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Pharmaceutical Value Chain + Market Intelligence

Restoring Normalcy in the Pharmaceutical Value Chain: The Impact of COVID-19 and the Next Step to Success

The COVID-19 pandemic has challenged industries, countries, and governments endlessly over recent months. The spread of the virus has led to a range of issues that impact the foundation and functioning of business operations, GDPs’, and supply chains. All industries are now working towards recovery, and the pharmaceutical industry is attempting to regain control and functionality across the pharmaceutical value chain.

The pharmaceutical value chain includes every component and every process from manufacturer to end-consumer. This includes, but is not limited to, manufacturing, acquiring regulatory approval, import and export, distribution, and retail. The safety regulations, nationwide lockdowns, and transportation disruptions caused by the COVID-19 pandemic are among the biggest factors impacting the pharmaceutical value chain.

Pharmaceutical companies have attempted to develop more streamlined processes and taken various initiatives prior to the COVID-19 pandemic due to the pharmaceutical value chain’s fragmented nature. However, few have succeeded, and the different strategies utilized by companies did not protect the value chain from the hard-hitting impact of the COVID-19 pandemic.

As the pharmaceutical industry focuses its effort towards recovering the pharmaceutical value chain, companies must understand the impact of the pandemic. Therefore, in this article, Infiniti’s market intelligence experts detail the effects of the COVID-19 crisis on the pharmaceutical value chain. Additionally, they discuss the best path to recovery for pharmaceutical companies and highlight the value of market intelligence solutions in this attempt to return to normalcy.

The pharmaceutical industry is on the path to recovery and companies need to strategize for the changing market dynamics and impact of the COVID-19 pandemic. Speak to our industry experts to learn how companies can develop the optimal strategies to face these challenges.

Impact of COVID-19 on the Pharmaceutical Value Chain

As is the case with most industries, there have been innumerable problems posed by the advent of the COVID-19 pandemic in the pharmaceutical value chain. However, three major segments have been severely impacted and will need the most focus and recovery strategies from pharmaceutical companies. The impact of the COVID-19 pandemic on the pharmaceutical value chain can be witnessed in the following three segments:

Pharmaceutical Value Chain + Market Intelligence

APIs and the Dependence on APAC Countries

The pharmaceutical industry’s raw material supply chain was disrupted by the high dependence of pharmaceutical companies on China and India. The two APAC countries source a majority segment of the active pharmaceutical ingredients (APIs), intermediates, and reagents required by pharma companies. Since China was the first infected country, the raw material supply chain was slightly challenged. However, the spread of the virus has impacted India severely and caused a major disruption in the pharmaceutical value chain.

While China is on the path to recovery and is attempting to return to normalcy, India has many obstacles to overcome before it can successfully overcome the impact of the COVID-19 crisis. Restoring operations and recovering from the effects of the pandemic will cost the pharmaceutical value chain a substantial amount of time and effort due to this factor.

Logistics and Distribution Challenges

Countries across the globe have announced nationwide lockdowns and severely limited domestic and international transportation. Although this step was crucial for the containment of this deadly virus, it has led to major logistical challenges across industries. The pharmaceutical value chain has been similarly impacted due to transportation and distribution limitations.

The fragmented nature of the pharmaceutical value chain is one of the reasons the transportation restrictions are impacting the industry severely. The process involves the procurement of various raw materials from different locations in the APAC, North American, and European regions. Additionally, the manufacturing, packaging, distribution, and retailing are conducted in various areas. With the continuous spread of the virus and government restrictions on population movement and transportation, pharmaceutical companies need to evaluate their distribution and logistics strategies to maintain business continuity.

Paused Clinical Trials and the Drug Development Process

A large number of clinical trials worldwide have been suspended, postponed, or halted since the advent of the COVID-19 pandemic. Stakeholders consider this the most impacted segment in the pharma industry. Due to the need for social distancing, the limitations on transport, and the requirements of new hygiene protocols, conducting clinical trials and collecting real-world evidence has been challenging for pharma companies. The halting of clinical trials translates into a delay in the development and time-to-market for various therapies and drugs.

