Pharma Industry, Pharmaceutical Industry Analysis

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Pharmaceutical packaging

Pharmaceutical Packaging Client Promotes Market Attractiveness with The Help of Market Intelligence Solution

pharmaceutical packaging

LONDON: Infiniti Research, a global market intelligence solutions provider, has announced the completion of their latest market intelligence solution for a renowned pharmaceutical packaging client. Today, packaging companies have started offering services to a vast array of industries, including healthcare, food and beverages,  cosmetics, and other consumer goods. With the fluctuating preferences of customers on the rise, organizations are promoting sustainability, flexibility, and efficiency in their packaging to enhance the shelf life of the products.

“With the intensive growth in innovation, organizations are redesigning their existing packaging architecture to offer convenience and portability in packaging solutions that require minimum time and effort to open, carry, and store products,” says an expert at Infiniti Research.

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The market intelligence solution offered helped the pharmaceutical packaging client to gain accurate information on the market, the competitors, and the customers. Additionally, the solution also helped find ways to pre-determine resources and adequately allocate them to meet the business needs.

 Additional benefits of the market intelligence solution

  • Refined the existing marketing models and devised effective marketing campaigns to enhance business performance
  • Identified the hidden market gaps and opportunities and tackled the rising competition
  • To know more,  request a free proposal

 


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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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Marketing in the Pharmaceutical Industry – Vision 2025

The pharmaceutical industry is expected to grow exponentially over the next decade in emerging markets such as India, China, and Brazil. Much of this growth can be attributed to the surge in chronic diseases and medical conditions in both the developed and developing countries. The emerging IR_Brochuremarkets are significantly contributing to the overall sales and driving the revenue of the global pharmaceutical industry. But what are the pointers the pharmaceutical companies must keep in mind to leverage the benefits of the market opportunities, you ask? Read on for more.

Pharmaceutical Industry: What Does the Future Hold?

Pharmaceutical companies must realize the future growth potential of the market and build their capabilities to enhance their value offerings. The present market condition is highly unstable, both economically and operationally, and responds too slowly to the changing market conditions. Over the next ten years, pharma companies will develop products that offer total health care packages as the healthcare industry clients are channeling their efforts towards disease prevention. Along with this, the traditional sales model will make way for a more, well-thought marketing strategy – where the sales representatives will focus on cross-selling and up-selling activities. Additionally, implementing a robust pharma supply chain will help eliminate the wholesalers, paving the path for direct-to-consumer channels that relax distribution and logistics requirements.

The Future of Marketing in the Pharmaceutical Industry

Traditionally, the pharma industry followed a bulk sales force hiring strategy and a mass market approach, while pitching their products and services to the potential customers. The pharma industry revolved around developing me-too products, selling the most drugs, and incremental innovation. However, the pharmaceutical companies are now adopting a targeted approach and streamlining their sales strategies with a comparatively smaller, smarter, and agile sales force that helps drive business growth. The pharmaceutical companies must develop marketing strategies that create value for the patients and offer premium products and healthcare services. The companies in the pharma industry can achieve their marketing objectives by improving their sales force effectiveness, adopting a flexible pricing strategy, and develop their sales and marketing functions to embrace the future trends.

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Related articles

Market Assessment Study Helps a Leading Pharma Client Build a New Launch Plan for Cancer Treatment

In recent years, the surge in the number of cancer patients has forced many leading pharma companies to introduce therapeutics and supportive care drugs for effective treatment. To curtail the dependence on therapies, companies around the globe are actively pursuing oncology drug development with special emphasis on clinical development. The growing adoption of innovative drugs is attributed to wider utilization of new products, especially immunotherapies over the prevailing treatments in the market. To understand the penetration levels of cancer treatment among the audience, the companies are highly relying on market assessment studies, which offer actionable insights on the overall market size and the market shares of different cancer treatments.

Infiniti’s market assessment solution helps the client evaluate the sales data of top drugs in the market to understand the market’s potential. Infiniti’s market assessment study also helps pharmaceutical companies gain actionable insights into the prevalence of treatments across the target regions.

