The recently unfolded challenges have drastically changed the pharma landscape leading to drug approval stagnation and diminished R&D productivity.
The pharma market is well-known for innovation- new and advanced pharmaceutical drugs are incessantly being discovered and marketed across the globe. In addition, mergers and acquisitions are taking place on a regular basis and new studies are being conducted regularly by the pharmaceutical drugs manufacturing companies to enhance their product portfolio.
In addition, the rapidly changing technical landscape has leveraged the shift toward a more patient-centric healthcare, as evidenced by telemedicine and wearable biometric devices. However, patient-centric care has proven to be rewarding as well as challenging for pharma companies. Even with the recently unfolded challenges changing the pharma landscape, there are promising opportunities on the horizon with patient-centric healthcare trends and biosimilars that are likely to accelerate market growth.
The Business Challenge
- The client: A pharmaceutical drugs manufacturing company
To identify and quantify the opportunities in the pharma market, the client – a leading pharmaceutical drugs manufacturing company – approached Infiniti to conduct a market opportunity assessment. The client wanted to identify and gauge the attractiveness of business opportunities in the pharma market. Lack of visibility regarding market conditions posed a major challenge for the client as they were unable to define a clear business strategy and justify their actions. Therefore, their primary objective was to identify new opportunities by determining the market factors affecting their business growth.
How Can Market Opportunity Assessment Help Pharmaceutical Drugs Manufacturing Companies?
Understanding and gaining detailed insights into market opportunities is essential for any organization A detailed market opportunity assessment acts as a cornerstone of a successful business strategy and also helps identify new market opportunities. However, it doesn’t necessarily require huge investments in terms of time and energy. By investing in market opportunity assessment, pharmaceutical drugs manufacturer can create a basic framework necessary for- making data-driven decisions, resource optimization, and increase brand perception.
Summary of our market opportunity assessment
Infiniti’s market opportunity assessment helped the pharma market client gain a detailed industry outlook. It also helped the client identify major market opportunities along with the trends and implications for each opportunity.
Furthermore, to help the client assess the competitive landscape and identify imminent market trends, the market experts at Infiniti conducted a detailed market opportunity assessment to determine customer needs and accordingly deliver the products to enhance customer satisfaction. The approach included primary and secondary research methodologies coupled with qualitative and quantitative data collection procedures. The experts also reached out to various stakeholders in the pharma market.
Solution Benefits and the Business Impact
Infiniti’s market research experts helped the pharmaceutical drugs manufacturing company accomplish their organizational objectives, leading to an increase in market share. The market opportunity assessment also helped the client keep tabs on market opportunities to enhance their product and services offerings. Moreover, the solutions offered helped in expanding their business in existing as well as new markets.
With the rapid growth in the pharma market, it might be difficult for pharmaceutical drugs manufacturers to gauge the attractiveness of market opportunities. In order to withstand the growing competitive pressure, leading players in the pharma market are increasingly investing in other alternatives such as – industry partnerships, capacity expansions, market opportunity assessments, and mergers and acquisitions.