Simultaneously, pharmaceutical companies are struggling to conduct clinical trials to develop a vaccine for the SARS-CoV-2 virus, which causes COVID-19. However, they face challenges finding ideal candidates and carrying out their clinical trials despite the various limitations. Pharma companies and governments are working towards digitalizing the clinical trial process with innovative alternatives such as telemedicine and mailing trial drugs. Efficiently digitalizing, and overcoming the various challenges caused by the COVID-19 pandemic will help companies develop a vaccine and fast-track recovery worldwide.

Understanding the impact of the COVID-19 pandemic on the pharmaceutical value chain is a crucial step for recovery in the pharmaceutical industry. Request more information to gain more in-depth insights into the challenges caused by the pandemic and the next step to recovery.

How can Market Intelligence Solutions help Pharmaceutical Companies Overcome the Impact of COVID-19?

Pharmaceutical companies need a series of solutions to assist them in their attempt to recover from the impact of the COVID-19 pandemic. The pharmaceutical value chain has been significantly disrupted through 2020, and by re-establishing normalcy soon, companies can minimize the long-term implications of the pandemic across the value chain.

Infiniti’s market intelligence solutions can provide companies with insights, guidance, and strategies to help their industry recover as quickly as possible. There are various crucial factors that pharma companies must focus on during the process of recovery, and Infiniti’s market intelligence solutions can help them adapt and recuperate as required. Our market intelligence experts can help pharma companies and the pharmaceutical value chain in the following crucial ways:

  • Companies must improve transparency on the various levels of the supply chain and identify alternative sources for the different raw materials or services that are unavailable. Infiniti’s demand planning solutions enable companies to provide visibility into their operations and supply chains required to make real-time decisions and keep stakeholders informed.
  • There is also an increasing need for companies to analyze their inventory, estimate the available inventory across the value chain, and attempt to continue production and delivery to customers. With Infiniti’s inventory management solutions, companies can try to fulfill customers’ demands despite the disruptions caused by the COVID-19 pandemic.
  • Pharmaceutical companies must also focus on understanding and strategizing for the changing demands of their consumers. With social distancing and new hygiene protocols, consumers have been less likely to renew their prescriptions. Infiniti’s demand management solutions can enable companies to predict, plan, and meet customer demands accurately.

The pharmaceutical industry can successfully recover the pharmaceutical value chain with efficient planning, management, and strategizing. Infiniti’s market intelligence solutions provide companies with the data-driven insights and expert guidance they require to efficiently overcome the impact of the COVID-19 pandemic across the value chain.

Infiniti’s market intelligence solutions can serve as the differentiator between a quick recovery and additional challenges for companies attempting to recover the pharmaceutical value chain. Request a free proposal to enter the post-COVID era as a pharmaceutical industry champion with our expert insights and guidance.

pharma M&A

Capturing Value from Pharma M&A: Critical Considerations for Success

The pharmaceutical industry is one of the major sectors that is actively involved in huge mergers and acquisition (M&A) deals, both in terms of numbers of deals and the amount of money spent. Most companies in the sector, especially the big pharma consider pharma M&A as a major factor to bolster innovation and overall growth. A recent research by our pharma industry experts shows that revenues coming from innovations sourced outside of Big Pharma is currently stands at over 45%. Over the years, several large, game-changing deals have continuously and profoundly changed the competitive landscape of the sector, while smaller yet significant transactions remain an integral part of pharma industry operations.

Why Pharma M&A is a driver of strategic repositioning?

