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pharmaceutical market research

Pharmaceutical Market Research: A Linchpin for Success in the Pharma Industry

Pharmaceutical companies are experiencing an industry slowdown. Amidst this, many players in the sector are seeking to transform their R&D engine into a source of competitive advantage in order to thrive. In such cases, effective pharmaceutical market research is paramount. Furthermore, current medicines are reaching saturation levels, making it even more crucial for pharma companies to invest in better drug development through comprehensive pharmaceutical market research. To gain reliable results and understand the actual needs of the target consumers, pharmaceutical market research must encompass data relating to potential success rates for new drugs as well as determine what factors affect pharma sales. Pharmaceutical market research ideally comprises early, pre-launch, launch, and post-launch market research.

If you’re part of the pharmaceutical or life science industries, you’ve probably already felt the effects of an industry that is slowing down. Want to know how our services can help you navigate challenges in the pharmaceutical industry?

Why is pharmaceutical market research important?

No matter how much companies in the pharma industry invest into a new drug development or how innovative the drug is, it becomes completely ineffective if the drug does not satisfy the needs of the target audience. Pharmaceutical market research provides insights into the demands in the target market and how to enhance the overall healthcare market experience. Pharma market research also helps in:

  • Understanding the market and competition
  • Targeting the right customers
  • Designing a unique value proposition
  • Determining the most profitable market strategy
  • Testing the product efficacy
  • Tracking the drug cycle

Essentials for effective pharmaceutical market research

pharmaceutical market researchGather customer feedback

It is an integral part of pharmaceutical market research to conduct a wide variety of surveys and research studies across all customer types to help identify and prioritize which issues will have the biggest impact on the company’s success. This includes physician satisfaction surveys, product satisfaction surveys, and patient pre-and post-clinical trial surveys.

The pharmaceutical industry is quite different from other consumer lead industries. Therefore, pharmaceutical market research forms the basis for everything from product development to marketing. Get in touch with our experts to know more about our pharmaceutical market research services.

Broad horizons

Although it may be easy for organizations and researchers to look to large companies for data, it is always advisable to consider bringing in data from small life science organizations as well. The more data gathered with the use of surveys and other data collection tools, the more accurate will be the business decisions.

Assess the market thoroughly

This involves picking the right environment in which to market a drug is critical. Disease patterns, political turmoil, economic stability, and market size/segmentation and operating conditions are just a few of the key factors affecting a company’s overall success with a product. Pharmaceutical market research can highlight any obstacles or opportunities that might disturb or encourage favorable outcomes.

Monitor customer feedback at different touchpoints

Provide a variety of ways for customers to share their comments and offer multiple feedback channels to improve both the quantity and quality of the feedback received. Ensure that customer sentiment is measured and monitored across all consumer support channels, as this kind of feedback is often provided ‘in the moment’ when opinions shared are most accurate. Moreover, feedback can also make a strong contribution to the development and evaluation of new initiatives, so remember to reference insight gathered when considering a new project.

Compliance and regulatory requirements

It is not only important to collaborate with consultants and various business leaders in relevant industries while collecting data, but also vital to get their input once the data is collected as well. Different perspectives, educational, and professional backgrounds provide insight into data analysis that may be helpful when moving ahead with pharmaceutical market research.

Learn more about our pharmaceutical market research services

Pharmaceutical manufacturing

IoT in Pharmaceutical Manufacturing: How it will Make a Difference

Internet of things (IoT) has the power to revolutionize pharmaceutical manufacturing in everything ranging from drug discovery to remote patient access and monitoring. Top pharma companies around the globe are increasingly adopting IoT technologies in their manufacturing plants in an effort to achieve optimization and improve process efficiency. Earlier, different data formats for different processes in a pharmaceutical manufacturing plant made data access and interpretation a significant challenge for effective communication. IoT technologies enable standardization within a pharmaceutical manufacturing plant by effectively connecting network, equipment, and systems across the plant. Furthermore, Pharma companies can also use IoT technologies to gain access to real-time data and visibility of operations through the entire manufacturing process. Here’s a detailed look on how IoT will transform pharmaceutical manufacturing.

Despite technological advancements, the pressing matter pharma companies have to address is how to achieve more control over their operations within and outside the facilities to remain competitive, optimize time-to-market, avoid shipment delays, and reduce the waste. Request a free proposal to know we can help overcome this dilemma.

