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Chinese Economy Focuses on Environment Sustainability – Here’s Why

The Chinese economy is one of the world’s largest and most powerful economy despite the recent economic meltdown. The robust and growing manufacturing sector coupled with supply chain repositioning has fueled the growth of the Chinese economy. Traditionally, China has always focused heavily on theAsk an analyst export of finished goods to accelerate growth. However, with the changing market scenario and competitive landscape, China’s leaders have started directing their efforts towards domestic consumption; thereby, moving from an export-driven economy to being more consumer-oriented. As a result, Chinese manufacturers must tweak their production systems, manufacturing process, and product features to meet the quality requirements and their citizen’s needs.

Chinese Economy Addresses Environmental Concerns

With a consumer oriented approach, China must develop frameworks that meet consumers’ demands and comply with the high safety and environment standards. The country is endowed with limited natural resources, making it difficult for the Chinese economy to move away from their current production processes that make use of highly polluting, locally available, and cost effective resources such as coal. But with the increase in the domestic pressure to devise environment-friendly processes that facilitate energy conservation, new challenges have cropped up for the chemical, manufacturing, and energy industries in the Chinese economy. The state authorities and decision makers must keep the following in mind – ensure effective capital deployment and leverage green technology – to reduce carbon footprints.

Developing A Sustainable Economy

As the Chinese economy inches towards sustainability, the policy makers must address key issues such as opting for operational processes that fulfill their long-term objectives, enable supply chain optimization, support product innovation, and drive organizational efficiency. The Chinese economy is plagued with overcapacity in terms of structure and production, which can be solved by permitting M&A activities to optimize resources and facilitate asset scalability. The Chinese policy makers are constantly striving to strike a balance against the dynamic market forces to ensure effective implementation of new structural policies. In order to build an environment-friendly and sustainable economy, China’s leaders and policy makers must understand that the transformation process is not a one-time thing; rather, it is a continuous and cumulative process.

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Connected Car Technology

Top Connected Car Technology Trends and Challenges

With technology advancing at breakneck speed, connectivity has become an integral part of every individual’s life. As a result, key players in the automotive industry have identified the growth potential and opportunities present in the connected car technology market. Connected car companies are striving to ensure real-time connectivity with friends and family and provide real-time location and trip history, which can be viewed from any mobile device, or smartphone. With the growing competition in the market, connected car technology companies must take a reality check and identify the roadblocks and challenges that need to be addressed.

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#1 Challenge: Long Development Time and Short Product Lifecycle

Connected car technology companies require long development times to develop the software and hardware by keeping in mind the production costs and industrial competition. Since automobile manufacturers are plagued with challenges such as short vehicle life cycle, systems and applications have to be constantly improved. Thus, connected car technology companies must focus on developing software and hardware components that can adapt to future automobile upgrades.

#2 Challenge: Lack of Training for Car Dealerships

Connected car technology companies are well aware of the fact that the car dealerships need to spend more time with their customers and educate them about advanced technologies in their automotive vehicles. The solution to this roadblock is to invest in training, provide easy to understand manuals to the car dealers and make them more tech-savvy.

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#3 Challenge: Security is a Big Threat for Connected Car Companies

With the recent cyber-security attacks that brought the global business to a halt, hacking a car is relatively easier for data thieves and cyber-hackers. When a hacker overtakes the vehicle or hacks the automobile software, he/she gains control over everything right from the car’s AC to the brakes and transmission. In order to overcome this roadblock, connected car technology companies must develop tamper proof software and hardware and encrypt all security codes to ensure complete automobile security.connected car companies

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Top Four Trends in the Medical Device Industry You Just Cannot Ignore

The introduction of advanced technology in the medical device industry has revolutionized and improved the health care services globally. With health information technology (HIT) playing a key role in the developments of the medical device industry, manufacturers have started developing new and innovative medical equipment, surgical tools, and innovative devices. The medical device industry itself is a highly competitive Ask an analystand complex market space with never-ending regulatory compliances, minimum entry-exit barriers, and several players striving to retain their market share. In order to overcome such challenges, the manufacturers must stay abreast of the latest trends and recent developments in the medical device industry.

#Trending Now: What’s New in The Medical Device Industry?

