Today, the biopharmaceutical space is investing highly in clinical development to effectively prevent and treat the growing number of life-threatening diseases. With health being top priority, prominent biopharma players are revisiting their strategies and technologies to enhance their operational efficiency. The growing concern to reduce the cost of drug development is compelling organizations to ensure affordability, quality, and performance in the products offered. Moreover, the growth of the biopharmaceutical space is largely determined by the innovations in terms of immunotherapies, antibody drug conjugates, and cell therapies. As the biopharma companies are moving to the business mainstream, several factors may influence the growth of the industry. These include:
- Maintaining competitiveness: Today, the healthcare systems are trying to cope up with the rising demand for reliable healthcare services among the end-users. With the shift toward more biopharmaceutical products, prominent players are facing pressures to reinvent their production capabilities to meet customer expectations. Moreover, the government policies are encouraging more players to enter the market in a bid to offer safe medications to people.
- Complexity in the supply chain operations: The relentless growth in technology increases the complexity of the biopharma operations as current production programs are failing to bridge the demand-supply concern. So, to meet the growing healthcare demands, organizations should adopt lean practices to reduce operating costs across manufacturing and quality divisions.
To address these challenges and understand the current market requirements, organizations are leveraging a market intelligence solution. A market intelligence solution helps businesses gain timely and relevant information about the company’s market to ensure accurate and confident business decision. Moreover, businesses can ascertain the demand for products and services and understand the competitive effectiveness of the products in the market.
The Business Challenge
- The client: Leading biopharmaceutical player
The client, a prominent biopharmaceutical company, wanted to outline the demand for products and the market likeliness to respond to a new entrant. Through an effective market intelligence engagement, the client wanted to segment the market based on the competitor information, product information, and customer information and devise marketing campaigns to meet the business requirements. The primary concern of the client was to minimize the risk of the investment decisions being wrong. Moreover, the client in the biopharmaceutical companies space also wanted to stay ahead of the competition and obtain an advantage over other competitors.
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To tailor the products and marketing efforts around the customer needs, the market intelligence experts at Infiniti carried out extensive research methodology. The research methodology covered interviews and discussions with prominent stakeholders in the biopharmaceutical companies space. Moreover, with the help of reliable sources such as trade shows, company presentations, and industry forums, the experts also gained better clarity into the market requirements in the biopharmaceutical companies space.
The Solution Benefit and the Business Impact
The market intelligence solution offered by Infiniti helped the client in the biopharmaceutical companies space streamline their marketing resources based on the customer requirements. The client was able to identify and address the potential bottlenecks in terms of the compliance requirements and supply chain disruptions and was able to enter potential markets in an agile and seamless manner. Moreover, the solution also sought ways to invest in the market that promises better results.
As the new classes of molecules evolve, biopharmaceutical companies will leverage the use of innovations to improve manufacturing, supply, and quality-assurance approaches. Moreover, biopharmaceutical companies will also rely on technologies such as hybrid systems to suit specific product and market conditions.
A must-read case study for strategy specialists and decision makers looking to develop an understanding of the biopharmaceutical companies space.