Pharma M&A has become a common practice for companies that have non-diverse pipelines or have top revenue drugs that are nearing patent expiration and subsequent generic erosion. According to industry experts at Infiniti Research, some of key reasons why companies favor pharma M&A include:

  • The critical size requirements across various market segments have increased exponentially over the years. At this rate, it becomes nearly impossible for a single company for companies to survive on their own. This made strategic pharma M&A a necessity for most companies
  • Large mergers in the pharma industry allow bundling of sub-critical businesses, and thereby change the culture and to build new platforms
  • Another motivation for pharma M&A is to capture annual cost synergies by scaling up

For more insights on our portfolio of services for companies in the pharma industry

Consideration for successful M&A

Achieving Successful Integration Post Pharma M&A

Approximately only 60% of pharma merger deals succeed in the long run. A successful merger is one wherein the resulting company achieves the strategic intentions driving the merger when the deal was initially formed. Mergers that fail often show traits including focusing more attention on back-office integration, cost control, and systems consolidation.

Creating business synergies

Revenue increases during pharma M&A can often more difficult to achieve and take longer than expected. During pharma mergers and acquisitions teams must develop strategies such as the degree to which the existing portfolios need to be rationalized, how teams can be used to increase efficiency, how salesforce can be consolidated to remove overlap, and how the projects of each of the brands can be enhanced.

Defining the integration strategy

The successful integration of two companies largely depends on having a consistent approach with strategic intent. Guiding principles, priorities, and governance must reflect the logic behind the merger. A reliable integration strategy must be efficient in articulating both financial and nonfinancial goals, as well as risk-mitigation strategies.

Request a free proposal for more insights on how we can support your pharma M&A efforts.

biopharmaceutical contract manufacturing

Infiniti Helped a Biopharmaceutical Contract Manufacturing Market Client to Reduce Operational Costs by 27%

Biopharmaceutical Contract Manufacturing Market Overview

As biopharmaceutical contract manufacturing is becoming a major investment area for traditional pharmaceutical companies owing to the enhanced production capabilities at relatively lower prices, the industry is expected to witness positive growth over the coming years. Additionally, factors such as the reduction in overall investment required to bring a new drug product to market and access to expensive technologies are compelling pharmaceutical companies to outsource to contract manufacturing organizations (CMOs) in order to meet their needs and reduce risks. However, market research experts at Infiniti predict that factors such as the rising demand for affordability, the complexity of supply chain operations, quality compliance, and regulatory scrutiny could hinder the market growth of the global biopharmaceutical contract manufacturing industry. As such, players in the biopharmaceutical contract manufacturing industry are in the need to thoroughly monitor market uncertainties and take proactive measures to tackle challenges coming their way.

Top Markets (by global market share): North America and Europe holds the largest share in the biopharmaceutical contract manufacturing market and are expected to retain its dominance for the next five years. The experts at Infiniti Research predict that the Asia-Pacific regions including China, Japan, New Zealand, and South Korea will witness steady growth through 2022.

For biopharmaceutical contract manufacturing firms, speed, process innovation, and operational excellence are must-win battles. Is your firm lacking any of these capabilities? If yes, request a FREE proposal and our experts will help you with relevant insights on market opportunities and growth strategies.

Business Challenge

A biopharmaceutical contract manufacturing firm based out of the United States, faced challenges in maintaining competitiveness while ensuring affordability, quality, and delivery performance. In addition, the complexity of supply chain operations, quality compliance, and evolving regulatory requirements increased challenges for the biopharmaceutical contract manufacturing firm. The client chose to partner with Infiniti Research to leverage their expertise in offering market monitoring solution. With Infiniti’s solution, they also sought to address other business challenges such as:

Demand for affordability and improved access – The biopharmaceutical contract manufacturing firm struggled to balance rising demand with declining budgets. Also, as manufacturing biologics required highly engineered specialized equipment, such as single-use or stainless-steel bioreactors to prevent cross-contamination, the client had to invest heavily into new technologies and processes. As a result, the company was facing difficulties in delivering products according to price expectations and this subsequently impacted their long-term contract with major pharma companies in the United States.

Complexity of biopharma supply chain – As biologics are heat sensitive and susceptible to contamination, keeping temperature-sensitive biologics at the right temperature range during the transportation process was becoming challenging for the company. The client, therefore, wanted to understand how other major players in the US biopharmaceutical contract manufacturing market tackled this challenge and improved efficiency in the supply chain.

