Category: Thoughts

pharma companies

4 Step Roadmap for Pharma Companies to Get in the Game

In the past century, advances in medicine belonged mainly to the R&D departments of pharma companies. However, companies in the pharmaceutical industry are currently experiencing a wave of challenges, resulting from what is called the new health economy. They comprise of factors such as consolidation among providers, the changing demands and expectations of patients, increasing cost pressures from payors leading to calls for pricing reform, and the declining autonomy of the individual physician as rule-based, protocol-driven care becomes ascendant. Pharma companies have always interacted with consumers by marketing directly to them and involving patients in clinical trials. In this new era, it is imperative for pharma companies to become more proactive with large communities of patients and go beyond lip service in meeting the needs of a wide swath of consumers. Though the sale of products will always be a priority, in the new health economy, companies in the pharmaceutical industry will also have to concentrate on delivering positive outcomes: health, well-being, and optimal management of illness among targeted populations. Pharma companies can achieve this by deploying and adhering to these fourRequest Free Proposal steps:

Redesign organizational structure based on patient outcome

Traditionally, pharma companies are structured to produce drugs. However, there is a fundamental shift in the way people relate to products and brands. The companies in the pharmaceutical industry that are more likely to make it to the top are not those who focus on merely selling a product, but those that seek to address a customer’s need. This shift is commonly termed as customer 4.0. Earlier, pharma companies tried to entice customers to buy a product and invest in their brand.  But the evolution of technology demands companies to fit into the customer’s universe and cater to their needs, and not vice versa.

Streamline innovations

Pharma companies often engage in activities that do not add value to their core competencies. Although in a rapidly changing sector, it is easy to allow the sense of urgency to pull pharma companies away from their primary direction. Having a clear vision and understanding of the company’s goals and purpose will enable companies in the pharmaceutical industry to be more agile, quickly making decisions in line with their core strategic goals and competencies. Abbott, one of the most innovative biotech companies, is a great example of how pharma companies can streamline innovation. In 2013, the company found itself pulled in two directions: medical device development and drug discovery. To cater to these competing interests, Abbott split its business into two: a medical device company (retaining the Abbott name) and a pharmaceutical company (AbbVie). Doing so, Abbott streamlined its resources toward innovative medical devices and allowed AbbVie to focus on drug development.

Promote a culture of innovation

Developing an innovation culture is a highly complex process. It requires building flat, diverse teams with empowering leaders. While there is no perfect formula for innovation and change management, the best teams often have strong leaders who create room for experimentation so that their employees can be creative and innovative without the fear of failure. These teams focus less on controlling their direct reports and give more emphasis on inspiring them through a clear mission. Pharma companies have a proven record of being good at creating this openness. According to a recent survey, 91% leaders in the pharmaceutical industry say they are good at rewarding employees for innovation even if the project fails.

Cultivate networks of innovation

Pharma companies also need to invest in their networks and source innovation from outside. Recent research also suggests that a good majority of innovation leaders are successful when sourcing innovation from outside. For instance, Johnson and Johnson introduceD JLABS, which provides lab space and J&J mentorship to early-stage life science entrepreneurs at a reasonable price. JLABS teams inspire greater innovation amongst J&J employees and continue to produce a large number of new J&J collaborations. This program highlights the rising importance of developing authentic relationships and inter-organizational trust building.


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robotic surgery

3 Reasons Why Robotic Surgery is Here to Stay

Imagine surgical robots operating on patients lying on the surgery table. No, we are not talking about what it would be like in a parallel universe. Over the last decade, surgical robots have literally transformed the way doctors operate and how patients recover. Robotic surgery helps surgeons to be extremely accurate during complex surgical procedures. Wonder how surgical robots operate? In a robotic surgery procedure, three to four robotic arms are inserted into the patient through small incisions. Ideally, one arm has a camera on the end, two arms act as the surgeon’s hands, and a fourth may be used to eliminate any blockage out of the way. Robotic surgery is often referred to as ‘da Vinci surgery robotic system.’ The da Vinci system is robotic – it uses robotic arms and instruments to assist the surgeon. Surgeons carry out the procedure in the same sense as if wielding the tools of the trade in their own hands, the only difference, in this case, is that the instruments are in the form of robotic ‘hands.’ However, the surgeon is always and in every way in control of the entire surgery. The da Vinci system is not programmed to perform the procedures; it does not take any independent decisions and in fact, makes no movements that aren’t originated by the surgeon. Here are three reasons why robotic surgery is becoming highly popular among surgeons as well as the patients:Request Free Proposal

