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Pharma manufacturing

Finding the Future of Pharma Manufacturing – Strategies to Reduce Costs and Boost Efficiency

The growing rate of the aging population with significant unmet needs is creating a high demand for pharma manufacturing companies. However, pharma manufacturing companies are also facing headwinds from unattractive pricing and volume expansion across all regions, growing size and bargaining power of payers, the emerging biological patent cliff, and the growing competitive pressure. Amidst these challenges pharmaceutical manufacturers are seeking to reduce operational costs and streamline cycle time within R&D. Below, our pharma industry experts have listed out some key strategies that pharma manufacturing companies can use to gain efficiency and enhance their R&D process.

Heads of R&D at major pharmaceutical companies agree that there is a critical need to substantially increase the number of innovative new medicines, while eliminating inefficiencies that drive up R&D costs. Request a free proposal to know how we help pharma manufacturers achieve this.

Partial outsourcing

Outsourcing at least a small part of research and development processes to emerging markets and low-cost centers can help pharma manufacturers to considerably reduce their overall costs. Companies in the pharma sector can take inspiration from other significant industries to relocate certain operations to areas where labor costs are cheaper. However, some pharma manufacturing companies are often skeptical about outsourcing R&D as it carries a heavy risk. This is one of the prime reasons why experts suggest shifting only non-core activities to low-cost centers.

Business process management

Companies in pharma manufacturing can gain increased efficiency by relying on business process management. Redundancies in processes can be reduced through automation and optimization. This can also help pharma manufacturers reduce their time to market and enable regulatory compliance with R&D phase of a new drug such as simplifying clinical trial processes, minimizing errors, and creating a collaborative research environment.

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Eliminate ‘non-value adding’ activities

This is also often termed as lean process improvement. This method has proven effective for increasing efficiency and reducing operating costs for companies across various industries. Lean techniques can help pharma manufacturing companies to improve workplace efficiency within laboratories, while the focus on eliminating unnecessary steps can help speed up certain processes to reduce cycle time.

Strategic partnerships

This is not a strictly process improvement technique, but an external strategic alliance can help pharmaceuticals manufacturing companies to streamline and improve operations that one company operating in isolation may not succeed in doing.

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Pharmaceutical industry

Generating Huge Sales and Realizing Profits of Over 29% for a Pharmaceutical Company Using Market Intelligence Engagement

Pharmaceutical Industry Analysis

The innovations in advanced biologics, rising population, and access to quality healthcare and pharmaceuticals to middle-class people worldwide are driving the growth of the global pharmaceutical industry. However, the fluctuating economy, legal issues, talent shortage, massive flow of generic medicines, and rising competition are expected to impact the growth prospect of the global pharmaceutical industry. Besides, companies in the pharmaceutical industry are facing decreasing return on investment due to price erosion in key markets. As such, companies in the pharmaceutical industry will need to foresee changing market dynamics and look for other markets to sustain growth.

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Business Challenge

The client is a pharma company based out of the United States.

As Canada is known to be one of the most profitable markets for pharmaceutical companies, the client wanted to expand their business operations to Canada. Before investing a huge sum into their expansion plan, they wanted to determine their growth potential and assess market opportunities in the Canadian pharmaceutical industry. They approached the experts at Infiniti Research to leverage their expertise in offering market intelligence engagement.

Other challenges that the client encountered were:

CaptureGovernment and security: As policies regarding the use of medicines varied in different countries, the client wanted to understand the policies in the Canadian pharmaceutical industry. In addition, they wanted to understand in-detail the procedure for new drug launch in Canada.

Massive flow of generic medicines: Due to the massive flow of less expensive or generic drugs in Canada, the client wanted to identify strategies to cut down on their production costs and gain a competitive edge.

Identifying the right set of customers: Before expanding their operations to Canada, they wanted to identify the profitable customers to focus on to drive sales.

Need for new and effective medicines: The client wanted to analyze competitors’ product offerings and identify drugs gaining popularity in the Canadian pharmaceutical industry. By doing so, they wanted to invest into similar drugs.

By identifying the potential for a new product or service, we help companies to make strategic business decisions and accelerate growth. Contact us today!