Market improvements – The client wanted to understand the technological breakthrough in the US biopharmaceutical contract manufacturing market to continually evolve their manufacturing technologies and operational capabilities.

Identifying the right opportunities and gathering relevant market insights can help biopharmaceutical contract manufacturing organizations capitalize on profitable growth opportunities and make more informed business decisions. Contact us to know more about our services and their benefits for your business.

Our Integrated Approach

To help the client tackle their business challenges, the experts at Infiniti Research initially defined the business problem by creating a framework, complete with key questions and hypotheses specific to the US biopharmaceutical contract manufacturing market. Also, an extensive database was generated by the team through secondary research and previous project contact lists.

As a part of the market monitoring engagement, the experts identified the top contract manufacturing organizations in the United States based on the strength scorecards. The factors such as, revenue, market share, technological investment, clients, and product portfolios were analyzed in comparison to the biopharmaceutical contract manufacturing market client. The collected data was validated to avoid errors that may be caused due to corrupt or incorrect records and the cleaned data was analyzed to generate insights.

Technology assessment study was also conducted to assess the latest technological breakthrough in the US biopharmaceutical contract manufacturing market. Also, detailed insights into the cost of implementation of each technology were offered to the client. In addition, by carrying out a demand management study, the experts helped the client to understand supply chain challenges. Also, the experts recommended cold chain packaging technologies and processes to help the client tackle transportation issues and maintain quality standards.

Results Obtained

The experts at Infiniti Research helped the client to reduce operating costs across manufacturing and quality divisions by adopting lean practices and improving process technology. Also, the client was able to improve operational agility and equipment utilization to increase manufacturing-site capacity. The experts helped the biopharmaceutical contract manufacturing market client to identify highly engineered specialized equipment and processes to invest on to prevent cross-contamination and enhance operational efficiency.

By focusing on cold shipping and cold chain packaging solutions, the biopharmaceutical contract manufacturing market client was able to cope with a wider range of new temperature requirement issues. Also, by understanding the supply chain strategies followed by the major players in the US biopharmaceutical contract manufacturing market, the client was able to undertake similar strategies and reduce complexities associated with the supply chains.

By gathering comprehensive insights into suppliers and associated units, the client was able to acquire a strong, competitive network with the right suppliers, manufacturing plants, and distributors. This subsequently helped the client to save huge operational costs. In addition, Infiniti’s solution helped the biopharmaceutical contract manufacturing market client to improve efficiency in the supply chain to better manage inventory, distribution logic, and the complexities of the cold chain. The client was able to sign a $2 million deal with one of the leading pharmaceutical companies in the US.

Want to gather more insights into our solutions for companies in the biopharmaceutical contract manufacturing industry? Request more info and we’ll get back to you with relevant insights.

Pharmaceutical manufacturing

Winning in Emerging Markets: What Big Pharma Companies Must Do

Emerging markets are highly promising and offer a plethora of opportunities for pharmaceutical companies. As a result, there is an unprecedented increase in the number of companies in the life sciences industry that are turning to emerging markets such as Brazil, India, and China to set up their businesses. Pharma industry experts at Infiniti Research believe that big pharma companies that are innovative and advanced in terms of manufacturing, logistics and distribution, and understanding customer needs are more likely to gain an edge over the others in these coveted markets. Despite several efforts, some big pharma companies often fail to gain a major foothold in these regions. This issue occurs due to several reasons. Sometimes, new entrants in the big pharma market discover that operating and selling in emerging markets can be challenging due to market access requirements including manufacturing, logistics, and supply chain can be complex. Furthermore, unfavorable regulatory environment, dynamic pricing and reimbursement practices, and talent management challenges also pose major challenges for big pharma companies in emerging markets.

In this article, Pharma industry experts at Infiniti Research share some of the key strategies that big pharma companies can use to succeed in new and emerging markets.

