The client is a leading US healthcare sector company headquartered in the US
The Business Challenge
The client, a leading company in the healthcare sector was facing challenges while analyzing the cost of entering a new market. They learned that the equipment they use to make their products, the buildings they make them in and work from, and the raw materials all incur costs. Also, they realized that all the unexpected costs would result in losses, which would influence their business growth. Thus, they wanted to leverage Infiniti’s global market access strategy to identify all the potential costs their business might face. This includes taxes, import and export costs, pricing strategies, etc. Additionally, the client wanted to figure out whether the new market was drowned in high taxes and needed a detailed report on the amount of capital required to cover import duties, foreign taxes, shipping, insurance, overseas distribution, and storage costs.
Implementing a market access strategy engagement helped the healthcare sector client to identify capital demands and potential growth areas. This assisted them in devising effective, low-cost global market access strategies to establish their market presence. Moreover, the market access strategy solution enabled the client to reduce the risk of conflicts through the careful selection of international partners and the formulation of jointly beneficial contracts. Additionally, the market access strategy solutions and recommendations helped the client identify and capitalize on the most profitable segment. In addition, the assessment assisted the client in identifying and assessing the innumerable challenges and entry barriers in the US healthcare sector market segment. It also helped them to redefine their global market access plan to meet the local market’s expectations. Following Infiniti’s global market access methods helped the client to recognize potential growth areas and devise effective, low-cost global market access strategies to boost their market presence.
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Why Market Access Strategy is Important?
A market access strategy is the culmination of the planning it takes to develop a strategy on the ways to enter a new target market with a new product/service offering. It includes a detailed plan on the different ways to present the product, the price at which it has to be presented, to whom, and in what form. It is essential for players in this sector mainly because a precise plan helps them in primary market research, keep track of their goal, determine market access stock, spot deviations, and helps firms to track their progress to know when it is time to plan further ahead.
A robust market access strategy supports businesses to gauge information that is relevant to the company’s markets, determine market opportunity, devise a market penetration plan, and gain actionable insights into the market’s growth metrics. Also, a market access strategy encourages businesses to understand the drawbacks associated with the offerings in terms of competitors, distributors, and compliance regulations.
Healthcare Sector Challenges 2019
The US healthcare sector has come a long way over the last few decades, thanks to the technological advancements and innovation that has given rise to new growth opportunities in the US healthcare sector. Being one of the most complex and expensive sectors, the US healthcare sector has several layers and costs to manage and maximize revenue opportunities effectively. Organizations in the healthcare sector are faced with constant trials and testing to ensure quality levels and regulatory compliances. However, technological innovation will continue to impact every function in the US healthcare sector. As a result, healthcare providers must identify these issues and devise an effective strategy to retain their market share and thrive in the global healthcare market landscape.
Recent studies show that companies in the US healthcare sector must look for certain factors before entering a new market. They must analyze the industry as it exists in the present and identify the direction where it is headed. Also, identifying opportunities and potential threats can help companies to gain an objective overview of the industry and identify the changing trends. Moreover, the cost of entering a new market comes as the most common barrier to the entry of new players. This is where a global market access strategy comes into play. A global market access strategy is the cornerstone of future growth and expansion strategies as it helps organizations understand the competitive landscape, reduce costs, improve operational efficiency, and boost sales. Thus, companies in the US healthcare sector must leverage global market access strategies before entering a new market.
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