IoT in Pharmaceutical Manufacturing

Pharmaceutical manufacturingIndustrial mechanics and maintenance

Although the use of industrial monitoring devices are already widespread in the pharmaceutical industry, real-time status information is yet to be widely available. Using pharma IoT monitoring sensors companies can instantaneously feed all relevant facility data into a single dashboard, alerting a supervisor in case of any abnormal conditions or urgent maintenance requirements. IoT in pharmaceutical manufacturing will also enable handling critical conditions remotely.

Managing pharma supply chain

Once the drugs leave the manufacturing plant, they travel through different modes of transport and may be subject to varying temperatures and weather conditions. Although in most cases care is undertaken to maintain the packages within the prescribed temperatures, chances of variations during transit cannot be completely ruled out. IoT can be helpful in such situations to provide real-time data to manufacturers every step of the way with improved supply chain visibility. The temperature changes or any damage to the products will be immediately notified to the manufacturers and determine whether the drugs are fit to sell or not.

In the pharmaceutical industry, mistakes have serious consequences, so progress will always be slow and cautious. Get in touch with our experts to learn how our solutions can help companies in the pharmaceutical industry.

Controlling drug manufacturing environment

In pharmaceutical manufacturing, sub-optimal environmental conditions can often prove to be fatal. However, this obstacle can be easily handled with the help of IoT. Pharma IoT establishes transparency in drug production and storage environment by allowing multiple sensors to monitor environmental indicators such as temperature, humidity, radiation, and light in real-time.

Learn more about Infiniti’s solutions for the pharma industry

new product launch

Attaining New Product Launch Success in the Pharma Industry

A new product launch is one of the biggest expenses incurred by pharma companies worldwide. The right product launch strategy can help ensure that the product is recognized and accepted by physicians, KOL, and patients alike. Pharma companies invest considerable time and money into drug development and clinical trials. In case a new product launch plan does not give the desired results, the burden becomes too heavy on pharmaceutical companies. While the level of clinical differentiation plays an important role in guaranteeing a drug’s success, there are many examples of successful drugs that were not considered a major clinical breakthrough during the product launch. Here are some tried and tested strategies for companies in the pharma industry to improve a new product launch.

A new product launch strategy in the pharma industry today requires greater coordination across the entire organization, including market access, patient services, medical affairs, regulatory, marketing, and sales. Request a free proposal to know how our solutions can help you ensure a successful and smooth new product launch.

New Product Launch Strategies for Pharma Companies

new product launchGo beyond clinical trial results

Today, new product launches in the pharma industry face unprecedented intensity in terms of competition. The average window of time in which a drug remains in the market before competitor products arrive has dropped down from approximately eight years to less than five years. This onslaught of new drugs makes it highly challenging for pharma companies to use phase III clinical trial data alone to differentiate their drug in front of physicians, health insurers, and regulators. Companies can ensure success in the case of a new product launch only if they are adept in communicating both the clinical and non-clinical benefits of a new product to physicians and decision-makers.

Focus on timing

Timing is critical to the success of any new product launch. Pharma companies need to plan and be prepared months ahead of the actual new product launch date. As the launch date gets closer, companies can initiate discussions on social media platforms and forums on the disease that is being targeted. Even after the new product launch, provide actionable content using those exact same channels. Provide scientifically accurate information on how your new product aids in combating the targeted disease and enhancing patient outcomes.

Pharma companies that repeatedly outperform expectations for a new product launch develops new sources of differentiation, focus on building superior customer experiences, and treat drug launches as a micro-battle. Get in touch with our experts to know how our solutions can help you get there.

Build customer advocacy

Physicians generally tend to consider a much wider set of clinical data before prescribing a drug. This includes clinical protocols, drug pricing, and the type of patient to whom the drug should be prescribed, and the treatment regimen involved. According to pharma industry experts at Infiniti, brand preference of most physicians are attributed to customer experience factors beyond the product.This includes factors such as how well pharma companies support physicians by providing answers to medical questions, identifying patients, and connecting physicians with peers.

Learn more about Infiniti’s solutions for companies in the pharma industry

Pharma packaging industry

Opportunities and Challenges in the Global Biopharmaceutical Market

Biopharmaceuticals is currently at the core of the pharmaceutical sector. The opportunities in the global biopharmaceutical market are big and growing too rapidly. In fact, biopharmaceuticals generate global revenues over $150 billion, making up about 20 per cent of the total pharma market. It’s by far the fastest-growing part of the industry. Biopharma’s current annual growth rate is double that of conventional pharma, and the growth is expected to continue at that rate for the foreseeable future. However, the global pharmaceutical market is not entirely free of challenges and flaws. As biopharma companies move from the scientific frontier to the business mainstream, the companies in the global biopharmaceutical market will increasingly be forced to confront the same challenges of maintaining competitiveness by ensuring affordability, quality, and delivery performance.

