India’s medical market is expanding rapidly, with a growing number of private hospital chains that are well-equipped to serve both wealthy Indians and global tourists. As Indians become wealthier, they will require better healthcare.
Critical Thinking Points for Indian Medical Market Research:
- Lifestyle Changes and the Correlation to Demand
It is important to pay attention to how technology and lifestyles changes impact the Indian medical market. How is India affected by the lack of information awareness and readily available healthcare? For starters, although India was able to control many cases of communicable diseases, lifestyle diseases such as diabetes, hypertension or obesity, are on the rise. Thoroughly analyzing this kind of data will give you answers as to how and where you should market your product.
- Structural Differences in India
Different from the west, India’s medical system includes public, private, and Ayurvedic (traditional alternative medicine) hospitals. Understanding these structural differences, how they operate, and what they demand is an important part of market research. More than just finding answers from the internet, however, it makes a difference when you have local resources in India who are able to provide precise answers to your questions. Moreover, it’s important to understand that a question you ask in English may not translate directly, and will bring confusion to the table. Speaking directly with experts in India will give you the exact information you are looking for.
- Many Local Resources Lack Competitive Intelligence
As some companies know too well, the accuracy of information in developing countries such as India can be questionable. It is also difficult to execute valid market research studies because many of the local market researchers do not have sufficient training. Unless you are extremely confident in your local source of information, this point should be taken highly into consideration.
Pacific Bridge Medical’s experts are highly knowledgeable about the above points and have almost 30 years of experience with conducting market research in India. We will help foster growth for your products by investigating market openings for success.
In gathering comprehensive market research, these steps will be used to speak face-to-face with local specialists:
- Convey the essentials: By working one-on-one, we are able to get a good idea of the specific needs for your company and the goals for your products.
- Accurately interpret information: We will ensure that all documents are fully translated to guarantee that the message we are conveying is authentic and accurate.
- Get in touch with key opinion leaders (KOLs): We will reach out to government regulatory staff, hospital leaders, and doctors to obtain their opinions first-hand.
- Evaluate the material: After exploring the results, we will present our findings and offer recommendations on how your company should enter or expand in the Indian health market.
Contact us now to find out more about how Pacific Bridge Medical can provide you with market research assistance in India.
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