Minimally invasive

In case of robotic surgery, the surgeons need not use their hands to access the patient’s body directly. Therefore, the incisions are much smaller than in conventional surgery. The robotic arms also filter out the tremors in the surgeon’s hands to reduce the chance of accidental nicks or punctures that can cause bleeding or infections in the patient’s body. Using surgical robots is a great option for patients who require a procedure in hard-to-reach areas of the body. These areas might have major blood vessels or other vital organs located nearby, which can make the surgery extremely risky. Surgery on these areas would typically require a more substantial incision to have more room for the surgeon to get more clarity on what they’re doing. This can be clearly avoided, and the surgery can be carried out with greater precision using surgical robots.

Early recovery

Since robotic surgery is known to be minimally invasive, it will likely take a patient’s body less time to recover when compared to that of traditional surgery. It is true that everyone is different, and the healing time depends on the particular circumstances. However, most people can resume normal activities, including working, within several weeks after a robotic-assisted surgery. Furthermore, with potentially shorter recovery time, patients will save on the typically high costs that are associated with inpatient hospital stays and get back to normal life more quickly. Also, due to less trauma to the body, patients are also likely to experience less scarring as they recover.

Reduced pain and blood loss

Smaller incisions and better precision ensure less pain during and after the robotic surgery are carried out. Moreover, the patients will also be less dependent on painkillers during recovery, reducing the risk of addiction. Blood loss during robotic surgery is minimal, and they generally avoid the need for blood transfusions. In other operations, blood loss can cause complications and result in even longer recovery times.

 


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Patient monitoring devices

Top Patient Monitoring Trends – Aim for Better Patient Care

Patient monitoring systems are essential to provide quality care to the patients. Monitoring can be done by measuring different health parameters including vital signs, heart rate, blood glucose, and neurological indicators. A top-notch patient monitoring system helps healthcare facilities to reach the highest levels of clinical excellence. The goal of any healthcare system is not only limited to providing the highest level of patient care but also to limit the incidences of readmission. New patient monitoring devices can change the medical care landscape and streamline Request Free Proposalcosts by reducing such hospital readmission rates. So what are the trends in patient monitoring that are changing the landscape of the healthcare industry?

Top Trends in Patient Monitoring

Real-time and remote patient monitoring

Telemedicine is becoming more of a reality these days. The ability to remotely diagnose patients and provide a treatment plan drastically reduces the healthcare costs. It’s a win-win situation as the care is delivered to them as per their convenience. It also enables healthcare professionals to serve remote and less populated areas without having to be physically present in the location. Imagine a situation where cardiovascular patients blood pressure and heart rate are regularly measured, and the data is fed back to cardiologists. It can help the cardiologists to track all the vital metrics and make important suggestions to improve patient care.

Aging population vulnerable to chronic disease

The world population is aging, and people are living longer than ever before. Consequently, they require better healthcare attention than the general population. This tends to put a lot of strain on the healthcare system. It is estimated that by 2050, the population of people over the age of 65 is expected to reach nearly 1.5 billion.

Shift to value-based, outcome-based, and patient-centric care

Industry analysts frequently point out that the healthcare industry is moving towards value-based care. It is shifting the financial incentive to a healthcare model where healthcare facilities and providers are compensated based on how their patients fare. It means the healthcare industry has to figure out a way to only perform necessary amounts of tests, visits, or procedures. Patient monitoring solutions can give healthcare professionals real-time data on patients’ well-being and progress, which assists them in providing quality care.

