Pharmaceutical Drugs Market Archives - Business Intelligence

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Big pharma companies

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.

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pharmaceutical market research

Pharmaceutical Market Research: A Linchpin for Success in the Pharma Industry

Pharmaceutical companies are experiencing an industry slowdown. Amidst this, many players in the sector are seeking to transform their R&D engine into a source of competitive advantage in order to thrive. In such cases, effective pharmaceutical market research is paramount. Furthermore, current medicines are reaching saturation levels, making it even more crucial for pharma companies to invest in better drug development through comprehensive pharmaceutical market research. To gain reliable results and understand the actual needs of the target consumers, pharmaceutical market research must encompass data relating to potential success rates for new drugs as well as determine what factors affect pharma sales. Pharmaceutical market research ideally comprises early, pre-launch, launch, and post-launch market research.

If you’re part of the pharmaceutical or life science industries, you’ve probably already felt the effects of an industry that is slowing down. Want to know how our services can help you navigate challenges in the pharmaceutical industry?

Why is pharmaceutical market research important?

No matter how much companies in the pharma industry invest into a new drug development or how innovative the drug is, it becomes completely ineffective if the drug does not satisfy the needs of the target audience. Pharmaceutical market research provides insights into the demands in the target market and how to enhance the overall healthcare market experience. Pharma market research also helps in:

  • Understanding the market and competition
  • Targeting the right customers
  • Designing a unique value proposition
  • Determining the most profitable market strategy
  • Testing the product efficacy
  • Tracking the drug cycle

Essentials for effective pharmaceutical market research

pharmaceutical market researchGather customer feedback

It is an integral part of pharmaceutical market research to conduct a wide variety of surveys and research studies across all customer types to help identify and prioritize which issues will have the biggest impact on the company’s success. This includes physician satisfaction surveys, product satisfaction surveys, and patient pre-and post-clinical trial surveys.

The pharmaceutical industry is quite different from other consumer lead industries. Therefore, pharmaceutical market research forms the basis for everything from product development to marketing. Get in touch with our experts to know more about our pharmaceutical market research services.

Broad horizons

Although it may be easy for organizations and researchers to look to large companies for data, it is always advisable to consider bringing in data from small life science organizations as well. The more data gathered with the use of surveys and other data collection tools, the more accurate will be the business decisions.

Assess the market thoroughly

This involves picking the right environment in which to market a drug is critical. Disease patterns, political turmoil, economic stability, and market size/segmentation and operating conditions are just a few of the key factors affecting a company’s overall success with a product. Pharmaceutical market research can highlight any obstacles or opportunities that might disturb or encourage favorable outcomes.

Monitor customer feedback at different touchpoints

Provide a variety of ways for customers to share their comments and offer multiple feedback channels to improve both the quantity and quality of the feedback received. Ensure that customer sentiment is measured and monitored across all consumer support channels, as this kind of feedback is often provided ‘in the moment’ when opinions shared are most accurate. Moreover, feedback can also make a strong contribution to the development and evaluation of new initiatives, so remember to reference insight gathered when considering a new project.

Compliance and regulatory requirements

It is not only important to collaborate with consultants and various business leaders in relevant industries while collecting data, but also vital to get their input once the data is collected as well. Different perspectives, educational, and professional backgrounds provide insight into data analysis that may be helpful when moving ahead with pharmaceutical market research.

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Pharmaceutical manufacturing

IoT in Pharmaceutical Manufacturing: How it will Make a Difference

Internet of things (IoT) has the power to revolutionize pharmaceutical manufacturing in everything ranging from drug discovery to remote patient access and monitoring. Top pharma companies around the globe are increasingly adopting IoT technologies in their manufacturing plants in an effort to achieve optimization and improve process efficiency. Earlier, different data formats for different processes in a pharmaceutical manufacturing plant made data access and interpretation a significant challenge for effective communication. IoT technologies enable standardization within a pharmaceutical manufacturing plant by effectively connecting network, equipment, and systems across the plant. Furthermore, Pharma companies can also use IoT technologies to gain access to real-time data and visibility of operations through the entire manufacturing process. Here’s a detailed look on how IoT will transform pharmaceutical manufacturing.

Despite technological advancements, the pressing matter pharma companies have to address is how to achieve more control over their operations within and outside the facilities to remain competitive, optimize time-to-market, avoid shipment delays, and reduce the waste. Request a free proposal to know we can help overcome this dilemma.

IoT in Pharmaceutical Manufacturing

Pharmaceutical manufacturingIndustrial mechanics and maintenance

Although the use of industrial monitoring devices are already widespread in the pharmaceutical industry, real-time status information is yet to be widely available. Using pharma IoT monitoring sensors companies can instantaneously feed all relevant facility data into a single dashboard, alerting a supervisor in case of any abnormal conditions or urgent maintenance requirements. IoT in pharmaceutical manufacturing will also enable handling critical conditions remotely.