Our Approach

The experts at Infiniti Research followed a four-phased approach that involved:

CaptureMarket scanning and monitoring analysis to understand the regulatory changes in the Canadian pharmaceutical industry. This also involved evaluating the market potential for the client’s offerings in Canada and identifying the capital requirement for setting up new production and distribution units.

Technology assessment to spot the next technological breakthrough and identify cost-effective technologies to enhance the client’s operational efficiency.

Customer segmentation analysis to segregate customers into distinct target segments and identify profitable customer groups.

Competitive intelligence solution to analyze the product and service offerings of the top pharma companies in Canada.

Results Obtained

By understanding the current market dynamics and forecasting the potential business opportunities in the Canadian pharmaceutical industry, the client was able to devise a sound market entry plan. Also, by thoroughly understanding the procedures for launching a new product in Canada, they were able to succeed  clinical trials in their initial attempt. In addition, the adoption of cost-effective technologies helped the client to automate their operations and reduce production costs. This further helped them to reduce the costs of their drugs and better compete with generic drug manufacturers.

By identifying the right set of customers, the company in the pharma industry was able to personalize their marketing and sales efforts for them and generate maximum sales. Also, a detailed analysis of their competitors’ offerings helped them to competitively price their products. Within two years of entering the Canadian pharmaceutical industry, the client was able to generate huge sales and realize profits of over 29%.

Capture

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Pharmaceutical market access

Enhancing Market Share by 33% for a Pharma Company – Pharmaceutical Market Access Strategy

Pharmaceutical Market Access Strategy

With healthcare becoming a priority for governments in several countries, the pharmaceutical industry seems to have a bright future. However, due to the rising healthcare costs, payers are demanding insights into a new drug’s cost-effectiveness compared with alternative drugs and generics. Consequently, pharmaceutical companies are under the need to revamp the way they develop and market drugs. As such, leveraging pharmaceutical market access strategy is becoming imperative for pharma companies during the early stages of drug development in order to tackle the market access related-issues.

Our pharmaceutical market access strategy can help you to identify barriers to new market entry and achieve huge commercial success for your new drug. Request a FREE proposal today!

Business Challenge

The client is a pharmaceutical company based out of Germany.

Our client, a pharmaceutical company, wanted to expand their operations to the United States. However, the client noted that market entry to the US pharma industry was highly challenging due to the need to accommodate rising costs and the proliferation of competing drugs in the same therapeutic areas. In addition, the growth of the generic segment and the advent of biosimilar drugs in the United States were increasing challenges for the company.

As the client had already failed in their attempt to launch a new drug in the US market, they did not want to take a chance. They approached the experts at Infiniti Research during the early stages of drug development to leverage their expertise in offering pharmaceutical market access strategy.

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With Infiniti’s pharmaceutical market access strategy, the client also wanted to:

#1: Gather insights for the R&D team

While developing a new drug, there are numerous factors that need to be considered by the R&D team. The R&D team must determine if the amount invested in drug development is worthwhile. Also, the team must ensure that newly launched drugs easily clear clinical trials and are capable of surviving competition from other branded drugs or generics. In addition, as the clinical pathways and treatment models change very frequently in the US, it is crucial for pharma companies to gather comprehensive insights into the market landscape and competitors before advancing pipeline drugs to the next level. With Infiniti’s pharmaceutical market access strategy, the client wanted help in gathering insights into healthcare needs in the US and develop drugs accordingly.

#2: Gather insights for HEOR (Health Economics and Outcomes Research) and marketing team

As value-based reimbursement was gaining more traction in the US healthcare system, the HEOR team in pharma companies are compelled to develop a sound product commercialization strategy in comparison to their competitors. Also, the team must evaluate the potential for a new drug in the market for the coming years. The client’s HEOR teams wanted help in developing a sound product marketing strategy that will aid their drug’s market access and commercialization goals. Therefore, with Infiniti’s pharmaceutical market access strategy, they wanted to thoroughly analyze the marketing and sales strategies of the top pharmaceutical companies in the US. In addition, by leveraging Infiniti’s pharmaceutical market access strategy, the client wanted to understand the marketing channels to focus on to reach their end-users.