The emergence of big data

Big data is shaking the healthcare industry. It is helping the industry progress in all fronts including precision medicine, predictive analytics, fraud detection, and clinical trials. It has affected all healthcare areas from oncology, neurology, genomics, to cardiology. Patient-specific data gathered from patient monitoring tools such as wearables, home monitors, and smartphones is boosting the patient experience and improving health outcomes. Big data allows healthcare professionals to analyze sizeable medical data sets across a vast population to explore research and treatment opportunities.

Role of IoT

The role of IoT has been deeply discussed in the manufacturing industry and home automation. However, it is also playing a big part in the medical industry. IoT will allow patients and providers to work together for deeper engagement, open communication, and chronic disease management. The Internet of Things will enable devices to connect to the internet and provide patient health information to the doctor who can assist with the treatment. It can also monitor patient behavior and notify doctors if patients missed their prescription.

 

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medical devices

Surviving in the Medical Devices Market: 4 Tips for a Good Marketing Strategy

An excellent and detailed marketing strategy is the key for modern companies to succeed in the highly competitive marketplace today. Every marketing plan is different depending on the product, the company, and the situation existing in the market. Medical device marketing strategy mainly includes functions such as product positioning, portfolio differentiation, competitive assessments, market segmentation, customer awareness, and loyalty-building programs. Although the medical devices market continues to be strong, the demand for these products are expected to soar higher in the years to come; more obstacles seem to be rising on the marketing front. From communicating to hospitals and physicians, or directly to end-consumer patients, it is getting harder than ever to locate the target audience, present a compelling message, and motivate a buying-oriented action. So how can companies in the medical devices market make themselves stand out from competitors and garner market attention without busting the budget? A good marketing strategy might be the answer. Here are four tips for companies in this sector for crafting an ideal marketing strategy:Request Free Proposal

Know your audience

Defining your target market is one of the first steps involved in efficiently marketing anything. Moreover, the complex and sensitive nature of medical devices makes it extremely important to get to know the target audience better. Firstly, decide whether to focus on medical professionals and facilities, or end users. Developers of large medical equipment or commercial equipment normally appeal to physicians and facilities. Even though patients are the end users, buy-in from practitioners is vital. They prescribe or recommend treatments for their patients. For smaller devices, it makes sense to concentrate on reaching out to consumers or adding this market segment to your marketing strategy. 

Build relationships in the industry

Building professional relationships in the healthcare industry is a very subtle marketing strategy that medical devices companies can follow. Personal visits to medical offices and trade shows are common places, where the sales representatives of medical devices often connect with practitioners or facility reps. At these events, sales personnel get the opportunity to discuss the benefits of the equipment and demonstrate how it works to the medical practitioners. Most importantly, building relationships with prominent practitioners help develop peer influencer programs. This can also result in repeat sales in the long run.

medical devices

Embrace digital technology

Going digital is the new normal in the healthcare industry and so is the case for companies in the medical devices market. When it comes to building a good marketing strategy a mere face to face sales attempt might prove insufficient or in some cases unsuccessful. So what next? Today savvy marketers are relying on creative direct email pieces to alert professionals about innovations in medical devices and the types of medical issues they resolve. Social selling, including LinkedIn, Twitter and Facebook, are additional platforms to create awareness. Once the interest of the prospects is captured, the next step is to drive the recipient to your website. On-site, companies can present their products through landing pages by discussing the benefits of the devices offered by your company. Videos, including demonstrations and testimonials, also help prove the value of your offering.

Employ content marketing

An efficient content marketing strategy will turn out to be a great plus point in attracting end users. It can be done through writing articles and incorporating images and videos that relate to the problems your targeted consumers experience. Integrate search engine marketing strategies as well, to drive traffic from potential customers. After you drive traffic to the website, present your solutions and the benefits they offer in resolving their pain points or medical problems. Even if you sell commercially, demand from end users sparks demand among facilities and medical practitioners.


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Medical Imaging

Anatomy of the Medical Imaging Market – Where’s it Heading?