The Business ChallengeIR_Brochure

A leading conglomerate in healthcare was facing challenges creating a new launch plan for the treatment of cancer. The client wanted to develop a robust framework for launching new therapies across the target regions. In addition, the client further wanted to create a scalable market assessment model to create market models for a unique set of market definitions.

Our Research Methodology

To gain deep insights into the market’s potential, Infiniti’s team of market assessment experts carried out primary research to gain more information about the launch strategy. To gauge more information on the launch plan, the market assessment experts developed a robust market sizing framework to help the client make informed decisions. Also, with our help the client was able to design a launch strategy by keeping in mind the role of the key market segments.

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Want to learn more about Infiniti’s research methodology?

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Our Solution Helped the Client

  • Identify potential segments and quantify the size of each market by specific geographies
  • Identify robust data sources for estimating market potential
  • Develop market assessment model for each of the segments
  • Segregate segments in terms of countries, growth potential, and key variables

Benefits of Our Integrated Approach

In a very short period, the client was able to:

  • Create customized market models for unique set of market definitions.
  • Gain recommendations to build launch plan for new therapy
  • Determine the market size and positioning across geographies
  • Gauge the market demand for upcoming therapies across various regions

    A must-read market analysis case study for strategy experts and decision makers looking to assess the market landscape for the pharmaceutical industry.

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Emerging Markets – The Next Pharma Challenge

There was a time when the EU5 nations (Spain, UK, Italy, France, and Germany) were regarded as the hot spots by pharma majors. But as the developing countries increased investments in the healthcare sector, pharma manufacturers see immense potential in these markets as well. The interest in the emerging markets was further grown by the fact that governments here have increased the investments in healthcare infrastructure and insurance. The BRIC nations along with Mexico and Turkey are the major markets which most pharma companies are focusing on.

Developing Economies – What makes them the hotbeds for pharma players?

The fact that over the past few years the developed countries have experienced a consistent decrease in the funding for healthcare, forced many manufacturers in the pharma industry to expand their market base. Developing economies already have a huge set of health-related maladies which are either underdiagnosed or undertreated. This situation gives a lot of scope for growth and expansion to the big names in the pharma industry.

Also with growth in purchasing power, the shift of population to the urban areas, and high prevalence of lifestyle-related diseases like diabetes, cardiovascular diseases, and cancer, the developing economies provide huge opportunities to global pharma companies. All these factors have worked together to convert the developing economies into the hotbed for pharma players.

From land of opportunities to a pharma challenge

As the hype surrounding the developing nations being the next ‘BIG’ thing in the pharma industry has subsided, industry experts realize that the developing nations have their own set of inherent challenges. Unlike the developed countries, where pricing and meeting the local demands were the major game changers – the emerging markets pose challenges at multiple levels.

Apart from market access and addressing the local diseases, pharma companies must also comply with the regional regulations, focus on pricing and reimbursements, and most importantly battle out the infrastructure issues. The situation becomes even more challenging for Western pharma companies as they lack the local client base and understanding of the drugs which suit the local demographic’s profile. The absence of local data is another significant barrier that the pharma industry is yet to overcome.

Infiniti’s take on turning challenge into opportunity

To make an impact in the emerging markets, it is crucial that local authorities, pharma companies, and other stakeholders in the industry be considered. Research has already shown that different population groups respond differently to the same drug. Therefore, good amount of research is required before launching a drug in these markets.

However, challenging the situation seems, local expertise backed with a global perspective is sure to give an edge to the players in the emerging markets.

Top 5 ways in which Big Data is Transforming the Pharma Industry

The use of big data is no longer limited to transforming customer-facing functions such as sales and marketing alone. Manufacturers in the pharma industry, are constantly struggling with stagnant pipelines and low success rate in R&D activities – big data has emerged as a major game changer. Pharmaceuticals is one industry where an immense amount of data is generated from sources like patients, retailers, and R&D processes. Big data enables easy understanding of the complex business processes, which in turn results in improved clinical trials, better risk management by pharma companies, increased patient safety, and enhanced collaboration between pharma companies.