#3: Set a sound pricing strategy

As pharma companies in the US were no longer the sole decision-makers when it comes to setting drug prices, they were compelled to consider payers’ opinions in order to achieve optimal commercial success for their drugs. With Infiniti’s pharmaceutical market access strategy, the client wanted to analyze the different pricing strategies in the US pharmaceutical industry and set the right price for their new drugs.

Our pharmaceutical market access strategy can help you to navigate the complex market challenges and yield huge profits. Contact us today!

Solutions Offered

1As a part of the pharmaceutical market access strategy, the experts at Infiniti Research conducted a product research engagement. In this phase of the pharmaceutical market access engagement, the experts helped the client to analyze the complete product development lifecycle, trade-offs, and gather insights on product-specific revenues to boost value proposition.

The next phase of the pharmaceutical market access approach involved a marketing strategy engagement. In this phase of the pharmaceutical market access approach, the experts conducted qualitative and quantitative market research to help the client gather comprehensive insights into the market landscape and competitive landscape. Also, this phase of the pharmaceutical market access strategy helped the client to identify the best marketing channels to focus on to reach their end-users. Also, the experts helped the client to devise sound commercialization strategies to achieve huge success for their products in the US pharma market.

Our pharmaceutical market access approach also involved price analysis engagement, where the experts analyzed the payers’ opinions in the US pharma market and the top pharma companies’ pricing strategies. This phase of the pharmaceutical market access strategy helped the client to set the right price for their new drugs based on the market demand.

Results Obtained

Infiniti’s pharmaceutical market access strategy helped the client to develop a new drug meeting the market demand and payer’s requirement. The newly launched drug cleared the clinical trials in the initial attempt.

The insights obtained from Infiniti’s pharmaceutical market access strategy also helped the client to devise a sound commercialization strategy for their new drug. Also, the experts helped the client in setting the right price for the product.

Within one year of new drug launch, the client was able to meet their revenue goal and enhance market share by 33%.

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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.

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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?

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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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Competitor analysis

Top Manufacturing Trends Flourishing in the Pharma Industry

The global economic uncertainties, increasing healthcare costs and expiring patents are putting pharma companies in a state of turmoil. However, on the brighter side, the rapid development of the emerging markets, progress in drug research, the rise in generics production, the availability of high-potency drugs, and innovations in manufacturing trends will sustainably modify the global pharmaceutical landscape. Moreover, the increasing prevalence of chronic diseases and the growing demand for medications, high market growth, new medicines, and therapy forms, changing regulations, and progressing digitization are going to give birth to new manufacturing trends to meet the growing demand.

Manufacturing trends in the pharma industry

Process analytical technology

This initiative sets a legal framework in the USA aiming to motivate pharma companies to improve the production process and achieve consistent quality while reducing waste and costs. In order to comply with this regulation and the changing manufacturing trends, pharma companies need to have systems in place that ensure detailed monitoring of their continuous and batch processes. Process analytical technology is one of the vital manufacturing trends that enables and drives continuous manufacturing. It was identified as one of the most important manufacturing trends in pharma companies along with integrated manufacturing business and automation processes.

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Digitization and labeling information

Effective tracking, tracing, and labeling is a mandatory proof of authenticity and prevention of drug counterfeiting. Digitization of labeling information has resulted in greater emphasis being placed on collecting, securing, and processing digital data about pharma products.

Low-volume drugs

There are several issues relating to introducing new drugs in the market. This includes manufacturing issues as well, so a review of manufacturing trends in approvals of new molecular entities (NMEs) can provide insight into manufacturing activity. A key trend in NME approvals is the increased share of orphan drugs approved as NMEs. Orphan drugs are defined as drugs that treat diseases which are known to affect 200,000 or fewer people, as defined by the US Food and Drug Administration (FDA). The FDA provides incentives, including market-exclusivity benefits, for developing orphan drugs. Due to a smaller patient population, these drugs are typically produced in lower volumes when compared to primary care drugs.Get More Info

Risk-based manufacturing inspections

The FDA is continuing its plan to use a risk-based selection model for manufacturing inspections in the pharma industry. This forms a part of its strategy to allocate resources more effectively and gain greater parity between inspections of domestic and foreign drug-manufacturing facilities. During September 2018), the FDA published an internal policy that outlines the agency’s risk-based, site-selection model for inspecting foreign drug-manufacturing facilities. The FDA prioritizes inspections of sites regardless of their location with the help of a risk-based site-selection model. This is one of the critical manufacturing trends that pharma companies must watch out for.