At first, it may be difficult to comprehend on how devices can circumvent through all the tissues, muscles, nerves, and bones to get the picture that helps doctors diagnose different diseases. Accurate diagnosis is one of the most critical aspects of health care, and detailed medical imaging is required by healthcare professionals to pinpoint the medical problem. Without medical imaging, they can only bring down the possibility to a few given conditions by monitoring the symptoms. However, with medical imaging devices, the problems can be located easily with perfection. There have been numerous advancements in the medical imaging technology, with doctors being able to see things in more details without causing harm to the patients. As a result, more and more diagnostic imaging Request Free Proposalprocedures are being performed. So, what are the trends in the medical imaging market?

Hybrid imaging technology

Hybrid imaging is the most talked about advancement in imaging technology. The PET and CT scan technology in one machine has augmented the innovations in this field. The system has been so successful that major imaging system manufacturers no longer provide standalone PET systems. Hybrid PET/CT, PET/MRI, and SPECT/CT are amongst others that have received attention. Numerous hospitals are now replacing their standalone systems for hybrid systems. For instance, while evaluating the skeletal system, a SPECT/CT system offers accurate localization and improves the information provided by CT.

Trends in Medical Imaging MarketSafer imaging systems

The general public is usually worried about the level and dosage of radiation they receive from imaging systems. As a result, doctors and patients may be reluctant when it comes to performing necessary scans. However, there have been technological advancements in this field as systems with lowered doses of ionizing radiation reduce the harmful effects of radiation. Reducing the radiation dose in a medical imaging system also provides them with a competitive advantage over their competition. Additionally, shifting from analog to digital system offers medical professionals with more accurate and faster imaging capabilities.

Value-based payments method

It is possible that a majority of the imaging tests prescribed by the doctors are deemed unnecessary. Additionally, even after having such images, the diagnosis and treatment plans are not very effective. With the advent of value-based payments methods, the current landscape is set to change. Both manufacturers and healthcare professionals will look to increase the quality and efficiency of their imaging service to please patients and improve their health outcome.

Use of contrast agents

Contrast agents are used in diagnostic imaging to enhance the image visualization. It provides detailed information, which can assist medical professionals in accurate diagnosis. The rising number of chronic diseases all around the world will drive the use of contrast agents in medical imaging market. Governments all across the world are also increasingly granting approvals for the use of contrast agents.

Cryogen-free preclinical MRI scanners

Radiologists today have a wide range of imaging technologies to choose from. As a result, it is bringing a radical change to preclinical medical imaging. Amongst all medical imaging technologies, cryogen-free MRI is gaining popularity as it uses a dry magnet that does not require liquid helium. Consequently, it significantly reduces the size and weight of MRI scanners. Also, such scanners can incorporate multimodality imaging capability and provide improved image resolution. In the near future, it may allow MRI to be used in cardiac imaging and time-resolved contrast enhanced angiography.

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Consumer Trends

Top Global Consumer Trends Shaping Consumer Behaviour

Consumer expenditure has been growing at an unprecedented rate in the modern world. Technological innovations and new financial models have driven consumerism, and with it the global spends. The shifting consumer attitude and behavior coupled with the extensive use of mobile technology and internet will continue to cause disruptions for businesses all around the world. Augmented reality, IoT, data analytics, genetics, cloud computing, and wearables have stirred the consumers’ interests and their spending. However, not all consumers are the same, some want the Request Free Proposalhi-fi lifestyle, whereas some are looking back to the prehistoric era and promoting organic living. But which consumer trend will reign the world in 2018?

Top Global Consumer Trends

Living clean

The growing instances of obesity have prompted people to be more conscious of their health choices. Apart from marketing, fear of diseases such as cancer has pushed them to adopt a more chemical and toxin-free lifestyle. It’s no wonder that the culture of veganism is gaining traction. Apart from that, people are opting for organic foods, quitting alcohol, and tobacco-based products. The lifestyle choices are not only limited to the food they choose but also on their attitude towards life. Limiting unnecessary spending and materialistic ownership is a big hit with global conglomerates that thrive on such global consumer spends.

Living in borrowed money

The newer model of ownership such as subscription and renting are reshaping the economy. The subscription economy is huge, and many software and app-based programs are already adopting it in favor of the sales model. These people reject material goods in favor of experiences and have changed the buying habits of millennials. Opting for Uber instead of a car, Airbnb instead of a home, and easy financing seems to be the trend. The on-demand culture looks like it’s here to stay as people are living a hectic and mobile lifestyle. The concept of ride sharing, clothing rentals, and equipment rental has boosted the sharing economy, forcing companies to rethink their business.

