Conjoint analysis
Conjoint analysis provides us with a model of the decision making process that doctors go through when they choose between competing drugs.
They achieve this by viewing each drug as a bundle of performance levels for different product attributes. So. each drug may have a different performance level on, for example,
- Its speed of onset.
- How convenient its dosing is.
- How severe its side effects are.
- Etc etc.
Each of these attribute performance levels will make a contribution to how much the doctor likes the brand overall. The contribution to likeability from each attribute is called a part-worth.
Armed with the part-worth score for each attribute's performance level. we can:
- Calculate the overall score that doctors would give to any combination of attribute levels.
- See exactly why doctors like some products more than others.
- See what improvements would be most important for our product.
- Learn which attributes give us the biggest competitive advantage relative to our competitors so that we can concentrate our promotional messages there.
- See how important price is to other attributes and estimate price sensitivity.
It is easy to see why conjoint is such an important research tool for the pharmaceutical industry!
However, conjoint is generally made too complex, too costly and too much of a black box.
Hard empirical research has clearly proven that the simplest conjoint models are at least as good as the more complex ones. And they are much more cost effective and easy to understand.
We are passionately committed to simple, cost-effective conjoint analysis. Our 'manifesto' for keeping conjoint simple is contained in the book Let's Take the Con out of Conjoint Analysis: The Evidence for Keeping It Simple by Inpharmation's Managing Director, Gary Johnson.
Inpharmation is unique in delivering conjoint based on the published evidence of what works best. Our conjoint studies are also unique because:
- We develop our own software - we do not buy in third party software that we do not understand.
- Our studies deliver interactive market share models. You can quickly and easily conduct any what-if analyses without having to revert to us.
- If you need it, our conjoint results provide much more powerful pricing outputs than traditional conjoint - including the sensitivity of both doctors and payers to price.
For full details on our evidence based conjoint methodology including an order form for the book, please fill out the form below...