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Financial risk analysis

Biggest Challenges in Medical Devices Packaging: What to Watch Out For

One of the essential milestones that can have an enormous impact on the time it takes the medical devices and other pharma products to get to a market is the packaging stage. There is more to medical devices and pharma packaging than merely creating a flashy package that grabs consumers’ attention. The medical device packaging industry involves many disciplines including material manufactures, device manufacturers, material converters, educational institutions, package testing facilities, and test equipment and medical packaging equipment manufacturers. Reducing hospital-acquired infections requires packaging that maintains its integrity, withstands sterilization, and protects expensive medical products from damage.  It is important for medical devices and pharma packaging companies to realize that the packaging is as important as the product. If the integrity of the package and sterility of the products are violated, they become completely useless.  Here are some eye-opening insights that will help you prepare for challenges in medical devices and pharma packaging:Request Proposal

Package development

Package development, especially for medical and pharma companies, is a highly time-consuming and difficult process. One of the major hurdle in this aspect include ensuring that the packaging is developed within the desired time frame and the budget is allotted. Sometimes due to the compliance requirements, there are chances of overshooting the budget. This can cause severe problems in the overall ROI of medical devices and pharmaceutical companies.

Long lead time for approvals

Making the final decision on packaging includes the opinions and concerns of various stakeholders in the company. Often, there are chances of conflicts and difference in opinion regarding the proposed design of medical devices packaging materials. In this case, it would prove to be a time consuming and lengthy process to get all the parties involved to agree on a particular concept.

Replacement of old equipment

Most of the times, existing equipment that is used for medical devices and pharma packaging are not flexible enough. There are even chances of this equipment being shared for the production of other products. Moreover, they work at a limited speed and have less scope for innovation.  The major challenge here is that companies are reluctant to replace old equipment with new ones due to resistance to change and the high cost involved.

Sterilization challenges

Medical device manufacturers are sensitive to the fact that the package must be durable enough to prevent damage to an expensive medical device and be able to withstand the effects of sterilization, without degradation of the package. End users in a hospital setting also like to see the product through a clear rigid package before opening it. Therefore, the major challenge here is to ensure that the medical devices and pharma packaging live up to the expectations of manufacturers and are capable of protecting the final product from any contamination or damage.


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Nutraceuticals: Know it All About the Future of Intelligent Food

In recent times, nutraceuticals have received considerable interest because of their presumed safety and potential nutritional and therapeutic effects. Today, an increasing number of dietary supplements have become available in supermarkets and health food shops, and they are also available for purchase in pharmacies. So, what are nutraceuticals? In a nutshell, they are medicinally or nutritionally functional food products. Nutraceuticals are parts of food that provide medical or health benefits, including the prevention and treatment of disease. They are also addressed by a variety of other synonyms such as medical foods, designer foods, phytochemicals, functional foods, and nutritional supplements. They include everyday products as “bio” yogurts and fortified breakfast cereals, as well as vitamins, herbal remedies, and even genetically modified foods and supplements. The increasing demand for functional food products can be explained by the growing cost of healthcare, the steady increase in life expectancy, and the desire of older people for the improved quality of their later years.Request Free Proposal

Some of the vital health benefits of nutraceuticals

Brain health and aging

The WHO predicts that by 2020 over 65 million people will have dementia and that the prevalence of other neurodegenerative brain diseases, such as Alzheimer’s, will also increase. Alzheimer’s disease is one of the most common forms of dementia. There is no cure for the disease and eventually leads to death. Alzheimer’s is commonly diagnosed in people over the age of 65 years, although less-prevalent, Alzheimer’s can also occur much earlier. The pressure to produce successful treatments is rising but has proved unsuccessful so far. Scientists are increasingly looking at food products that can help slow disease progression and treat symptoms. The growing trends in nutraceutical usage are due to the belief that these compounds can postpone the development of various forms of dementia such as Alzheimer’s disease.