Adaptive entrepreneurs

Entrepreneurship is one of the growing trends in the economy currently. Even with the presence of big giants, multiple startups are emerging and prospering. Technological startups are easier to start as it is not capital intensive and can be scaled easily. People are shifting from 9-5 culture and giving entrepreneurship a shot. They rely less on financial security and more on being self-employed. One specific pattern seen in such group is their hesitancy in delaying larger life goals such as owning a house or having children.

The survivors

Despite improvements in the global economy, the gap between the rich and the poor has been ever-growing. Those stuck in the lower end of the spectrum are struggling with high living costs. They rely on value-based retail formats, food banks, and second-hand items to meet needs. Not necessarily classified as poor, they look for deep discounts in their purchase and are highly price-sensitive.

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Going Digital is not as Easy as it Seems – eCommerce Business Challenges

The growing popularity of ecommerce has attracted many sellers to the digital platform to sell their products. Gone are the days where a huge capital was required to select real estate, set up the store, and buy products in bulk. Ecommerce has given sellers of all scale the opportunity to do business irrespective of their size and financial muscle. Additionally, this has also encouraged the market to be filled with new product ideas and innovations and elevate customer satisfaction. According to new data, ecommerce business transactions could rise as high as $5 trillion by 2020. Although that seems to be a bright prospect for ecommerce businesses, the majority of them still struggle to take off within their first year. So what are some of the challenges faced by companies when entering the ecommerce business?Request Free Proposal

Attracting the right customer

There’s a vast difference between an online shopper and offline shopper. Most offline purchases are driven by impulse buy, packaging, and brand recall. Online shopping is driven by user recommendation, product research, social media feedback, and product review. A lot has changed in the way consumers consume content and communicate online. Retailers should figure out who their audience is and how they can effectively attract them without overspending. Since e-commerce gives businesses the chance to segment their customers and show targeted ads, it becomes difficult to pinpoint the right customer to send promotional messages.

Generating traffic

There are multiple channels and tools available in the digital medium to reach out to the customers. Businesses should leverage PPC, SEO, email, display ads, native ads, remarketing, mobile, social, and affiliates to help drive qualified traffic to their online store. They should be visible when their target audience is online on the internet. Since all similar competitors are competing to grab the attention of similar target audience, generating quality traffic for the website is a challenging task.

Building brand and trust

In the traditional store format, consumers would build trust with the companies only through their physical presence. The store layout, size, sales representative, and support employees would all work together to build the brand and trust amongst the consumers. However, in the digital world where physical presence is almost nil, it’s hard to build brand trust. Also, customers are very demanding, and failure to deliver on one aspect of the customers’ demand would lead to failure in retaining them.

Product personalization

We have come a long way in product personalization since the days of Henry Ford’s mass-produced black cars. Today, customer demand personalization and companies are judged on their ability to provide a personalized experience. Although ecommerce companies have the data of their customers, it can get challenging to understand how to use that data. One of the biggest ecommerce challenges faced by businesses is the delivery of customized content and promotion in the form of advertisement, special offers, coupon codes, and so on.

Increasing conversions and retention

One of the most effective ways of increasing revenue for a business is to widen the conversion funnel and retain the customers. Online customers browse thousands of products and use the cart to bookmark items. At a certain point, it is necessary to convert such customers into paying ones. Additionally, leads generated from website and emails should also be converted into customers. Once the customer is onboard, it is necessary to retain the customers and increase their lifetime value, which, in turn, delivers revenue to business in the long run.


