There is a very large potential global market for an effective microbicide that could be used to protect women against sexually transmitted diseases (STDs) and HIV infection. This is the finding of market research conducted on behalf of the European Commission and presented at the 12th World AIDS Conference [Geneva, Switzerland; July 1998]. To date, there has been little enthusiasm from pharmaceutical companies to invest in development of such microbicidal products. A major reason for this reticence is that the pharmaceutical industry do not perceive microbicide development as being related to a viable and profitable market segment. Publication of the market research results presents a clear commercial justification for targeting this potentially lucrative market.