Cardiovascular diseases

Cardiovascular disease is a term which is used for disorders of the heart and blood vessels and includes coronary heart disease. It is believed that low intake of fruits and vegetables is associated with high mortality in the case of cardiovascular diseases. Nutraceuticals in the form of vitamins, minerals,  dietary fibers, antioxidants, and omega-3 polyunsaturated fatty acids together with physical exercise are recommended for prevention and treatment of this disease.

Cancer

Cancer has emerged as a significant public health problem in developing countries.  A healthy lifestyle and diet can help in the prevention of cancer. Carotenoids are a group of phytochemicals responsible for different colors of the foods. They have antioxidant activities and prove to be useful in cancer prevention. Recent interest in carotenoids has focused on the role of lycopene in human health, especially in cancer disease.

Endocrine health & diabetes

The WHO estimates that 347 million people worldwide have diabetes. Sustained exposure to high blood glucose is linked to the consumption of high fat and high sugar content foods. Functional food products, which release sugars slowly enable better glucose control, which can reduce the impact of diabetes for sufferers, and can also help to prevent the onset of type 2 diabetes.


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Business Forecasting

Steps in Competitor Analysis of Pharma Companies

It is no new knowledge that the present scenario in the pharmaceutical industry is highly competitive.In the recent years, the pharma market has become even more competitive due to the availability of branded and generic product segments. Despite evidence to the contrary, several pharmaceutical companies perceive their competitive world as a relatively flat landscape. Consequently, numerous pharma companies and professionals still resort to outdated and superficial competitor analysis that limit their perceptions to competitors’ product and corporate profiles, particularly promotional spending and sales force allocations. These simplistic, often short-sighted approaches place pharma companies at risk from competitive threats and dangerous blind spots. As the pharmaceutical industry transitions to a shorter and less profitable life cycle model, competitive planning for brands and companies have become critical for growth. The foundation of this planning is competitor analysis, which is essentially the process of assessing and understanding the competitors to help design winning strategies and tactics. The drug development process is not only a process to formulate the most successful product or treatment for a particular condition, but also to research the market and successfully identify the competitors. Other key benefits of undertaking competitor analysis include targeting the right customers, market potential forecasting, and matching the competitor pricing. Here are some of the steps involved in conducting competitor analysis:Request Free Proposal

Finding the right team

The first step involved in conducting a  systematic, insightful and multidimensional competitor analysis is to find the right team. For any analysis, it’s imperative to have the ideal frameworks, processes, and tools. This could include a multidisciplinary team of internal consultants and external professionals if required. Firms should not solely depend on competitive intelligence dealers, who mainly focus on accumulation of data and competitive surveillance. Instead, they should use people with expertise in elaborate competitive analysis, planning, strategy, and implementation. With the help of these professionals. Companies can gain access to proper methodologies, tools, and structures to lead and assist the development of a competitive analysis process.

Competitive Personality Analysis

Many pharma companies make the mistake of assuming that their company is not a part of the competitive mix. However, corporate self-analysis is an indispensable part of the competitor analysis. Every company has its own distinct personality, and competitive personality analysis involves unearthing the personality of a company. It addresses critical questions like how a company thinks and acts, what is the competitor’s product profile, what salesforce will be used to back the competitor’s product, what will be the competitive differentiation, etc. Based on corporate presentations, executive profiles, competitive intelligence, and other information gathered by addressing such questions, pharma companies can penetrate into a competitor’ head and decipher their way of thinking and also their future course of action. 

Strategic stakeholder analysis

In today’s market, when physicians prescribe a particular drug and patients want that drug, sometimes they end up buying a different brand. Prescription power is now being transferred from patients and physical care providers to other strategic stakeholders. These stakeholders include regulators, governments, professional societies, policymakers, the media, health technology evaluation groups, retailers, etc. As stakeholders play an essential role in the adoption and use of particular brands, a detailed analysis of strategic stakeholders should be a critical aspect of every competitor analysis.

SWOT analysis

A SWOT analysis helps to identify and evaluate the strengths, weaknesses, opportunities, and threats that a company faces. The information gained is used to analyze the position of a company as well as that of their competitors. A SWOT analysis informs the upper management what the industry is outshining in, the improvements required, exploiting growth opportunities if possible and the preemptive measures that need to be taken to safeguard a company or shareholder value.


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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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