Understanding The Role Of Market Research And Intelligence In The Field of Healthcare

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Gap Medics students ready for surgery! Market research and intelligence are a crucial aspect of the healthcare system. Numerous inventions, guidelines and even ethics in medicine are based upon the results of market research and intelligence. This entire sector in fact forms an essential part of the foundation of numerous healthcare institutions. However, since it works mainly behind the scenes and is usually not given much credit, many medical students do not even consider this as a career option. Here is some information on how market research and intelligence works so you can decide whether it will be a good career for you.

How does Market Research and Intelligence Work?

Silently but steadily, a lot of research goes on in the background of the healthcare sector. Proper market research is necessary for building effective strategies and carrying out viable projects. From product development to advertising, market research presents credible facts to managers so that they can take informed decisions based on these facts. This intelligence and research is extremely crucial in pharmaceutical companies as well as in associated businesses that depend on the healthcare sector.

Career Prospects In This Field

There are numerous career options in this field. Market research and intelligence professionals are often hired by private research companies and healthcare institutions as well as pharmaceutical companies to research specific patient segments or market positions of their competitors. For those who want to work in the public sector, there are plenty of options within the NHS.

Necessary Skills To Succeed In This Field

People who work in market research and intelligence are typically individuals who think logically and operate on the basis of fact and logic rather than pure conjecture. Researchers need to follow the facts and make logical conclusions based on these facts. A researcher cannot make assumptions or exaggerate any data that is found. It is important to conduct extensive primary and secondary research and only come to a conclusion once all the possible information is collected and analysed.

Good communication skills also come into play so that you can present all the findings of your research and analysis in a way that is easily understood. Public speaking skills may also be necessary for those who need to present this data to companies and different teams.

To do well in market research and intelligence, you should also be able to work with the latest technology and know how to use the appropriate software to put together graphs and charts, run analysis and present data appropriately.

If you are the kind of person who has a logical mind-set, good writing skills and you like gathering and analysing information from a variety of sources, a career as a market research and intelligence professional may be a good fit for you.

Salary Expectation in Market Research

Salaries within this sector vary tremendously depending on the size of the company you are employed with, your position within the organisation, your experience and the types of projects you’ve done amongst other factors.

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Gap Medics provides year-round hospital work experience for people aged 16 and over. Our shadowing placements offer a unique insight into the work of doctors, nurses, midwives and dentists – helping students to focus their career aspirations before embarking upon medical training. 

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