New Market Research Tool by Ziment Will Radically Change How Pharmaceutical Companies Sell Prescription Drugs to Physicians.Business Editors/Health/Medical Writers BIOWIRE2K NEW YORK--(BUSINESS WIRE)--March 9, 2004 Ziment, a healthcare and pharmaceutical market research consultancy headquartered in New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of , announced today that it has developed an approach to physician segmentation research that will change the way companies market their products to physicians. This approach, called TAGZ, is an important development for pharmaceutical marketers conducting segmentation research because it takes a physician's combined psychographic In the field of marketing, demographics, opinion research, and social research in general, psychographic variables are any attributes relating to personality, values, attitudes, interests, or lifestyles. They are also called IAO variables (for Interests, Attitudes, and Opinions). and attitudinal data for a prescription drug prescription drug Prescription medication Pharmacology An FDA-approved drug which must, by federal law or regulation, be dispensed only pursuant to a prescription–eg, finished dose form and active ingredients subject to the provisos of the Federal Food, Drug, and links it to their historical prescribing behavior through a proprietary algorithm. This means that physicians in a company's call deck that were not included in the original segment research can still be identified or "tagged" as to their segment membership by Ziment's algorithm and its system of data-mining and modeling techniques. "For the first time companies can actually use the results of physician segmentation research, making the entire process palpable again and opening a brand new chapter on how we can micro-market to physicians," says the company's CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. , Howard Ziment. "Many companies have shied away from attitudinal-based segmentation research because the results were simply not actionable. But now, with TAGZ, they are, and that puts a whole new light on the value of primary segmentation research," said Ziment. Currently a sale representative's call deck includes typically includes information such as the physician's specialty, whether or not a physician is a high writer of prescriptions and other behaviorally based definitions. "With TAGZ, reps now have a pre-determined segment indentifier that links to a wealth of knowledge about the physician, including their attitudinal disposition towards the market as well as to the drug itself. Sales collateral and detail pieces can now be designed specifically by segment since reps will know what pieces to use with each physician. It really makes it a whole new ballgame Noun 1. new ballgame - a particular situation that is radically different from the preceding situation; "HDTV looks the same but it's really a whole new ballgame" ballgame for pharmaceutical marketing and sales," Ziment said. Ziment's chief methodologist, John Tapper, said that recent software developments and the company's use of the latest data mining and modeling techniques such as CAPL CAPL Canadian Association of Petroleum Landmen CAPL Culturally Authentic Pictorial Lexicon (foreign language learning) CAPL Canadian Association of Public Libraries CAPL Commissions Administratives Paritaires Locales CAPL Career Planning regression, neural networks and CART analysis now do the complex calculations that give market researchers an edge. "The objective for creating the new algorithm was to eliminate the need for pharmaceutical companies to conduct expensive qualifying tests," said Tapper. "The problem has always been how to act on the psychographic data that emerges from the segmentation research. Qualifiers such as check studies were always the norm and they tended to be expensive and prone to poor response rates. Now there is a solution," he said. How Segmentation Research Works Segmentation research is conducted to maximize a drug's ROI (Return On Investment) The monetary benefits derived from having spent money on developing or revising a system. In the IT world, there are more ways to compute ROI than Carter has liver pills (and for those of you who never heard of that expression, it means a lot). by identifying key groups in a target market that will be most responsive to marketing efforts. With respect to the marketing of pharmaceuticals to physicians, this type of marketing research is presently carried out by first conducting extensive qualitative research Qualitative research Traditional analysis of firm-specific prospects for future earnings. It may be based on data collected by the analysts, there is no formal quantitative framework used to generate projections. to determine the, attitudes and needs that truly drive prescribing of a product, the accompanying behaviors, etc. This is followed by an extensive quantification of this information to allow for sophisticated multivariate analyses to uncover possible factors that divide a market. The data collected from this second quantitative phase often includes attitudes, perceptions, and psychographic information. This data is then analyzed against dependant variables (that is, desired behaviors) to identify patterns and form segment groups. Ziment's TAGZ approach is an add-on to its PHYSICIAN SEGZ product, which is part of the company's COMPOUND-to-PROFIT group of research services. Ziment is a full-service healthcare and pharmaceutical market research consultancy offering custom marketing research worldwide. It is the global healthcare research brand for The Kantar Group The Kantar Group (TKG), based in Fairfield, Connecticut, and London, was founded in 1993 as the Information and Consultancy Division of WPP Group plc, a London-based public company. Eric Salama is the current chairman and Chief Executive Officer of TKG. , the Information and Consultancy Division of WPP WPP Wire & Plastic Product PLC WPP World Press Photo WPP Web Presence Provider WPP Wolf Pack Productions (anime fan subbing group) WPP Witness Protection Program WPP Wireless Packet Platform WPP Work Package Planning , plc. EDITOR'S NOTE Editor's Note (foaled in 1993 in Kentucky) is an American thoroughbred Stallion racehorse. He was sired by 1992 U.S. Champion 2 YO Colt Forty Niner, who in turn was a son of Champion sire Mr. Prospector and out of the mare, Beware Of The Cat. Trained by D. : For Visual Demonstration, go to: www.ziment.com |
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