Growth strategies for big pharma companies are increasingly dependent on expansion into emerging markets. Request a free proposal to know how we can help support your market expansion plan into emerging markets.

How big pharma can compete effectively in emerging markets

Big pharma companiesOne of the primary steps in establishing and executing a growth strategy for big pharma companies involve identifying commonalities across markets. These commonalities must support cost-effective approaches while taking into account the unique regulatory constraints and consumer attributes of different regions. Here are three key approaches for big pharma companies to capitalize on attractive opportunities in emerging markets.

Group customers into clusters

Customer submarkets in emerging countries can be identified within a national or regional market by analyzing and grouping consumers who have common health needs. Creating customer clusters in emerging markets will help big pharma companies to identify various customer challenges in the market and create tailored solutions to cater to the needs of these groups.

Identify cross-border commonalities

Constricting emerging market entry to national boundaries is a common mistake that big pharma companies make. An approach that is too focused on national or regional boundaries could mean that customer similarities across markets are not being sufficiently leveraged to create solutions that can move across borders. Identifying cross-border insights can enable big pharma companies to serve groups or clusters of customers more effectively and efficiently.

Timely and cost-effective execution

Given the fact that most life sciences companies operate in functional silos, executing solutions across markets in a timely and cost-effective manner could prove challenging. Therefore, big pharma companies must focus on creating a single, coherent strategy rather than trying to coordinate separate strategies. Two capabilities that are especially critical when planning the rapid execution of an emerging-market strategy include developing the ability to understand and to get close to the customer and improving the risk management capabilities.

Learn more about Infiniti’s solutions for big pharma companies

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.

Our market intelligence analysts can help you to assess profitable opportunities in new markets and provide the information you need to expand operations and accelerate growth. Request a FREE proposal today.

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

Want to know more about our services for pharma companies? Request for more info and our experts will get in touch with you with comprehensive insights.

Market segmentation

Market Segmentation: A Key to Success for Pharmaceutical Companies

The idea of dividing a market up into homogeneous segments and targeting each of them with a distinct product or message is now at the heart of marketing theory.

Rising costs and demands for affordable health care continue to challenge the traditional business assumptions and economics of the pharmaceutical industry. Also, this is raising internal development risks, costs, and time requirements for clinical trials. To add to the complexity, pharma markets have become fragmented as providers, patients, physicians, and payers look for focused solutions that have optimal safety and efficacy profits for a narrower population of patients. Additionally, the role of greater transparency, reference pricing, and changes in decision-making are essentially shifting decision-making authority away from individual physicians to healthcare administrators and payers. These dynamics result in the complexity of product decision-making and continue to challenge the effectiveness of traditional commercial models in the pharmaceutical industry. This is where the role of market segmentation comes into play. Market segmentation process enables pharmaceutical companies to move beyond product features and benefits or brand position to see specific needs through the eyes of specific market segments and this is an essential component of success for pharmaceutical companies.

Copy of Copy of banner IR (1)What is Market Segmentation?

Market segmentation is the process of segregating a market of potential customers into segments, or groups, based on various characteristics. The segments created consist of customers who will respond similarly to marketing strategies and who share traits such as similar needs, interests, or locations. The sole objective of the market segmentation process is to be able to design a marketing strategy, mix or program that matches, and is as impactful as possible, for each specific segment. It helps companies spend their marketing and advertising budgets much more wisely. Also, it enables companies to refine their product or service offerings for specific segments. Businesses are more likely to be able to meet the needs of a smaller, targeted segment, and therefore be much more successful.

What are the Different Types of Market Segmentation?

Demographic segmentation

Demographic segmentation is one of the widest and simplest types of market segmentation used. Most businesses use it to get the right set of people to use their products or services. Target market segmentation generally divides a population-based on variables. Demographic segmentation also has its own variables such as gender, age, income, family size, occupation, race, religion, and nationality. This type of market segmentation is most commonly used due to the fact that it has readily accessible information through existing customer relationships and can easily eliminate unnecessary data of the audience with just a few inclusions.