Learn more about our portfolio of services and how we help businesses formulate effective go-to-market strategies.

Request ProposalBig data in the Pharma industry

Here are the top five ways in which big data can transform the overall functioning of the pharma industry:

Better sales and marketing

Until recently the sales and marketing was a grey area in the pharma industry. But by integrating the big data analytics to their strategy building, companies can easily focus on specific geographical areas to promote their medications. This way, pharma companies can come up with extremely targeted marketing and sales goals, thereby saving both on time and effort. Today, more than 30% of the marketing is done on the digital platform and this number will only increase in the next five years. The role of big data becomes even more critical in building marketing and sales plans.

Enhanced clinical trials

Clinical trials are an integral part of the pharma industry. The patients undergoing these trials must meet some prerequisites before undergoing the trials. Big data merges the databases from multiple sources, to filter out patients who do not meet the basic requirements. It also helps researchers monitor the patients on a real-time basis and predict the side-effects of drugs.

Predictive Analysis

Early detection of drug toxicity, along with improving the chances of patient survival are the two main goals of every pharma company. Predictive analysis provides a clear picture if a drug will suit a patient by taking details like genetics, lifestyle, and existing diseases into account. The algorithms used by predictive analysis considers all the minute details on the patient’s health and helps deliver personalized care to the patient.

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Brochure CTAEmergence of digital apps

It is imperative for the pharma industry to go digital and reach out to their end-users in a better manner. Digital apps are one of the best solutions for building relations with the target audience. The data collected on these apps are linked to various verticals of the pharma and healthcare industry which provides first-hand data on patient compliance and instant feedback on patient’s health.

Cross-industry collaboration

The pharma industry, the healthcare sector, the insurance companies, as well as the data management firms – these are all inter-related. The need of the hour is to bring all these various industries on a common platform so that information sharing gets easier and pharma companies can seamlessly widen their database for future clinical trials.

Know more about Infiniti’s solutions for business

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market segmentation

Bringing Market Access into Your Pharma Business Plan

Gone are the days when all a pharma company had to think about is the safety of its product to gain market access. Competition from companies who work in the same therapeutic area, focus on keeping the cost low, and the emergence of health technology assessment (HTA) has made it rather difficult for businesses to gain market access. Therefore, it has become critical for every pharma company to embed market access into its business model.

The ‘Awe-Factor’ in Market Access

Market access is one of those phrases which is used in everyday business, yet is quite tough to define. Perhaps this is one of the reasons why many are in awe of this concept. Simply put, market access is about:

  • Taking the value of your product to customers who influence its sales
  • Building a congenial healthcare environment to position your product
  • Understanding the impact of your product on wider healthcare market

Thus, what market access does is bring the right data together and communicate it to the focused customer group. It is also about taking the needs of your stakeholders into consideration and developing messages which will boost the chances of your product’s success. Once all these factors are taken care of, it becomes rather easy to obtain market access promptly.

Through higher segmentation of market types, adoption of engaging models to connect with consumers, and sophisticated go-to-market models at the local level, market access has synchronized public health, sales, and customer needs in a seamless manner. Often there is a gap between the knowledge of market access and pharma business plan, which is why organizations fail to leverage their products in the right fashion. Thus, there is a need to bridge the gap between market access information and your pharma business plan.

Infiniti’s Take on Inculcating Market Access into a typical Pharma Business Plan

One major issue with the majority of the pharma business plans is that it fails to integrate market access professionals with its various work functions. Often regarded as the bearers of bad news, market access leaders are not kept in the loop with business strategies. Thus, to power your pharma business plan with market access, the following steps needs to be taken:

  • Regular involvement of market access experts to improve the commercial value of the products
  • Align business strategies with hands-on information gained from the end consumers of the products
  • Regular interaction between senior executives of the pharma companies with their peers in HTA, insurance sector, and policy makers.

It is high time that organizations realize the importance of inputs from market access teams to build successful product launch and product renewal strategies.

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