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Market Entry Strategies

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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healthcare market research

Consumers Beware! There’s Active Ingredients in Your Medicines

In the healthcare industry, the active ingredient is that ingredient of the medicine that allows it to have an effect on the body of the patient consuming it. Some examples include paracetamol, insulin, and ibuprofen. You would have often noticed warning statements on medicine labels and packaging. These usually relate to the potential side effects caused by the active ingredient, which is present in the medicine. Furthermore, the dosage instructions on medicine labels refer to the amount of the active ingredient that should ideally be taken to gain the desired health effect.Request Free Proposal

What are the consumer health risks associated with being unaware of the active ingredient?

The brand name or trade name of medicine is the name assigned to a particular medicine by the manufacturer. Different companies in the healthcare industry often market medicines that contain the same ingredient. For instance, once a patent on a prescription drug has expired, other suppliers can start supplying medication with the same ingredient under various brand names. These are commonly termed as generic medicines. When a patient buys their prescription medicine from different pharmacies, there are chances of them being provided with different brands of the same drug. In this case, it is essential to be aware of the ingredients so that the consumer avoids taking multiple doses of the same ingredient. Here are different risks that consumers can avoid by being aware of the ingredients in their medicine:

  • Assisting consumers to recognize two different brands include the same active ingredient
  • Identify any ingredients in the drug that may cause allergic reactions or interactions with other
  • Customers can avoid accidental overdose

Tips for healthcare companies to build active ingredient awareness

Here are some proposed changes that drug companies in the healthcare industry can incorporate to avoid the risk of consumers being unaware of the active ingredients present in a drug : 

  • The active ingredient must be listed immediately under the brand name of the medicine’s packaging.
  • To better differentiate between the brand name and the active ingredient, there should be a difference in font style or letter spacing or font color.
  • In the case where there are more than three active ingredients, the most abundant components must appear on the main label immediately below the brand name. Furthermore, the names, together with the quantities of every active ingredient, are to be included on a side panel/label or on a rear panel/label of the product.

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Pharmaceutical Industry

Pharmaceutical Industry Challenges 2018 – Major Barriers to Growth Prospects

Though there are several speculations about the stagnant growth of the pharmaceutical industry, recent technological innovations are expected to facilitate growth in the years to come. Click To Tweet

The huge shift of the population to urban areas and increased accessibility of people to healthcare services has opened doors to a wider target market for the pharmaceutical industry players. These emerging markets are becoming increasingly important for pharma companies. However, to be successful in the market, it becomes essential for companies in the pharmaceutical industry to shift from a marketing and sales-focused model to an access-driven commercial model. Additionally, with the governments of several countries making healthcare a priority in their policies, the future looks bright for pharma companies. But on the flip side, the market conditions and several other factors might not entirely be in favor of pharma companies. There are several challenges lying ahead for pharmaceutical industry players, which they need to combat before heading on the road to success:

TOP PHARMACEUTICAL INDUSTRY CHALLENGES

Healthcare policy reformsContact US

The US is the top player in the global pharmaceutical market. However, the changing healthcare reforms are affecting the pharmaceutical industry players in a big way. The Patient Protection and Affordable Care Act (PPACA), which is also known as Obamacare, is expected to undergo some significant reforms under the new government. Though healthcare policy reforms are on the top of the priority list for the new presidential administration, we are yet to see how these policies are going to affect the pharmaceutical industry in the longer run.

Impact of new technologies on pharma

Players in the pharmaceutical industry are still unsure about how the new digital technologies are going to impact drug development and commercialization. Several industrial experts feel that emerging technologies such as AI and 3D printing will cause radical changes in the business models, operations, workforce, and cybersecurity. The adoption of these technologies would also have additional benefits such as the ability to establish a digital supply chain in reducing manufacturing costs.

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Increased focus on ‘patient-centric’ healthcare

One of the most popular trends in the healthcare industry in recent times is the shift towards a patient-centric care model. Bringing the spotlight to the quality of care given to patients and making them active participants in the treatment process has put immense pressure on the pharmaceutical industry players. Furthermore, increasing regulatory measures are forcing pharma companies to deliver the best quality of services to prevent any regulatory actions.Request Proposal

Slower growth rate in emerging markets

Companies in the pharmaceutical industry have been reaping significant benefits from the emerging markets, but the recent economic slowdown in these markets has had a negative impact on the profit potential. The reduction in the GDP of these low-income countries with high pharmaceutical growth prospects has triggered a corresponding reduction in the volume growth. Unless these emerging markets pick up on their economic growth, the development of pharma companies in these markets will prove to be difficult.

Venture capital

The flow of venture capital is an essential factor for the smooth functioning of companies in the pharmaceutical industry. But the bad news is that the investments in venture capital-backed companies in the US has shown a constant decline in the recent past with fluctuations in deals and dollar. A significant challenge lying here for players in the pharmaceutical industry is to win back the confidence of investors in the sector.

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Read an updated version of this article:

Pharmaceutical Industry Challenges to Watch Out for in 2019

 


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telecom industry

Leverage Employee Engagement Strategies to Shape Next-Gen Pharma Leaders

The global healthcare industry has undergone major transformations over the last few decades owing to factors such as technological advancements and evolving business models. As a result, pharma companies have to devise employee engagement strategies to shape the next-gen industry leaders who can overcome the industry challenges.  The healthcare industry faces several challenges as it is increasingly exposed to a sudden surge in competition from small and medium biotech manufacturing companies, entry of generics, rise in pricing pressures, complicated regulatory standards, Ask an analystcomplex patent and trademark issues, and growing environment and sustainability concerns.