Behavioral segmentation

This is a type of target market segmentation that divides the population on the basis of their usage, behavior, and decision-making patterns. Behavioral segmentation divides your customers by their previous behavior in relation to your brand. It checks parameters including:

  • Previous purchases
  • Awareness of the business
  • Patterns of purchase
  • Usage level
  • Knowledge of the product
  • Rating of product or service

Psychographic segmentation

Psychographic segmentation is a type of market segmentation which uses activities of people, lifestyle, opinions, as well as interests to define a market segment. Psychographic segmentation is very similar to behavioral segmentation. But it also takes into account the psychological aspects of consumer buying behavior. These psychological aspects may be consumers social standing, his lifestyle as well as his activities, interests, and opinions.

Still, want to know more about market segmentation and how it can help companies build robust route-to-market strategies? We’d love to help! Contact us today.

Contact USWhat are the Benefits of Market Segmentation?

Benefit #1: Enhances the focus of the company

Target market segmentation is an effective method to enhance the focus of a firm on market segments. Better focus means better business. This helps in designing campaigns specifically for the target segments and aids in better returns and profitability.

Benefit #2: It boosts competitiveness

Naturally, if the focus increases, competitiveness in that market segment will also increase. This can also help in increasing market share and the chances of a new competitor entering might get low. Additionally, brand loyalty increases. Thus, market segmentation also boosts the competitiveness of a company from a holistic view.

Benefit #3: It helps in market expansion

Market segmentation can help in the immediate expansion of the market of any firm. If your market strategy is based on geography, then while catering to a particular territory, you can immediately expand to a nearby territory. Thus, the market share of business increases resulting in more revenue and profits.

Market Segmentation Strategies: Tick the Checklist

Measurable:

A good market segmentation strategy is one which is able to easily measure leads, sales figures, and engagement rates for any single market. If it’s not, then it probably overlaps too much with different segments and needs to be checked.

Clearly identifiable:

If any single segment overlaps too much with another, then probably it shouldn’t be a segment in its own right. A good market segmentation strategy requires every single segment to be substantially different and unique.

Accessible through promotional and communication channels:

If you are able to communicate with your target segments easily, then you can expect your market segmentation strategy to be effective. It does not matter whether this promotion or communication occurs via social media, advertising, telemarketing or e-marketing. As long as you can reach the consumers within it, you can expect to maximize your ROI.

Durable:

Market segmentation strategies can work effectively if market segments are not fluid but durable. How can you possibly expect to meet the demands, and communicate with, a segment that is consistently shifting and changing? It would be very difficult and would require infinite resources. Therefore, you need to ensure that your market segments are durable and stable in order to maximize your profits.

Responding differently:

For your target market segmentation process to yield maximum benefits you need to check if all of your market segments are responding in the same way to the marketing mix or differently. If the response is the same, then it is likely that they are actually not different segments.

For more information on our portfolio of market segmentation solutions, request for more information.Get More Info

How can Market Segmentation Help Pharmaceutical Companies?

In order to stay competitive in today’s transforming healthcare environment and engage better with physicians and patients, pharmaceutical companies need to shift from being product-focused to being customer-focused. They need to improve the effectiveness of communications and interactions with customers, including both physicians and patients, to meet objectives of marketing and help promote better health outcomes. Market segmentation can help them doing so in the following ways:

#1: Market segmentation in pharmaceutical marketing provides a better way to understand your target customers. This makes it easy for pharmaceutical companies to create marketing campaigns that really resonate with customers.

#2: Market segmentation provides detailed information on consumer personalities, emotions, values, interests, beliefs, and attitudes. This, in turn, can help pharmaceutical companies to identify their issues correctly and provide the required solutions.

#3: Market segmentation in pharmaceutical marketing is a very powerful tool as it looks more closely at the attitudes and motivations of consumers, providing pharmaceutical companies with important information on what customers want and why they want it.