Only through deep operational excellence can biopharma companies fulfill its potential to transform the health expectations of millions of people across the globe and successfully navigate both the promising and challenging elements of the sector. Request a free proposal to know how we help our clients in the biopharma sector achieve this.

Opportunities in the biopharmaceutical industry

Biopharmaceutical products are known for their efficacy and safety. Furthermore, the ability of these products to address and cure previously untreatable conditions allows companies in the global pharmaceutical market to command high prices for new and innovative drugs. Despite the high prices, the strong demand for biopharma products are driving sales and profitability in this market. According to our pharma industry analysis, investments made in the global biopharmaceutical market has yielded better returns than the pharma industry average, prompting clinical trials to become unprecedently high. The success of the clinical pipeline will lead to a higher number of new molecule launches, rising from a handful a few years. Moreover, robust, low-cost genetic profiling will improve treatment outcomes and serve to accelerate and enhance the outcomes of clinical trials, helping to reduce the cost of drug development.

Challenges in the global biopharmaceutical market

Managing demand for improved access

The downward cost pressure is expected to intensify with healthcare systems increasingly attempting to balance the rising demand with the reducing budgets. Consequently, payers may also find it challenging to justify the annual treatment costs demanded for some biopharmaceutical products. Furthermore, governments in emerging markets understand the critical role that biopharma will play in boosting healthcare outcomes, and they are demanding alternative ways to fulfill the rising demand for these products.

Many of the next major opportunities for biotech will require companies to develop new and different technologies and operating models. Get in touch with our experts to know how we can help you stay updated with latest innovations and strategies for success in the global biopharmaceutical market.

Quality compliance and regulatory scrutiny

Companies in the global biopharmaceutical market are struggling to keep up with the rising demands of regulators, primarily the US Food and Drug Administration. In the last five years, the industry has been subject to an unprecedented number of warning letters, and scrutiny is unlikely to decrease. Furthermore, the rising relevance of global markets (beyond the United States, European Union, and Japan) is increasing the complexity of multiple quality standards and regulatory regimes. Compliance, robustness of processes, and efficiency are keys to success for companies in the global biopharmaceutical markets.

Complexity in supply chain operations

The complexity of supply chain operations of companies in the global biopharmaceutical market are bound to increase with the rise of new processes and technologies. Moreover, the current production programs are already stretching the industry as even several top biopharmaceutical companies are failing to deliver to the market.

Know more about how Infiniti can help overcome key challenges faced by companies in the global biopharmaceutical market.

Trends in pharmaceutical industry

Pharmaceutical Industry Challenges to Watch Out for in 2019

Despite several major challenges in the way over the past couple of years, the pharmaceutical industry continues to thrive. However, the sector is not completely free from challenges this year either. Due to the nature of the industry, cost aspects and stricter regulations remain as constant pharmaceutical industry challenges. Furthermore, pharma companies are also under scrutiny by health insurers, consumers, and the government for greater transparency and accountability. In this blog, industry thought leaders from Infiniti Research gives an overview of the current scenario in the pharma industry and also discusses the key pharmaceutical industry challenges that companies can expect this year.

Pharmaceutical industry challenges 2019

Pharmaceutical industry challenges 2019Patent cliffs

The expiry of a drug patent and the consequent drop in the sales of the product which previously held a large market share is known as a patent cliff. These patent cliffs give competitors the opportunity to produce and patent a comparable brand name drug. In the next couple of years, this is going to be one of the key pharmaceutical industry challenges affecting prescription drug sales worldwide.

As the pharma industry becomes increasingly globalized, complex, and highly regulated, the sector must become more streamlined and cost-efficient at manufacturing and distributing its products. Request a free proposal to know how our solutions can help you streamline your operations and overcome critical pharmaceutical industry challenges.

Foreign counterfeit drugs

The increasing flow of foreign counterfeit drugs into the American market is another key challenge that would affect pharma companies in a big way. As several pharmaceutical manufacturers are moving abroad to attain lower costs, it must be ensured that they meet the U.S. quality standards while adhering to the local regulations overseas. It is also essential to block all illegal trafficking of counterfeit medications. In order to achieve this, stringent regulations and standards must be imposed on all vendors and third parties involved in the manufacturing and transportation of pharma products. For pharma companies operating out of or distributing drugs in the UK, Brexit will make it even more difficult.