Recent developments are set to transform the current market scenario in the medical device industry. Such developments can be attributed to the sudden surge in the demand for medical devices and surgical equipment from emerging countries such as India and China as compared to the demand from developed markets such as Europe and the US. As the global healthcare industry has shifted their focus from diagnosis to prevention, medical device manufacturers have directed their efforts and monetary resources towards inventing solutions and products that facilitate home care/ remote monitoring, provide patient access, and promote telehealth, and mobile health services. Infiniti’s industry analysts have identified four major trends that are revolutionizing the medical device industry, which are as follows:

  • Increasing Mergers and Acquisitions in the medical device manufacturing landscape by prime OEMs to boost growth and drive profitability
  • Rising popularity of wearable medical devices such as fitness trackers and glucose monitors all across the globe are projected to impact the healthcare revenue positively
  • With recent cyber-attacks and security threats, the medical device manufacturers must put a higher emphasis on ensuring cyber-security as the devices are connected to the cloud and are prone to hacking and data theft
  • The latest trend in additive manufacturing, more commonly referred to as 3D printing, has forayed into the medical device industry, as manufacturers are exploring the role of 3D medical printing, developing new and innovative devices, and its role in biomaterials and surgical planning

 

But in this fast-paced world how do we equip ourselves and adapt to the latest trends, you ask? The answer may seem complex but is very simple; medical device manufacturers must leverage market intelligence and competitive intelligence solutions that offer actionable insights to facilitate strategic decision making and positively impact the organizational bottom line.

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Wearable Devices – A Revolution in the Healthcare Industry

Wearable devices have found its use mostly as a lifestyle accessory to track personal fitness goals and other data. In recent times, the use of wearable devices as a health monitoring tool has been on the rise. Apart from calorie and steps counters, these devices have found a wide variety of health applications. A modern-day wearable device is Ask an analystcapable of monitoring stress levels, quality of sleep, blood glucose level, blood pressure, heart rate, body temperature, and vision performance. Constant innovation in the wearable devices market could change the healthcare industry for the better.

Medical Research

The area of medical research will hugely benefit with the use of wearable devices as it paves the way for superior data capturing capabilities. These devices also enable the researchers to conduct clinical research in an un-simulated environment, giving them a real-life validity. As a result, it can significantly reduce the cost of medical research by allowing for data collection across a large sample group at lower cost.

Proactive Healthcare

In the near future, wearable devices will revolutionize the way patients seek medical care. Instead of visiting a physician only after symptoms have appeared, wearables can continuously monitor health vitals. In addition to that, it can also send a notification to the caregiver leading to early detection and improvements in patient outcomes.

Medical Assistant

Wearable devices can be used as a tool to display information as and when needed by the healthcare providers. For instance, Google Glass was used by surgeons to preload CT scan and x-ray images into their field of vision while performing the surgery. Numerous recorded instances have proved that surgeries carried out with the help of wearable devices are performing better than conventional surgeries.

Wearable devices are changing the landscape of the healthcare industry. Decreasing cost of sensors and continuous innovation in the wearables field are expected to drive the technology adoption rate in this industry.

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Pharmaceutical Industry

Pharmaceutical Industry Challenges – Roadblocks to the Industry’s Growth Prospects

The growth of the pharmaceutical industry has slowed down over the last few years. Experts suggest that the market has reached its saturation level. However, due to recent advances in technological innovation, the market is anticipated to witness further growth. Innovations such as wearable devices, real-world evidence, telemedicine, nanotechnology, and precision medicine are expected to change the landscape of the pharmaceutical industry. Despite such innovations, the pharma industry has started facing some tough tests recently.

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Pharmaceutical Industry Challenges

Pharmaceutical Industry Growth Slowdown

Numerous market research reports have highlighted the fact that the pharmaceutical industry will experience a slowdown in the next few years since the major markets are nearing their saturation point. Historically, the pharma industry has experienced a sporadic increase in growth rates with the introduction of generic medicines for diseases like hepatitis and cancer. Therefore, it can be estimated that the growth prospects of the pharmaceutical industry are currently dependent on the invention of effective medications.

Biosimilar Showdown

Biosimilar drugs are capable of increasing the efficacy of medicines and patient safety at an economical cost. However, big players in the pharmaceutical industry are opposed to biosimilars as it’s hurting their innovative capacities. In the US, the FDA has approved 41 new medicines, the most in 18 years, with more drugs in the pipeline. The recent Sandoz vs. Agmen case has also brought into limelight the fact that the cheaper version of complex and pricier drugs, called biosimilars, get to patients faster.

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Contact USShift to Value-based Payments

As a whole, the healthcare industry is moving towards value-based payments from volume-based or fee-for-service based payments. This system rewards the increment in quality and value of healthcare services. Companies in the pharmaceutical industry are also looking to implement value based purchasing but will face challenges in estimating an appropriate time-frame for manufacturers to demonstrate drug efficacy. Therefore, it will be difficult for new drugs to compete in the value-based payment system.

