Pharmaceutical Market Overview
Today, the US pharmaceutical industry is witnessing a phase of tremendous disruption due to increasing competition from generic drug manufacturers, US healthcare policy reforms, and inappropriate planning of drug launches. Also, recent pharmaceutical market research study shows that over 50% of new drug launches have not performed up to the expectations of pharmaceutical market research analysts’ and around 25% have failed to reach even half of the revenue forecast. Consequently, companies in the pharma industry are finding it imperative to partner with firms like Infiniti Research to leverage their expertise in offering pharmaceutical market research solutions.
Today, new drug launches face more intense competition when compared to a decade ago. So, are you looking to launch a new drug in the market? Our pharmaceutical market research experts can help you capture huge traction for your newly introduced drug. Request a FREE proposal!
The client is a renowned pharmaceutical company based out of the United States. The client manufactures and supplies a wide range of drugs, including benzonatate, Excedrin, anti-inflammatory drugs, and antidepressants.
The client was looking to introduce a new drug in the US pharmaceutical market. For this drug, the major group that the client was aiming to target were oncologists. The client, therefore, approached the pharmaceutical market research experts at Infiniti Research to analyze the market landscape and identify the market potential of their new drug. In addition, with Infiniti’s pharmaceutical market research, the client wanted to identify the right partners to support their new launch and expand their sales division to drive maximum profitability.
Other challenges faced by the client were:
#1: Increased competition from generic drugs
US food and drug administration’s (FDA) renewed effort to speed-up the approval process of generic drugs in the US pharma market heavily flooded the market with cheaper versions of high-quality drugs. This subsequently impacted the company’s sales rate. The client, therefore, did not wish to take a chance with their new drug launch. With Infiniti’s pharmaceutical market research engagement, the client wanted to competitively price their new drug by analyzing the price of similar drugs in the market.
#2: Product liability
The rising competition in the US pharma market pressurized the client to cut down the cost of new drugs by streamlining the R&D process and eliminating overhead expenses. Therefore, by partnering with Infiniti’s pharmaceutical market research experts, the client wanted to analyze the complete product development lifecycle, trade-offs, and gain insights on product-specific revenues to boost the value proposition.
#3: Keeping up with technology
Today, with consumers’ demanding personalized medicines (drugs built to work with an individual’s unique set of genes), the company realized the need to keep up with technology to support them in enhancing the quality of clinical studies. With Infiniti’s pharmaceutical market research engagement, the client wanted to analyze all the latest pharmaceutical market trends and innovations in the US pharma market.
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The experts at Infiniti Research conducted a thorough US pharmaceutical market research engagement. The factors such as the US pharmaceutical market size, pharmaceutical market growth rate, and pharmaceutical market share were taken into consideration during the research. Also, the experts leveraged Infiniti’s pharmaceutical market segmentation analysis solution to efficiently segment the lucrative customer group to promote their product offerings.
The experts also conducted product research and revenue estimation. The phase of the pharmaceutical market research engagement helped the client to analyze the complete product development lifecycle. Also, the experts helped the client to evaluate the average sales potential for their new oncology drug.
As a part of pharmaceutical market research, the experts at Infiniti Research also conducted competitive intelligence. This phase of the pharmaceutical market research engagement helped the client to analyze the pricing strategies for similar oncology drug in the market. This helped them to competitively price their new drug to achieve maximum profitability. Also, by leveraging Infiniti’s pharmaceutical market research engagement, the client was able to keep up with all the latest technological innovations and market changes.
With the insights obtained from Infiniti’s pharmaceutical market research, the client was able to successfully devise a robust go-to-market strategy to launch their new drug. The drug achieved huge success in the US pharma market. Within two years of launching the new drug, the client was able to exceed their revenue expectation and realize a savings of over $2.6 million.