US drug prices

The issue of rising drug costs in the US continues to persist. The price freezes in 2018 was a result of constant pressure from patients, politicians, and other regulatory bodies. As a result, a proposal was made to introduce an international pricing index through Medicare with the aim of reducing Medicare spending considerably. This proposal was widely criticized due to concerns and to add on to the pharmaceutical industry challenges several companies hiked their prices even further in the early 2019. One of the key pharmaceutical industry challenges in the US right now is to control drug prices and provide more accessible and affordable healthcare to the Americans.

Have unanswered questions about the current pharmaceutical industry challenges and how our solutions can help you formulate effective strategies to overcome them? Get in touch with our experts for queries relating to our services for pharma companies.

Shift to patient-centric healthcare

The advent of technology has made the patients more informed and they are now likely to play a more active role in any treatment plan prescribed by their doctor. While patient-centric healthcare provides several opportunities, it can also add on to the current pharmaceutical industry challenges. The primary challenge will be to determine how to leverage the power of health technology and focus on partnerships directly with the customers rather than with the medical community. In order to survive despite the rising prices, companies in the pharma industry must foster better relationships and build trust with the consumers. Also, the rising consumerism has prompted customers to look at prescriptions from a more value-benefit perspective. As healthcare consumerism rises, pharma companies must find ways to provide real-world research backup claims to justify their products and prices.

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biopharma industry

Top Trends Shaping the Asian Biopharma Industry

Some of the earlier events in Asia, such as China’s market access blockade, Japan’s spending controls, and deceleration in Southeast Asia and India have contributed towards a flat enthusiasm for the biopharmaceutical sector in Asia. However, certain recent trends have reignited the interest in biopharma in this region, with key implications for pharma executives.

Asia is popular for its dynamic markets and its rapid growth. Although over the past year the enthusiasm in the region for biopharma has been flat, several recent biopharma trends have turned the tables. This has brought about several market changes that make it essential for companies to reassess their strategy and go-to-market model. In this blog, biopharmaceutical industry experts at Infiniti Research discuss some of the recent biopharmaceutical industry trends in Asia and share perspectives on their implications for executives in biopharmaceutical companies.

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Key biopharma trends in Asia

CDFA reforms in full stride in China

The recent China Food and Drug Administration (CFDA) reforms are more optimistic fundamentals that aim to support industry growth through innovation. Over the past few years, the CDFA has made significant strides in terms of addressing critical gaps in the system. Furthermore, there have been several reforms published on the drug-registration policy. These policies have been designed to improve the registration process and to encourage companies in the biopharmaceutical industry to bring innovation to China. This includes therapies for addressing severe and rare diseases and fast tracking approval for therapies. As a result of these new drug approvals, a record number of approvals and new product launches were seen over the last couple of years. The biopharma industry in China is accelerating against the backdrop of the new CDFA reform.

Price reforms in Japan

The Japanese ministry of health made a proposal in 2017 to overhaul the current drug pricing regulations. This reform will affect both the new drug pricing and in market pricing revisions across all drug categories including off-patent long-listed products, patented prescription drugs, and generics. This includes changes such as narrowing price maintenance premium (PMP) for patented products. The PMP will now be applicable only to selected drugs and full premium will be awarded only to a subset of companies. The scope of the premium will be limited to innovative drugs and the amount of premium will be matched to a company’s contribution to R&D.

Emerging fund pools in Southeast Asia and China

In China, there has been an upward trend in the expansion of reimbursement of innovative drugs. Furthermore, companies in the biopharma industry in China have also started to experiment with new models to improve patients’ access to medicines. China remains an important growth engine for companies. With these biopharma trends and changing outlook in China, the country remains a highly lucrative market and an important growth engine for companies in the biopharma industry.

Stay current on the latest market updates and leverage advanced solutions to achieve your business goals. Request a free proposal for more insights on how our solutions can help your business.