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Devise Successful Market Entry Strategies in Five Steps 

The managerial executives at any organization often rely on gut feeling, intuition, and inaccurate data to make important business decisions such as devising new market entry strategies. For the purpose of expansion and guaranteeing organizational growth and success, testing the waters in newer markets is extremely eAsk an analystssential.  In order to ensure smooth functioning in new regions, businesses must leverage the insights gained from market intelligence solutions to develop a fool-proof market entry plan. But majority of the organizations lack the necessary resources and skills required to accurately analyze and assess the growth potential and market landscape. Thus, the top management must direct their efforts towards building robust resources, gain actionable insights from market intelligence solutions, and leverage them to devise an effective market entry strategy.

Market Entry – Why You Need to Pay More Attention?

An organization will usually foray into a new market after it has conducted a thorough market research, analyzed the existing market conditions, and assessed its impact on their business and overall revenue. To enter a new market, domestic or international, businesses must have a well-thought market entry strategy in place. But how do we devise an effective market entry strategy, you ask? Here’s how organizations can make this process easy in just five steps.

  • Define your customers and identify their needs by leveraging insights gained from market intelligence solutions. Typically, at this stage, the management must identify the customer base in terms of demographic, lifestyle, and attitude, to comprehend consumers’ behavior
  • The insights gained through market research will enable them to make strategic business decisions and identify gaps and design a product or market entry strategy accordingly. Based on this, organizations can decide the market or consumer profile they wish to target and its impact on the product launch
  • Next step is to understand the market landscape by leveraging competitive intelligence solutions to finally devise a go-to-market strategy. The management can undertake brand mapping, SWOT analysis, web and social media analytics, and sales analytics to understand the competition
  • After the strategy has been developed and the segments and customers have been defined, the organization must undertake concept development and testing with the consumer to ensure effective strategy and brand positioning
  • Once the communication testing is done, the marketers must communicate the brand identity and message to its consumer target through cross channel platforms across several mediums and platforms. The market entry strategy must ensure that the right person receives the communication or promotional material at the right time and the right place


Market Entry

 

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Tips to Ensure Effective Market Segmentation

Market segmentation helps organizations to identify their target marAsk an analystket, determine the product’s value proposition, outline the customer journey and improve their experience, leverage new business models, and adopt advanced technology to gain a competitive edge over their competitors. The concept of market segmentation is not based on a ‘one-size-fits-all approach’; instead, it is based on gaining an in-depth understanding of the customer. By leveraging market segmentation strategies, organizations can get a detailed understanding of the consumer’s behavior, attitude, preferences, and needs to develop tailored product offerings and devise personalized communication accordingly. Market segmentation helps answer the following questions:

  • Who are your customers?
  • What are your customer’s preferences and needs?
  • What is the unique value proposition offered by the product or service?

The answers to these questions may seem simple at first, but marketers must clearly demarcate the boundaries and create clear cut homogeneous market segments to avoid overlapping.

Things to Keep in Mind for Effective Segmentation

Marketers must understand various approaches and avoid the common mistakes to devise effective market segmentation strategies that drive business profitability and increase operational efficiency. The daunting task of segmentation is identifying the product’s target market and developing necessary marketing campaigns to create a unique and compelling value proposition.

The following tips will help you develop a fool-proof market segmentation strategy:

  • There are two segmentation approaches available to every marketer – benefit based and customer based. The marketing function must identify the benefits to develop new product or a market entry strategy and then refine it using customer demographic and psychographic variables
  • Marketers must avoid following pre-defined and large market segments. Identifying smaller target groups and focusing on specific market subset or segment by defining the target market increases the success probability
  • By developing product ideas and concepts based on benefits, businesses can tap the potential in new markets and create new business opportunities. Businesses can leverage business intelligence solutions such as customer intelligence and market intelligence to understand the market landscape

 

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Telecom Industry

Top Challenges for the Telecom Industry – What’s Hurting Their Revenues?

The telecom industry has witnessed rapid changes over the last few years. Advancements in technology have completely altered the market landscape for the telecom industry. The advent of 4G, wearables, smartphones, and mobile apps have changed the way people consume telecom services. However, such disruptive innovations are posing challenges for the telecom giants as they are looking for means to stabilize their revenue streams.

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Top Challenges Facing the Telecom Industry

Competition from OTT services

Mobile messaging and chat apps have been growing at a phenomenal rate, hurting call and messaging revenues of telecom players. Customers of today have the option of choosing from a wide variety of messaging apps and most of the apps have included voice and video calling features as well. Text messaging services have been dwindling downwards along with the decline in voice revenue per user.

Privacy and Security Issues

Telecom service providers maintain a large repository of personal data and sensitive information. They are constantly under threat and vulnerable to hacking. Therefore, it has forced government bodies to create regulations regarding user data protection.  Telecom players are always on the lookout for third-party organizations and state-of-the-art security framework.

