Chinese Biopharmaceuticals Market Overview
The Chinese biopharmaceuticals market is projected to witness substantial growth through 2022. The market is largely driven by the growing geriatric population, increasing chronic diseases, and rising inclination toward targeted therapy. Also, the huge demand for biopharmaceutical is facilitated by an accelerating focus on research and related investment. However, COVID-19 has had a negative impact on the economy and therefore healthcare expenditure, hampering the Chinese biopharmaceuticals market growth. In these unprecedented times, the world is looking towards the biopharmaceuticals and medical-products industry for a response. As such, companies in the Chinese biopharmaceuticals industry must gauge the impact of COVID-19 on their business operations and respond appropriately, based on individual positions, capabilities, and goals.
The COVID-19 crisis is fundamentally changing how companies in the biopharmaceuticals sector operate in China, as it has put short-term pressure on budgets and undermined market fundamentals. Our business continuity support solutions can help biopharmaceutical companies to combat the business impact of the COVID-19. Request a complimentary proposal here.
Business Challenges Faced:
Our client, a biopharmaceutical company, based out of China, faced challenges in preparing for possible site closures and distribution delays, evaluating the need for new sources of supply for raw materials, and introducing new safety measures. Also, the Chinese biopharmaceuticals market client faced difficulties in identifying immediate implications across the value chain and responding to huge spikes in demand. Additionally, they faced challenges in evaluating bold moves, such as undertaking M&A in adjacent segments and deepening integration between digital and health tech. As a result, the company witnessed a huge decline in profits and encountered cash management challenges. The client, therefore, wanted to develop contingency plans for launches over the next six to 12 months, recognizing that health systems are coming under enormous strain in many markets. Also, they wanted to accelerate productivity improvements to respond to the pricing and access challenges that major economic shocks could bring. They chose to partner with Infiniti Research to leverage their expertise in offering custom market research solution.
With custom market research solution, the Chinese biopharmaceuticals market client also wanted to:
- Adapt their operating models to reflect shifting patient flows
- Develop GTM (go-to-market) models that will serve as points of differentiation
- Manage the risk of clinical trial disruption
- Engage constructively on changing policies
In response to the coronavirus outbreak, some surface biopharmaceutical companies are developing contingency plans, while others are adopting strategic initiatives. Is your organization prepared to combat the COVID-19 pandemic challenges? If not, contact us to know how our business continuity solutions can help you to combat the business impacts of the COVID-19.
Our Integrated Approach:
- The experts at Infiniti Research identified the immediate challenges that COVID-19 presents to the client’s workforce, customers, technologies, and business partners. Our experts also identified immediate implications across the value chain, by market and by therapeutic area. We also identified the challenges and areas where the disruptions from the pandemic may accelerate change.
- The second phase involved identifying cost-effective technologies and tools to help the client engage with healthcare professionals, such as telemedicine or remote consultation. Additionally, we helped the client in developing contingency plans for launches over the next six to 12 months.
- The third phase included working closely with industry peers to shape new modes of engagement with regulatory bodies and establishing trial infrastructure that are better equipped to withstand future disruptions with more robust data management, remote trial capabilities, and real-world-evidence-based regulatory processes.
With Infiniti’s custom market research solution, the Chinese biopharmaceuticals market client was able to address near-time cash management challenges and create a detailed plan to return the business to scale quickly as COVID-19 issue evolves. Also, our experts helped the client to evaluate the need for new sources of supply for raw materials, active pharmaceutical ingredients (APIs), and outsourced products and ensure business continuity. Besides, the client was able to accelerate their transformation, especially in using digital tools and adopting digital channels to engage with healthcare professionals, such as telemedicine or remote consultation.
Our experts also helped the client to accelerate productivity improvements to respond to the pricing and access challenges and increase the agility of operating models for therapeutic areas to better handle demand shocks. By deepening collaborations in R&D, the Chinese biopharmaceuticals market client was able to accelerate the approval of vaccines and therapeutics.
Additionally, our experts helped the client to establish trial infrastructure and regulations that are better equipped to withstand future disruptions. The client was also able to plan for other critical challenges such as biosecurity hazards and cybersecurity threats. Besides, the Chinese biopharmaceuticals market client was able to develop new contracts and closer relationships with health systems, payers, healthcare professionals, and patients.
Request more info to learn more about our business continuity solutions and their benefits for your business.