Digital and advanced analytics in healthcare

Although big data and other digital technologies have been constant buzzwords in the biopharma industry in Asia, now we are seeing their gradual uptake by several companies in the sector. Governments in Asian countries like China and Japan have introduced policies to promote the application of such advanced biopharma trends. Furthermore, even physicians and medical reps, especially in Japan, have already shifted away from pharmaceutical sales reps as their primary information source and use digital channel as their primary source. In China, for instance, studies show that doctors spend over two hours of their working day on an average online and have switched from computers to smartphones to support many of their professional activities. Consequently, digitalization is going to be one of the key biopharma trends that are going to revolutionize Asia.

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Market Assessment

Pharma 2020: Key Pharma Industry Trends to Watch Out For

The pharma industry is undergoing a myriad of changes. Therefore, success in today’s pharmaceutical marketplace largely depends on companies’ ability to continually reassess strategic direction, move with agility, and anticipate and adapt to changes. Businesses must not only keep a close watch on the pharma industry trends, but equal emphasis should be given to tackling the upcoming challenges. Some of the key challenges identified during our pharma industry analysis include:

  • Increasing instances of chronic diseases are placing greater pressure on the healthcare budgets
  • Healthcare policy makers are increasing pressure on doctors regarding what to prescribe
  • Growing demand for medicines in emerging economies
  • Regulators are becoming increasingly cautious while approving new and innovative medicines
  • Pharma-economic performance is measured in order to insist on outcome-based pricing

How to overcome these challenges?

All you need a market intelligence solutions provider to guide you with the right solutions for business. Request a free brochure to gain insights into Infiniti’s advanced solutions for the pharma industry.

Pharma industry trends

Despite these challenges, there are several exciting pharma industry trends underway. Infiniti Research’s pharma industry analysis reveals the following trends that companies in this sector must gear up for:

Prevention over treatment

 One of the key pharma industry trends that are expected to go mainstream is the idea of prevention over treatment. Governments across the globe are backing this, especially in the case of chronic diseases. Global pharmaceutical industry analysis suggests that there is an unprecedented amount of supply in prevention supplements and pills around the world. If certain chronic diseases cannot be treated, some of its symptoms and fatal consequences can be prevented through such initiatives.

Reverse innovation

Reverse innovation refers to any innovation which is adopted first by emerging economies and then distributed globally. Pharma industry trends of the future such as reverse innovation provide answers to various challenges faced by companies in the pharma industry including the rising research costs, patent expiration, and consequent revenue declines, and huge costs in bringing a drug to market.

Nanotechnology

Nanotechnology is one of the most notable recent trends in the pharmaceutical industry. Nanotechnology is a scientific, multi-disciplinary effort that involves the creation and utilization of essence systems on a nanometer scale. An important application of this innovation is in the form of ‘Nano-medicine’. Pharma industry experts at Infiniti Research believe nanotechnology to be one of the most impressive pharma industry trends and will unleash several breakthroughs in medicine, diagnosis, and genetic engineering. A key example of an innovative nanomedicine is that of Genexol-PM which is an anti-cancer drug used to fight breast cancer and non-small lung cancer.

Customization or personalized medicine

People around the globe are known to have genetic differences, however, all of us consume similar medicine that has been designed for millions of people. However, this trend is about to change in the near future. Personalized medicine is expected to become one of the most favored pharma industry trends in the future. The drugs will be customized based on the patient’s examination reports and medical records. Though it would take some time for this to become full-fledged in the pharma industry, such trends in the pharma industry will provide enhanced treatment to the patients.  

How can Infiniti’s trend analysis solutions help companies in the pharma industry to keep a close watch on the recent market trends and revamp their strategies to stay at par with top players in the market? Request a proposal to find out.

3D printing

3D printers are under rapid development. The adaptation of this technology in the pharma industry will enable companies in the sector to print the necessary medicines as per requirements. In 2015, the first FDA approved a drug called Spritam was printed. This drug is used to treat epilepsy. This pill was made 3D printing several layers of the powdered drug, binding the layers of powder together, and blowing away the excess powder. The drug easily dissolves when compared to a traditional pill due to its unique structure. This is especially useful for cases where otherwise large, hard-to-swallow pills are prescribed.

Body sensors

Body sensors are breakthrough pharma industry trends that are all set to revamp patient-care and drug prescription. Wearables, integrated body chip, mini robots, and several other types of body sensors can obtain patient information and communicate the same immediately to the healthcare professionals. This can help them make quick and informed decisions regarding the drugs that need to be prescribed to the patient. These systems integrate living human cells with micro-engineering to help researchers and product development teams a new standard for predicting human response with greater precision.

