Journal of Korean Society of Industrial and Systems Engineering (산업경영시스템학회지)

Society of Korea Industrial and System Engineering (한국산업경영시스템학회)
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Analysis and Estimation for Market Share of Biologics based on Google Trends Big Data

구글 트렌드 빅데이터를 통한 바이오의약품의 시장 점유율 분석과 추정

  • Bong, Ki Tae (Department of Management of Technology, Sungkyunkwan University) ;
  • Lee, Heesang (Department of Management of Technology, Sungkyunkwan University)
  • 봉기태 (성균관대학교 기술경영전문대학원) ;
  • 이희상 (성균관대학교 기술경영전문대학원)
  • Received : 2020.02.24
  • Accepted : 2020.04.02
  • Published : 2020.06.30
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Abstract

Google Trends is a useful tool not only for setting search periods, but also for providing search volume to specific countries, regions, and cities. Extant research showed that the big data from Google Trends could be used for an on-line market analysis of opinion sensitive products instead of an on-site survey. This study investigated the market share of tumor necrosis factor-alpha (TNF-α) inhibitor, which is in a great demand pharmaceutical product, based on big data analysis provided by Google Trends. In this case study, the consumer interest data from Google Trends were compared to the actual product sales of Top 3 TNF-α inhibitors (Enbrel, Remicade, and Humira). A correlation analysis and relative gap were analyzed by statistical analysis between sales-based market share and interest-based market share. Besides, in the country-specific analysis, three major countries (USA, Germany, and France) were selected for market share analysis for Top 3 TNF-α inhibitors. As a result, significant correlation and similarity were identified by data analysis. In the case of Remicade's biosimilars, the consumer interest in two biosimilar products (Inflectra and Renflexis) increased after the FDA approval. The analytical data showed that Google Trends is a powerful tool for market share estimation for biosimilars. This study is the first investigation in market share analysis for pharmaceutical products using Google Trends big data, and it shows that global and regional market share analysis and estimation are applicable for the interest-sensitive products.

Keywords

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