Biobetters Market Overview
The global biobetters market has been witnessing a positive growth and is expected to do so in the coming years. The increasing usage of more effective and safer therapeutic drugs for the treatment of chronic diseases are expected to aid the biobetters market growth. Owing to the positive growth of the biobetters market, pharmaceutical manufacturers are competing to patent new drug formulations in order to survive. Also, leading companies in the biobetters market are expanding their business operations to foreign countries. However, market-access related issues pose major challenges for companies operating in the biobetters market. Leveraging market access strategy can help businesses to tackle market-access challenges and maximize profitability.
Top Markets: North America is likely to be a leading biobetters market through 2029. The experts at Infiniti Research predict that Europe and Asia-Pacific regions will witness positive growth over the next five years.
Key Biobetters Market Challenges Faced by the Client
The client, a biobetters manufacturing firm, wanted to expand its business operations to the Middle East and South-East Asia regions. They noted that market entry to the Middle East and South-East Asia regions was highly challenging due to the need to accommodate rising costs and the proliferation of competing drugs in the same therapeutic areas. In addition, the growth of the generic segment and the advent of biosimilar drugs were increasing challenges for the company. They approached the experts at Infiniti Research to leverage their expertise in offering market access strategy.
Other major challenges that the biobetters market client encountered included:
Challenge #1: Data availability and accessibility for the target countries was a major challenge due to stringent regulations and limited sources.
Challenge #2: As the clinical pathways and treatment models changed very frequently in the Middle East and South-East Asia regions, gathering comprehensive insights into the market landscape and competitors before advancing pipeline drugs to the next level was becoming mandatory for companies in the biobetters market.
Challenge #3: Developing a sound product marketing strategy that will aid their drug’s market access and commercialization goals.
Challenge #4: To analyze the different pricing strategies in the in the Middle East and South-East Asia regions and set the right price for their new drugs.
Our Integrated Approach
The experts at Infiniti Research carried out 100+ interviews with market access experts, business executives, strategy managers, market analysts, marketing access managers, and healthcare consulting companies.
Infiniti’s market access strategy engagement involved:
- Detailed algorithm and setup of Reimbursement and Pricing Approval Process across the Middle East and South-East Asia regions
- Detailed assessment of competitors’ offerings, new business strategies, and market position
- Thorough analysis of payers’ needs and concerns of pharmaceutical and healthcare providers
- Opportunity advisory to help the biobetters market client make investment decisions on optimizing the portfolio
Besides, Infiniti’s market access strategy also provided the biobetters market client with:
- Quarterly price trackers to keep a tab on hospital preferences and purchase trends
- Region and respondent type specific insights to ensure complete landscape and opportunity mapping
- Actionable insights on emerging and untapped potential in the target regions within small and medium hospitals
By leveraging Infiniti’s market access strategy, the biobetters market client was able to:
- Gathered comprehensive insights into the market landscape and identified the evolving clinical pathways and treatment models
- Devised a sound market entry strategy
- Successfully launched drugs in the new markets
- Set optimal prices for their new drugs
- Develop new drugs meeting the market demand and payers’ requirements
- Cleared clinical trials in initial attempts and successfully launch drugs in the Middle East and South-East Asia regions
- Devise a sound commercialization strategy for the promotion of its new drugs
- Identify the most suitable distributors in each target regions based on the regional strength scorecards
- Identify the total addressable market and make a robust sales strategy
- Meet its revenue goal and enhance market share by 37%