Artificial intelligence

Artificial intelligence and cognitive computers help gather and classify large volumes of data in a matter of seconds. This solves the common problem that the drug discovery process is lengthy and expensive. These advanced technologies will also help pharma companies to run cognitive trials in lesser time. Which means drugs can be delivered to patients much earlier than before.

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How to Rollout a Successful Biopharmaceutical Product Launch Plan

A product launch is no child’s play, a significant amount of planning and execution strategies are decided on before the actual product launch. A product’s performance during its launch often indicates how successful it will be during its life cycle. Take the example of the movie business; the opening weekend is the critical barometer to predict how popular the movie will turn out to be at the box office. That dynamic holds true in the biopharmaceutical industry as well. However, in the current market scenario, biopharmaceutical product launch is more challenging than ever before. Rising regulatory issues, growing stakeholder expectations, numerous market-access hurdles, and stiff competition are some of the critical hindrances coming in the way of biopharma companies. So how can players in the biopharmaceutical space overcome these hurdles and roll out a successful product launch plan?Request Free Proposal

Create a game plan

Managers need to think strategically if they aim at leading their team to victory in the case of a product launch. They must take into account market conditions, how much companies have spent to support a competing product, and the product’s positioning at a particular point in time. Considering only competitors’ past actions leaves managers unprepared to react to changes in rivals’ tactics. Instead, companies must plan for the “game” that lies ahead, predicting the successive moves that competitors might make in to tackle a new market entrant. War-gaming can prove to be a useful tool for identifying possible market disruptions, study the probability of various competitive actions, estimate their impact, and design an appropriate response.

Cross-functional market access team

Traditionally, winning in the marketplace has been achieved by having sales representatives continually communicating information about a product’s efficacy and safety directly to physicians. Today, biopharmaceutical companies need to effectively make the case for their product to a host of payers and health technology assessment (HTA) agencies, which are now operating in most markets. Though many companies have a market access team, it rarely includes individuals from different verticals across the organization. To have a constructive conversation with payers, companies must create a cross-functional market-access team comprised of individuals from various departments such as R&D, sales and marketing, and medical affairs. This team can get in touch with payers and HTA agencies and then keep them updated on the decisions made throughout the R&D process. The team should especially communicate the type of patient populations that are being targeted and the expected benefits. This will give payers and HTA agencies the opportunity to provide guidance on the kind of efficacy and safety data they would be looking for.

Innovative pricing

Price increases have been a significant driver of growth for pharmaceutical companies, accounting for 65% of the industry’s growth worldwide. Although the biopharmaceutical industry has relied heavily on price increases, it is not leveraging pricing as a tool for gaining competitive advantage. Biopharmaceutical companies should study innovative pricing strategies during product development and make pricing a core pillar of the product’s profile. Innovative pricing is often critical to gaining market access and receiving reimbursement.

Build stakeholder relationships

The ideal biopharmaceutical selling model focuses on a single channel: the physician. But this approach is no longer relevant in a world where myriad stakeholders exert significant influence over prescribing decisions. A consistent challenge is getting a comprehensive view of which stakeholders matter the most, who is connected to whom, and who influences the stakeholder network. Social-network analysis helps biopharma companies to identify which institutions or individuals – key opinion leaders, payers, HTA agencies, guideline committees, or physician and patient groups are the most influential across stakeholder groups.


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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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A Biopharmaceutical Company Enhances Operational Efficiency using Market Intelligence Engagement

market intelligence

LONDON: Infiniti Research, a global market intelligence solutions provider, has announced the completion of their latest market intelligence engagement for a biopharmaceutical company. The biopharmaceutical companies are investing heavily in clinical development to prevent and treat the growing number of life-threatening diseases effectively. Also, the rising concern to reduce the cost of drug development is prompting biopharma companies to ensure quality, affordability, and performance in the products offered.

“Market intelligence solution helps businesses gain timely and relevant information about the company’s market to ensure accurate and confident business decision. Furthermore, businesses can ascertain the demand for products and services and understand the competitive effectiveness of the products in the market., “says an expert at Infiniti Research.

 

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The market intelligence solution offered helped the biopharmaceutical company to streamline their marketing resources based on the customer requirements. The client was also able to identify and address the potential bottlenecks in the compliance requirements and supply chain disruptions which helped them to enter potential markets in an agile and seamless manner.

Additional Benefits of The Market Intelligence Solution

  • Devise effective marketing campaigns to meet the business requirements
  • Minimize the risk of the investment decisions going wrong.
  • To know more, request a free proposal

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