When it comes to most consumer goods or services, the customers can decide if it is a luxury or a necessity and if so, whether or not they need to spend on it. However, when it comes to healthcare, the purchase of these services or products is never optional. A patient who needs healthcare will have to buy it. But this also does not mean that they will buy anything that the healthcare service providers sell. It has become crucial to understand the dynamics and the unique challenges facing the healthcare industry in India, which will reportedly increase threefold to around $ 133 billion by 2022.
The marketplace has become aggressive and complex because of the escalating cost, intense competition, a larger number of choices, and growing dissatisfaction among patients, which means that the service providers need to operate strategically. Today, healthcare market research is an integral part of the strategy to succeed and GRG Health which is a part of Growman Group is one of the fastest-growing global healthcare market research firm based out of APAC.
They started with a small team of 5 analysts in June 2015 and now they have more than 90 full-time employees who are working from different locations across the US and India. In the initial days, they started with data visualization and analysis service provider, however, over the time they gain specialization in qualitative and quantitative data collection and competitive intelligence as well and their key markets are APAC and EMEA.
GRG Health is one of the leading global healthcare market research firms because of their unique hybrid data collection methodology, network and their unmatched and transparent service. Their unique hybrid approach to collect data is known as "The GrowthMix Approach" which is a combination of traditional face to face surveys and telephone or online interviews. Their exclusive concept of booster interviews allows clients to be more comfortable across data quality and flexibility in challenging studies.
Soon GRG Health realized that to achieve more, they need to create in-field capabilities. So by this day, they have a network of over 350 independent field researchers in more than 30 countries. This network of independent researchers gives their clients a lot of regional and local strengths across all key markets as this network has been a major reason for the success of GRG Health.
There is an obvious growing competition in the market research industry but GRG Health sees this growing competition as the way of constantly learning and improving by studying them. In an ever-changing industry like market research, continuous education is the key to success. The industry is booming as many new offerings are floated in the market every day and to find out new and creative ways to solve both traditional and new business problems is intellectually satisfying.
"It's a fantastic time to be in market research"– Ayush Mishra
One way to always stay on your toes in this competitive market is to gain the latest industry information. GRG Health keeps on learning and implementing the best methods that suit their environments.
For example, patient outreach via ethnography and other mobile application means is an upcoming trend. Companies want to gather feedback from patients directly and in real-time, so GRG Health is working to create that outreach for our client's within APAC markets
Ayush Mishra further added "Being a market researcher is like being a doctor, new methods of treating the same problem will come daily."
Technology has always been an integral part of the market research industry. GRG Health has a team that builds relevant technology to suit their needs. They recently launched a project tracking platform for clients that gives them a single-button access to track and interact on all of their ongoing studies.
Technology and global regulations are two major transformation factors in the past few years. Artificial Intelligence and data science are changing the tech landscape of market research industry like never before. There is going to be a lot of new job opportunities created by this industry and many old job roles will become obsolete.
Just like GDRP in EU, a similar is going to be tabled in India as well which will create an impact. While GDPR did create a lot of panic within companies in the last two years, similar stronger regulations is going to pass in most countries now. This will make the job for people in market research more difficult as agencies will have to keep on finding newer compliant ways to engage with the audience.
As GRG Health was growing, they had many ups and downs with clients, freelancers and various agencies.
However, they today work with some of the best client teams in the world. Most of the projects that they do for the clients are as their internal team. GRG Health believes in having a special kind of relationship with their clients and they are blessed to have clients whom we are working since inception.
When it comes to outside agencies, GRG Health have some good relations with only 1-2 agencies who are working with them for several years now and they have also grown with them since starting. Working with freelancers can be tricky but once you find good professional then they are the greatest people that you will work with.
Having the right talent in the organization is always a challenge therefore, GRG Health keeps on trying better ways to reach out to potential employees. Other than this almost every other project is a challenge and this type of challenge is loved by GRG Health.
GRG Health believes that people are their resources and every milestone they have achieved is because of the job people do. Today they have almost 93% of clients out of which almost 70% are working with us for over 4 years. GRG Health is a people's company because a company achieve nothing without having the best people around.
GRG Health is made by Millennial as they are e most optimistic generation in history. GRG focuses on offering a reason to be optimistic about therefore, their ethos is designed to cater to the "Millennial Optimism" in the company like:
He has an experience of over ten years working across life sciences, pharmacy and big consulting companies on various market research studies ranging from competitive intelligence, strategy, market assessment, market sizing and market access. Ayush's main responsibility at GRG Health is to manage important client accounts, work with them to enhance their customer experience, boost their internal PnL by offering custom services.
Kavish is working as a Partner & Associate Director at GRG Health as he has a vast experience of over six years in market research across healthcare, pharmaceutical, medical devices, medical diagnostics verticals.
Kavish has a keen interest in the healthcare industry from a young age therefore he studied Biotechnology from Shoolini University, Himachal Pradesh. He is also one of the founding members at GRG and has successfully established, created & curetted GRG's propriety healthcare database and manages quality control team to ensure that clients receive top-quality insights from the right stakeholders. Kavish is always keen on taking up challenging client requirements and designing illustrative proposal briefs, methodologies and executing feasibility runs.
Manan completed engineering in Food Technology from Jaipur National University, India and now serving as a Partner and Associate Director at GRG Health. He has gained a vast experience of six years by working along healthcare market research firms, KPOs & consulting firms across a wide spectrum of market research studies encompassing market forecasting, business intelligence, competitive intelligence, brand assessment & positioning, market access & consumer research.
Primary responsibility of Manan at GRG Health is research practice and manages the client expectations throughout the project lifecycle. He ensures timely and quality deliverables to the clients. Manan has also contributed in successful addition and delivery of million-dollar engagements in the last few years.
In the coming future, GRG Health is focused on optimizing the traditional market research methods with the use of AI and machine learning as this is one of the key accomplishments they want.
They have adopted healthcare facilities at 9 villages in UP and Uttrakhand through one of its group companies.
"We are a company that's made up of millennial and are focused on binding technology to optimize our processes. It's just a company culture thing"– Ayush Mishra