach, the firm figured out that one way to overcome this was to
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Conjoint Analysis (CoA) is an important tool used in pharmaceutical marketing for decision-making purposes. This approach allows a firm to compare the relative importance of multiple drug attributes. In the past, marketing managers had to analyze this question using a series of survey questions and other questions that required the participant to give an opinion on each possible attribute. Conjoint Analysis removes the guesswork from this process by allowing the manager to ask one set of questions in a single session, and the responses will determine the relative importance of each attribute. This
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Conjoint Analysis: A Game-Changer in Pharmaceutical Marketing Decisions? Erich Joachimsthaler (Pharmaceutical Marketing, BMTH, 1997) has done it again. He’s written an insightful, yet concise, piece on Conjoint Analysis, a statistical tool that allows for the comparison of various drug attributes in a controlled environment—without subjecting real consumers to risky trials. Joachimsthaler is a professor in the BMTH Pharmacy, University of Zur