Industry Trend Analysis Helps a Pharma Secondary Packaging Market Client Track Major Market Developments and Develop Cost-Effective Strategies
Pharma secondary packaging: Engagement overview This engagement was undertaken by Infiniti Research for a prominent global pharmaceutical company, to support their research efforts into the pharma secondary packaging market in the United States and Europe. To pursue their packaging development strategy with a clear understanding of current and future market trends, the client sought to […]
Pharma secondary packaging: Engagement overview
This engagement was undertaken by Infiniti Research for a prominent global pharmaceutical company, to support their research efforts into the pharma secondary packaging market in the United States and Europe. To pursue their packaging development strategy with a clear understanding of current and future market trends, the client sought to explore the secondary pharma packaging market, focusing on significant design/technology innovations, gaps in their current operations, and best practices adopted by leading players in this segment. The client also wanted to leverage our customer intelligence study to understand target consumer needs in terms of packaging and develop strategies and cost-effective packaging designs that ensure customer convenience and safety. Another area of key focus for the client was to devise strategies for achieving faster turn-around time and production efficiency.
In a span of six weeks, experts at Infiniti Research undertook an incisive study of the global pharma secondary packaging market, covering:
Pharma Secondary Packaging Market insights and dynamics
- Detailed research of the latest and upcoming design features in the pharma secondary packaging market
- Trending design innovations and technological features that top companies in the industry are focusing on, with critical insights into the ideal pharma secondary packaging techniques for the product storage and logistics safety
- The client wanted to benchmark their existing pharma secondary packaging techniques with their competitors and draw packaging best practices from other key market players
- A comprehensive competitor landscape study was undertaken, highlighting a brief introduction and product portfolios of competitors, their sustainability best practices, strategies adopted to promote adherence, and their new product design features and functionalities
Market insights and recommendations
- Based on research findings, strategic market insights and recommendations were provided to the pharma industry client
- Fact-based solutions to their critical pharma secondary packaging challenges and primary recommendations from industry experts
For in-depth insights and complete access to our comprehensive study on the pharma secondary packaging market, Request a Free Proposal
Infiniti proposed a unique blend of rigorous secondary research and in-depth primary interviews to develop a complete understanding of the pharma secondary packaging market. The primary research comprised of telephonic discussions and interviews using an unstructured questionnaire with 45 seasoned respondents holding strategic decision-making positions or extensive industry expertise (including packaging specialists, packaging engineers, and packaging development experts). The respondents were chosen based on their proximity to information on products and services offered in the pharma secondary packaging market and the relevance of their job profile in target companies of the pharma secondary packaging market. Research experts at Infiniti also conducted rigorous secondary market research through classified data sources.
Pharma Secondary Packaging: Key Recommendations by Infiniti
Based on the industry trend analysis study and a detailed competitive and customer intelligence solution, Infiniti Research proposed a set of data-based recommendations to the pharmaceutical Industry client. The key recommendations were categorized based on:
Segments to focus
Experts at Infiniti Research identified key pharma secondary packaging segments that the client should focus on through an extensive custom market research study and industry trend analysis. The ideal segments were filtered out based on the requirements and budgets of the client. The critical areas of focus recommended to the client includes:
- Packaging for self-administered therapy: As patient convenience was taking a center-stage in the pharma packaging sector, especially with the increasing use of self-administration therapies through injector pens, Infiniti recommended the client to focus on investing in new designs for packaging self-administration therapies.
- Sustainable packaging: The client was also advised to focus on alternative green packaging options to reduce the carbon footprint, such as bio-friendly bio-foams, bio-based PET materials, and corrugated fiberboards that are sourced through responsible forestry.
Gaps to address
Differential packaging based on income variation: Custom income category is an important consideration while making packaging decisions for pharmaceutical companies. The product’s packaging and branding can vary from complex and sophisticated packaging designs to simple, cost-effective packaging based on the customer’s income category. Packaging of OTC drugs offers flexibility in their packaging designs.
- Competitor profiling: Based on a detailed competitor profiling and portfolio analysis, Infiniti provided the client with critical insights into secondary packaging formats on top market competitors and categorized them based on the ones best suited for the clients’ business requirements and product portfolio.
Infiniti’s pharma industry trend analysis and competitor profiling effectively helped the pharmaceutical company keep track of the major market developments and understand their own strategies relative to other key market players in the US and Europe. Based on the in-depth and critical insights obtained, the client revamped their existing pharma secondary packaging operations to align with industry standards and innovations. By adopting advanced production techniques such as 3D printing, the client could undertake rapid prototyping, gaining a 40% increase in their production efficiency. By leveraging techniques such as postponement packaging, the client also saw a considerable decline in their storage and warehousing costs, generating cost savings of over $1.5 million each year.
Based on our pricing strategy analysis and recommendations, the pharmaceutical client was able to develop cost-effective packaging strategies and set the prices at a lower rate, enabling them to better target lower- and middle-income customers. Within three months of implementation, their market share in this segment increased by 20% in the US. Based on these results, the company is further planning to introduce this segment to the European market. Furthermore, using Infiniti’s operational gap analysis, the client could also disinvest in outdated packaging designs and choose the best alternatives as per market standards.
Based on experts’ recommendations at Infiniti, the client also invested in new’ human-centered or personalized’ packaging designs that align with the current market trends and well within their budgetary constraints. A detailed analysis of the performance of new designs after six months of implementation showed increased demand and support for the packaging from both physicians and patients alike. In a customer survey undertaken to determine the effectiveness of new packaging designs, 91% of the respondents agreed that the new packaging design promoted patient-friendliness and ease of use.
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