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IoT Challenges

Is IoT Flawless? Top Challenges in IoT that are Affecting its Future

Much of the world has been excited with the prospects of IoT and how it can change their life for good. It can literally change the way we shop, travel, and offer different consumer services. Such a giant interconnected network of devices and sensors paves way for advanced data sharing and communications. Imagine a scenario where you regularly top up your fridge with supplies and groceries. After regular consumption, you are out of milk, the refrigerator that’s connected to IoT notifies to your smartphone, and your smartphone directly places an order for milk. Within some time, the milk arrives at your door without you even breaking a sweat. The future looks promising for IoT with many Request Free Proposalmore applications not only in the household sector but also in the industrial area. However, few challenges or issues need to be tackled to successfully embrace the future of IoT.

Challenges in IoT

Security

IoT has already garnered serious attention from tech firms and government agencies across the world for security reasons. Since all household devices are interconnected to IoT, it can be disastrous to consumers if their baby monitors, cars, cameras, or security systems are hacked. Such an act of hacking can cause severe damage to the society. Poorly designed devices can expose the user to data theft, leaving vulnerabilities exposed. Additionally, IoT deployments also consist of identical or near identical devices, and the sheer amount of such devices in totality can leave the question of security lingering. Adding security protocols will be costly and time-consuming, and the users will then need to consider the tradeoffs between cost and security with IoT deployment.

Privacy

There are certain things that are personal to an individual and they would like to keep it that way. However, since IoT is interconnected and each device shares information across the network, privacy can be of concern. Privacy is one of the biggest challenges in IoT. One would not like others to know information such as where they drove their car to, whom they call, what kind of media have they stored in their phone, and personal things they buy off the market. Additionally, since IoT relies on sensor data to enable automation, there is a feat that sensors and tracking device may actually spy on people. They can actually know what TV show a particular individual is watching and secretly transmit the data to a cloud service for processing. Such data collection and distribution exposes companies to legal and regulatory challenges.

Standards

Numerous companies are investing in IoT to develop devices that are compatible. It is then enabled by multiple network carriers, all of whom may have different protocols and standards. Achieving a standard is one of the biggest challenges in IoT as it can limit the potential of devices to communicate effectively throughout the network irrespective of device, manufacturer, and service provider. The absence of standards can enable strange behavior by IoT devices. Developers should design products that operate in disruptive ways on the internet, and poorly designed devices may not facilitate the smooth workings of IoT network. Standardization should flow not only in terms of design but also configuration tools, methods, interfaces, and protocols such as IPv6.

Regulations

Since IoT has a lot of scope to be abused and misused by unintended parties, regulations will be set by government authorities to curb such problems. Privacy and security issues will pose questions for the IoT technologies, and thoughtful consideration from law enforcement authorities is required to help control such issues but not hamper the development of the technology. Additionally, legal issues arise when the data is shared between two countries, surveillance and civil rights issues, security breaches, privacy lapses, and unintended uses.

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pricing strategies

5 Pricing Strategies That Will Tempt Your Customers in 2018

Pricing is one of the most critical business decisions that companies must make. A lot of thought, calculations, and brainstorming go into the pricing decisions, so it’s no child’s play. If you think that pricing is a one-time process for a business, then its time to give that idea a second thought. With each passing year, the market trends and customer demands keep changing. If companies fail to keep track of these changes and adapt their pricing strategies accordingly, the chances are that their overall profitability will go for a toss. Smart companies outperform their peers by quantifying, defending, and monetizing their value in the market and forcefully monitoring their actual pricing methods across customers, channels, and countries at regular intervals. We have identified some pricing trends that are expected to make it big in 2018. If improving pricing power, redefining commercial strategy, and providing inspiration for profit growth is what is on your mind for your business, then here are the Request Free Proposalpricing strategies to consider this year:

Dynamic pricing

This is a pricing method that was introduced and widely accepted in the travel and tourism industry. However, gradually, other companies in the business to consumer field have started to follow suit. Dynamic pricing can help exploit the willingness to pay and to introduce more sophisticated price differentiation models. For example, Uber for taxi rides uses pricing strategies based on the on supply and demand for cabs during a particular day.

Digital pricing

Digitalization is leading to new business models and therefore new revenue and value-enhancing opportunities. The companies who can define the right pricing methods to extract willingness-to-pay efficiently are more likely to succeed in the future. One of the most substantial effects of digitization is the increasing price transparency. It leads to an increase in price elasticity, which makes the market more attractive for price-aggressive sellers to reduce prices. Consequently, it also makes it harder for premium sellers to maintain and increase prices successfully.