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Growth in IoT

The number of connected devices on IoT ecosystem is increasing exponentially, and players in the telecom industry are facing challenges in gearing up to the task. Since the integration of IoT requires a higher level of connectivity and data flow from the underlying platform, telecom players are facing challenges to develop a functional platform that can support such IoT ecosystems.

Development of 5G

The development of 5G is in the pipeline and expected to be available to the public by 2020. The development goes beyond data speed and bandwidth to improve latency issues to provide a unique browsing experience. The biggest challenge facing the telecom industry is that non-telecom companies are also trying to force their way into this technology. Also, numerous players in the telecom industry are still catching up to the 4G technology as they are still stuck with 2G and 3G technology.

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Top 5 Game-changing Trends in Pharmaceutical Industry

The pharmaceutical industry has seen rapid developments in terms of technology, innovation, and practices. Such changes can be attributed to rising patient awareness, increasing the cost of medicine, the entrance of medical insurers, and changes in rules and regulations. Companies in this sector must keep up with the pharmaceutical industry trends and innovation to sustain themselves in a dynamically changing environment. For instance, a modern patient is more aware of medical conditions and usually asks for more information from their healthcare providers regarding a medical condition, treatment, or medicine.

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Pharmaceutical industry trends

Personalized Medicine

Every person has a unique set of human genome containing DNA, RNA, and a set of proteins. Genome sequencing can identify mutations in DNA causing cancer and other diseases. In such cases, generic medicine is of little to no use, and personalized medicine can vastly improve the chances of survival in fatal diseases. Such medicines could be personalized as per the required chemical component and tailored doses.

3-D Printed Drugs

In 2015, the FDA approved the first 3-D printed drug, Spritam, which dissolves quickly and is used to treat epilepsy. Since such drugs are required by the patient in varying dose with a varying component, it becomes a challenge to mass produce them. Thus, a 3-D printer at the nearest pharmacy could produce the drug in exact dosage with the needed component at an economical price.

Use of Real World Evidence

The pharmaceutical industry trends like big data and analytics help to improve the effectiveness of new medicines. They are relying on real-world evidence to test the effectiveness of drug under various conditions. Such methods would not only reduce the cost and increase the drug safety claims, but also reduce the time-to-market.

Artificial Intelligence

Modern-day supercomputers are not only capable of churning large sets of data to analyze the results but also learn on their own to better themselves. Supercomputers such as the IBM Watson are able to skim through a large amount of data which can be useful in genomic research and biotechnology. In the near future, it can even eliminate the need for human clinical trials by multiple simulations of human physiology.

The Rise of Biosimilar Drugs

Ever since the approval of the first biosimilar drug in 2015, multiple companies have started manufacturing biosimilars. These drugs provide a cost-effective option for the consumer as well as manufacturing companies. The rise of biosimilar drugs could change the landscape of the pharmaceutical industry as they would eventually capture a lucrative share in the pharma market.

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Advances in Medical Technology to Change the Future of Pharmacies

Medical technology has progressed leaps and bounds over the last few years with the help of big data, analytics, automation, medical innovation, and real-world evidence. However, a modern-day pharmacy hasn’t changed much over time. Pharmacies are still seen as an outlet to buy drugs mentioned IR_Brochureon the prescription.  But the future for pharmacies is set to change for good with developments in medical technology.

Pharmacies are trying to shift their focus away from a distributor of medicine to providing a broad range of services. In addition to that, they will also act as a consultant and exchange vital data with healthcare professionals and medical manufacturers to facilitate treatment.

Here are some of the possibilities on how medical technology can have an impact on pharmacies:

A Truly Digital Platform

The future of pharmacies like traditional brick and mortar store is gradually shifting to a digital platform. The pharmacies can directly capture the prescription from the doctor and delivered to the patient’s address on time. Not only that, but also it can send reminders to consume medicine on time, and forecast patient medication requirement.

On-Demand Medicine Personalization

Advances in medical technology have given rise to 3-D printers which can be used in creating the medicine on-demand. Such machines are capable of producing the medicine with exact doses with customized components at an affordable price range.

Transition from Drug Distribution to Health Management

Medical technology enables pharmacies to have access to patient data to help in filtering patients and manage their treatments. In addition, pharmacies would also be able to act as an advisor in recommending doses for people taking multiple medicines, advice for minor ailments, and deliver public health services.

Easy Access to Information

An average patient would not know the chemical composition or the properties of the drug being prescribed to them. Even looking at the information in the labels would not help the case. The medical technology has progressed vastly regarding maintaining data, traceability, and information dissemination. This could mean that by scanning a simple code on the label could provide information like place of origin, chemical components, mode of treatment, possible side effects, and recommended dosage on your smartphone.

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