Market Research within the Pharmaceutical Industry

Abstract: Problem definition: SPAGO Imaging AB is developing a new contrast agent for Magnetic Resonance Imaging (MRI). In approximately 5 years, the product will be launched on the market. The company is therefore about to look for investors to fund the development and growth. To gain investors interest, a clearly defined market for this sort of contrast agent is required. Purpose: The purpose of this thesis is to analyze the market of SPAGO Imaging AB´s contrast agent in the field of breast cancer. Methodology: The approach of the theses was a survey study because the interest was to gather basic knowledge from many fields. The study is based primarily on secondary data, gathered through books, scientific papers and various websites. The secondary data was complemented with primary data, collected through personal interview and internet surveys with three radiologists. Most of the collected data is qualitative in nature. Conclusions: Breast cancer is the most frequency diagnosed malignancy in women. The most widely used screening test to detect breast cancer is mammography, but mammography involves ionizing radiation that can produce adverse health effects and the sensitivity of the test is limited (79%). Magnetic Resonance Imaging is a valuable complementary modality to conventional screening methods. The strength of the MRI technology is the high sensitivity (92.5%). MRI also uses radio-frequency waves, which is non-ionizing energy and considered safe. Nevertheless, breast MRI has played a limited role in cancer detection. It is probably due to a combination of a low specificity (72.4%) and the significantly higher cost. The new contrast agent, developed by SPAGO Imaging AB, will most likely give a higher specificity and a higher sensitivity. The product will however not change the fact that the MRI is not appropriate for general screening. The reason for that is the high cost together with the long waiting time after the administration of the contrast agent. The screening has, however, become more individual-based and women with increased risk for developing breast cancer need a more sensitive screening tool. The contrast agent of SPAGO Imaging AB is therefore suitable for screening women with high risk of developing breast cancer. Diagnostic tests are used to classifying the tumors and to gather more information about the cancer. For the purpose of determining the size and location of the tumors the most common methods are mammography and sonography. However, the high soft tissue contrast and three-dimensional format of MRI allows anatomic structures of the breast to be viewed in greater detail. Why the MRI technique isn’t used to a higher extent for diagnostic purposes probably depends on a combination of a lack of availability and the risk of overestimating the extent of disease. SPAGO Imaging AB´s contrast agent will most likely give a better contrast so the diagnostic area is also a potential segment.