Behavioral pricing

Often customers’ choice of a product is influenced by what is termed as behavioral pricing. Though behavioral pricing is not a new phenomenon, it is expected to be one of the top pricing strategies for 2018. Behavioral pricing methods have the ability to maximize willingness-to-pay by differentiating pricing based on customer value perception. Furthermore, they can also simplify portfolios and use price laddering to guide customers to more valuable products.

Customized pricing

Customized pricing is one of the pricing strategies that companies can apply to capture customer value. Customized pricing has been used across various industries over the years –  from airlines that up-sell a business class seat to customization of a brand new car. The main reason why customized pricing is gaining traction now is due to the rise of digital platforms. One of the critical success factors for conversion while communicating to a customer is the simplicity of your proposition. Traditionally, when the communication becomes too complex or tedious, the business will lose the customer. However, the rise of digital medium has changed that by making interactions more exciting and tailor-made for each customer.

Sympathetic pricing

This might be quite contrary to business rules as the common notion goes that business and emotions do not go hand in hand. But sympathetic pricing has proven to be one of the most successful pricing strategies for improving customer loyalty and brand reputation in the recent times. Sympathetic pricing methods involve offering discounts at the right moment when people need them the most. For example: when the transport system in London was disrupted, Uber offered discounts to customers that were suffering from the delays. They applied a sympathetic pricing strategy, trying to turn a negative experience for a customer into a positive one.


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semiconductor industry

What Does 2018 Have in Store for the Semiconductor Industry?

2017 was considered to be one of the most profitable for the semiconductor industry. This year too is expected to be a robust one for semiconductor companies, not only because of the surging demand in some new and existing end markets but also due to the supply constraints in key product categories that have resulted in robust pricing. Here is some more good news for semiconductor companies– World Semiconductor Trade Statistics (or WSTS) expects global semiconductor revenue to rise by 7% (year-over-year) in 2018. For over five decades, the semiconductor industry has had a fantastic history of scientific innovation, productivity, wealth creation, and enablement of technologies and devices that have improved quality of life for humans. Let’s take a look at some major developments that could positively impact the semiconductor industry in 2018:Request Free Proposal

semiconductor industry

Artificial intelligence

A significant development that companies in the semiconductor industry can expect this year the adoption of AI (artificial intelligence) technology across various verticals. Mobile handset makers Apple and Samsung have already brought AI functionality to smartphones. Furthermore, the drone market is growing, and 2018 may see the commercial rollout of AI-powered drones throughout the world. Several industries ranging from construction to healthcare could adopt AI technology to improve efficiency and reduce costs in their business. It means that this trend could boost the earnings of semiconductor companies.

Connected revolution: IoT

Semiconductors form the foundation for enabling the emerging Internet of Things (IoT) technologies. The IoT revolution has not only skyrocketed the demand for semiconductor chips but also shifted the value capture to software and solutions. To capitalize on this new market opportunity, semiconductor companies need to change marketing, application engineering, sales, and product development approaches and re-define go-to-market and monetization strategies.

Autonomous vehicles

The next significant development for the semiconductor industry is the onset of level-three autonomous vehicles on the road. Google’s Waymo plans to launch its autonomous ride-sharing service as early as 2018. Nvidia expects its Drive PX 2 platforms that deliver level-three autonomy to power some models of Tesla and Toyota. There could be some substantial growth in Intel’s and Nvidia’s automotive revenue in 2018. Also, the consumption of electronic components for safety, infotainment, navigation and fuel efficiency continues to increase in the years to come. This will eventually drive the demand for analog ICs, MCUs, and sensors.

5G and AR/VR technologies

The semiconductor industry could also come closer to the deployment of 5G technology this year. Although that may not generate significant revenues in 2018, it could create substantial growth opportunities for the future. Even AR/VR (augmented reality/virtual reality) adoption could pick up in the industrial, as well as gaming market as companies such as Advanced Micro Devices, work to make wireless headsets more user-friendly.


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