To counter such challenges, the healthcare industry must ensure that their workforce has the required skill sets, flexibility, and are responsive to the evolving landscape. The answer to shaping the next gen pharma leaders is to drive employee engagement and devise an effective talent management strategy. Employee engagement and talent management strategies enable companies to equip the workforce and transform them into next-gen pharma leaders.

Shaping the Next-Gen Leaders Through Employee Engagement

Healthcare companies must build industry specific training and development programs that train the workforce to overcome the future challenges in the healthcare service industry. These specific development programs prepare the next-gen leaders by exposing them to a wide range of markets and regions, thereby, enabling market disruption and driving innovation. The employee engagement programs challenge their thinking, change their thought process, and encourage them to work in teams and devise effective strategies. Organizations can initiate a team building process through employee engagement programs, promote organizational networking; thereby, building diverse leadership skills and capabilities.

At the time of recruitment, pharma companies must hire candidates with the skill sets to address the challenges in healthcare and biotechnology, and have an understanding of the consumer behavior and market as well. The relationship between the employees and their managers or team leads is extremely important when it comes to building employee engagement, managing employees, and improving the team’s performance. Organizations can identify the strengths and weaknesses of their employees, determine the best performers, and offer constructive feedback to employees, through an effective employee engagement and talent management strategy. In the wake of increasing competition in the healthcare industry, the pharma companies must leverage the employee engagement tools and strategies to motivate the employees to perform better, retain them within the organization, thereby driving employee value proposition.

View the latest case study from Infiniti Research to know how the insights gained from employee intelligence can drive profitability and shape next-gen leaders for your organization.

Business Forecasting

Top 3 Strategies Pharma Companies Must Employ to Mitigate Risks in Emerging Economies

The rapid economic growth in the emerging economies did give a lot of hope to the western pharma and health sciences companies for growth and expansion. But in the recent years, as the fizz around the emerging economies being the land of opportunities has waned out, major names in the pharma industry are having a tough time finding a hold in these unsteady markets. Competition from regional players, fall in commodity prices, complying with the regional laws, and importantly, hiring the right talent, and building a productive workforce, have emerged as major bottlenecks for a majority of the pharma companies.

How do you bell the cat?

Industry experts at Infiniti Research believe that the emerging markets will witness a positive turn in the upcoming years. In fact, there are huge prospects for the pharma revenues to almost double in the next ten years. Therefore, even if the mature markets in the Americas and Europe seem to be a better option now, pharma majors should concentrate on building a full-fledged business strategy for the emerging economies.

The three major ways in which pharma companies can make a lasting impact in the emerging markets are:

1.     Going beyond the commercial model

The basic commercial model is largely hinged on sales and marketing strategies. Perhaps this is where most pharma majors are going wrong. One major error, which many pharma companies commit is not going beyond this model. To make an impact in the emerging economies, one must adapt to the local conditions and come up with solutions which meet the local demands and constraints. Building a supply chain which is attuned to the local licensing nuances is sure to provide a competitive edge to the manufacturers. This is especially true in the case of pharma markets in Africa and the Middle- East.

2.     Expansion of Patient Access

Most emerging economies are constantly struggling with undertreated and underdiagnosed diseases. This situation provides a great platform for the pharma companies to launch their drugs as well as expand their patient access. At the same time care needs to be taken that the drugs manufactured are easily available to lower-income patients in these regions. Pharma heads should work towards striking a fine balance between pricing strategy and market access. Usually opting for voluntary licensing deals play a critical role drawing incremental revenues, broadening patient access, and most of all building goodwill.

3.     Not letting go of innovation

For some reason, pharma majors do not think of emerging economies as suitable hubs for innovative programs. However, there is a lot of scope and need for innovation in this geographical area as well. With a huge number of undertreated diseases, countries in Africa and Asia can, in fact, be converted into a test bed for innovative technologies and drug solutions. Right from digital health, to providing local solutions to health problems – the emerging markets provide a huge scope for experimentation to the pharma manufacturers. The winner in the long-run is going to be the company which leverages these advantages to disrupt the existing market.

market segmentation

Pharma Companies Embrace Digital- Staying Competitive with Technology

At a time when healthcare is being drastically transformed through digital health technologies, pharma companies cannot afford to stay aloof from the digital revolution. With enormous investments in digital health, several major pharmaceutical companies are revamping their strategies to stay relevant in the competition. The three key premises which have emerged with all these developments are:

  1. Reinventing pharma companies as solution companies
  2. Better connection with consumers
  3. Harnessing of technology to its advantage

Pharma Companies: More than just asset companies

Traditionally pharma companies were more of an asset based company. But as technology giants and healthcare start-ups have ventured into the pharmacy, there is a pressing need for pharma companies to reimagine themselves as more than being just a products-and-pills company. It is in this context that imbibing the ethos of technology becomes more important.

One of the best example of how pharma companies can evolve as solutions companies is Google’s partnership with Novartis to combat diabetes. This venture is employing technology to upload glucose and insulin levels of the patients to the cloud in real time, to improve the overall quality of diabetic care.

Connecting with end-consumers

From being mere end-receivers of medicines, patients have now evolved into having greater control over their health and therapeutics. This makes it critical for pharma companies to accept this change in the equilibrium and connect with the consumers in an efficient manner. This can be done by understanding the patient behavior through patient-physician interactions, online communities, engagement in active dialogues, and adoption of quantitative methods to measure and analyze the data.


Infinity_insightsHarnessing Technology

It is high time that pharma companies move away from their conservative cultures and perceived image on IT and embrace it as a vital tool for its growth. Also, the mindset of shying away from risk taking needs to be shunned. Rather, companies need to take calculated risks and engage technology to their advantage

Digitalization is a reality. Moving ahead without taking it into consideration is sure to bring severe implications. Therefore, the need of the hour is to switch to appropriate technological solutions for focused strategy building.

For a detailed analysis on how pharma companies can benefit from technology…

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