A global pharmaceutical company sought Infiniti’s help in increasing its output of new products while lowering costs. By devising a new prioritized approach to R&D, Infiniti helped the company to reduce the R&D budget by 15% and time-to-market by 26%.
Market Positioning Strategy for a Pharmaceutical Company
The client is a pharmaceutical company based out of the United States.
Although the client has an extensive R&D team, the company’s R&D process was cumbersome. This was because the company lacked appropriate prioritization and clear cut-off criteria. Also, the company’s R&D team was scattered and lacked cross-functional project management. Consequently, the client was falling short of its goal to bring 3 new chemical entities to market each year, which subsequently impacted their overall revenues. To reverse its declining sales and revenue, the client decided to focus resources on some of the major therapeutic areas and reduce the R&D budget over two years using product positioning strategy. The client, therefore, approached the experts at Infiniti Research to leverage their expertise in offering market positioning strategy. By leveraging Infiniti’s market positioning strategy, the client also wanted to maximize the value of its investments.
In addition to this, the client wanted to:
- Lower costs while increasing the output of profitable products
- Conduct extensive research and development on the selected therapeutic areas
- Devise a new, prioritized approach to R&D
- Reduce time to market
- Achieve its goal to bring 3 new chemical entities to market each year
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Our Integrated Approach
As a part of the market positioning strategy, the experts at Infiniti Research undertook a three-phased approach:
The initial phase of the market positioning strategy engagement involved identifying and reviewing innovation options. This involved conducting market overview and customer value proposition analysis. Besides, this phase of the market positioning strategy engagement involved performing competitive analysis.
In the next phase of the market positioning strategy engagement, our experts assessed the client’s internal capabilities. This involved assessing technology requirement and capacity needs.
The third phase of the market positioning strategy engagement involved prioritizing innovation options for the new R&D strategy. The brand positioning strategy conducted as a part of the engagement involved implementing and managing redefined R&D strategy and refining R&D budget.
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By leveraging Infiniti’s market positioning strategy, the client was able to clearly define innovation options, understand resource requirements, prioritize the list of innovation options for new R&D strategy, and refine R&D budget. Besides, the experts at Infiniti Research recommended the client to align its project portfolio with the new therapeutic areas to maximize the value.
In addition to this, by leveraging Infiniti’s market positioning strategy, the client was able to:
- Reduce R&D budget by 15%
- Reinvest remaining R&D budget into priority projects
- Establish a well-defined project portfolio prioritization process and cross-functional project management
- Reduce time-to-market by 26%
- Achieve the target to bring 3 new chemical entities to market each year
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