#4: Psychographic type of market segmentation provides crucial information on the factors driving behavioral change among customers. Messaging based on customer attitudes and motivations are more likely to activate desired behaviors and strengthen the relationship between patient and brand.

#5: Target market segmentation helps pharmaceutical companies to analyze augmenting behavioral and demographic data with key insights on consumer personalities and motivations.

Market Intelligence

Five Types of Marketing Strategies for Pharmaceutical Companies to Boost Profits

Technological advancements and the healthcare industry are very closely associated. Recent advancements are mainly intended to improve treatments and therapies. However, when it comes to pharmaceutical companies, technological developments bring about a change in the way the companies operate and market their specific products –  especially due to the legal and compliance restrictions in various regions. But keeping themselves abreast of all the new marketing strategies can help pharmaceutical companies to move a step ahead of their competitors and grow their business. Here are five digital marketing strategies that pharmaceutical companies have to watch out for in 2018.

Five Digital Marketing Strategies for Pharmaceutical Companies

Marketing through InfluencersAsk An Analyst_IR

Online information always fetches more attention than traditional ads and can create a stronger influence on the attitude of people and their behaviors – provided it is reliable. But the question of where and from whom to fetch such information can be answered with the help of influencers.

An influencer is a person whose presence is huge on social platforms and has relevant followers. The base of such followers can range from hundreds to millions. Such influencers have relevant posts on their page and targeting them can boost the growth of your business. Pharmaceutical companies looking for new ways to market their products should follow such influencers to boost their brand presence. For example, if a pharmaceutical company is targeting patients suffering from diabetes then the influencer who is very active on any social media platform and had suffered the same disease in the past, can be approached successfully to seek the attention of people suffering from diabetes. Also, influencers can be helpful in the case of medical products or medical devices. This is one of the best marketing strategies that can help pharmaceutical companies to improve their brand presence on social media channels.

Messaging apps for pharma

Today, messaging apps are one of the most appropriate marketing strategies to reach the target customers with valuable and reliable content. For pharmaceutical companies, it provides an opportunity to have a one-to-one conversation with their patients, doctors, and customers. But there are some security concerns which are considered to be unethical, such as: Is the app providing encryption? Are all the regulatory compliance requirements of your pharmaceutical company fulfilled by it? Clinical trials recruitment is one of the most interesting application areas of such messaging apps.Request Proposal

Chatbots for pharma

Chatbots are one of the most interesting marketing strategies that are being used by various pharmaceutical companies to respond and engage with clients. Chatbots are programmed and automated scripts that are used to converse directly with the client and mimics the response and behavior of a human being. Such bots can help handle requests like questionnaires, FAQs, and surveys. There are several ways in which pharmaceutical companies can use such chatbots to automate many time-consuming processes and provide more personalized services.

cta irNative advertising for pharmaceutical companies

Native advertising is a kind of advertising that is carried out in the form of an article. The content of such an article is marked with specific labels, such as “advertisement” or “sponsored”. It is generally more impactful than traditional display ads when it comes to engagement and interest. Pharmaceutical companies through native advertising can garner the attention of doctors and patients and can raise brand awareness simultaneously. However, there is one challenge associated with this marketing strategy, which is to put together a company regulations-compliant content and get approvals for the same.

Virtual reality in clinical medicine and pharma marketing

Pharmaceuticals companies, healthcare, and biotech industries have been experimenting with VR for a few years and the results are very inspiring. There have been various use cases of virtual reality and augmented reality in expanding pharma and clinical medicines. This includes training and education, therapeutic uses, and health product demos. Such marketing strategies can be successful only when pharmaceutical companies communicate with patients not only for target purchasing but to decipher consumption habits, drug adherence, and so on.


Want to keep yourself updated on the best marketing strategies for pharmaceutical companies:

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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.

 Request your FREE brochure today!

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

 


To know more about how our market intelligence solution helped the pharmaceutical packaging clientAsk an analyst


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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