Managing pharma supply chain

Once the drugs leave the manufacturing plant, they travel through different modes of transport and may be subject to varying temperatures and weather conditions. Although in most cases care is undertaken to maintain the packages within the prescribed temperatures, chances of variations during transit cannot be completely ruled out. IoT can be helpful in such situations to provide real-time data to manufacturers every step of the way with improved supply chain visibility. The temperature changes or any damage to the products will be immediately notified to the manufacturers and determine whether the drugs are fit to sell or not.

In the pharmaceutical industry, mistakes have serious consequences, so progress will always be slow and cautious. Get in touch with our experts to learn how our solutions can help companies in the pharmaceutical industry.

Controlling drug manufacturing environment

In pharmaceutical manufacturing, sub-optimal environmental conditions can often prove to be fatal. However, this obstacle can be easily handled with the help of IoT. Pharma IoT establishes transparency in drug production and storage environment by allowing multiple sensors to monitor environmental indicators such as temperature, humidity, radiation, and light in real-time.

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Market Assessment

Pharma 2020: Key Pharma Industry Trends to Watch Out For

The pharma industry is undergoing a myriad of changes. Therefore, success in today’s pharmaceutical marketplace largely depends on companies’ ability to continually reassess strategic direction, move with agility, and anticipate and adapt to changes. Businesses must not only keep a close watch on the pharma industry trends, but equal emphasis should be given to tackling the upcoming challenges. Some of the key challenges identified during our pharma industry analysis include:

  • Increasing instances of chronic diseases are placing greater pressure on the healthcare budgets
  • Healthcare policy makers are increasing pressure on doctors regarding what to prescribe
  • Growing demand for medicines in emerging economies
  • Regulators are becoming increasingly cautious while approving new and innovative medicines
  • Pharma-economic performance is measured in order to insist on outcome-based pricing

How to overcome these challenges?

All you need a market intelligence solutions provider to guide you with the right solutions for business. Request a free brochure to gain insights into Infiniti’s advanced solutions for the pharma industry.

Pharma industry trends

Despite these challenges, there are several exciting pharma industry trends underway. Infiniti Research’s pharma industry analysis reveals the following trends that companies in this sector must gear up for:

Prevention over treatment

 One of the key pharma industry trends that are expected to go mainstream is the idea of prevention over treatment. Governments across the globe are backing this, especially in the case of chronic diseases. Global pharmaceutical industry analysis suggests that there is an unprecedented amount of supply in prevention supplements and pills around the world. If certain chronic diseases cannot be treated, some of its symptoms and fatal consequences can be prevented through such initiatives.

Reverse innovation

Reverse innovation refers to any innovation which is adopted first by emerging economies and then distributed globally. Pharma industry trends of the future such as reverse innovation provide answers to various challenges faced by companies in the pharma industry including the rising research costs, patent expiration, and consequent revenue declines, and huge costs in bringing a drug to market.

Nanotechnology

Nanotechnology is one of the most notable recent trends in the pharmaceutical industry. Nanotechnology is a scientific, multi-disciplinary effort that involves the creation and utilization of essence systems on a nanometer scale. An important application of this innovation is in the form of ‘Nano-medicine’. Pharma industry experts at Infiniti Research believe nanotechnology to be one of the most impressive pharma industry trends and will unleash several breakthroughs in medicine, diagnosis, and genetic engineering. A key example of an innovative nanomedicine is that of Genexol-PM which is an anti-cancer drug used to fight breast cancer and non-small lung cancer.

Customization or personalized medicine

People around the globe are known to have genetic differences, however, all of us consume similar medicine that has been designed for millions of people. However, this trend is about to change in the near future. Personalized medicine is expected to become one of the most favored pharma industry trends in the future. The drugs will be customized based on the patient’s examination reports and medical records. Though it would take some time for this to become full-fledged in the pharma industry, such trends in the pharma industry will provide enhanced treatment to the patients.  

How can Infiniti’s trend analysis solutions help companies in the pharma industry to keep a close watch on the recent market trends and revamp their strategies to stay at par with top players in the market? Request a proposal to find out.

3D printing

3D printers are under rapid development. The adaptation of this technology in the pharma industry will enable companies in the sector to print the necessary medicines as per requirements. In 2015, the first FDA approved a drug called Spritam was printed. This drug is used to treat epilepsy. This pill was made 3D printing several layers of the powdered drug, binding the layers of powder together, and blowing away the excess powder. The drug easily dissolves when compared to a traditional pill due to its unique structure. This is especially useful for cases where otherwise large, hard-to-swallow pills are prescribed.

Body sensors

Body sensors are breakthrough pharma industry trends that are all set to revamp patient-care and drug prescription. Wearables, integrated body chip, mini robots, and several other types of body sensors can obtain patient information and communicate the same immediately to the healthcare professionals. This can help them make quick and informed decisions regarding the drugs that need to be prescribed to the patient. These systems integrate living human cells with micro-engineering to help researchers and product development teams a new standard for predicting human response with greater precision.

Artificial intelligence

Artificial intelligence and cognitive computers help gather and classify large volumes of data in a matter of seconds. This solves the common problem that the drug discovery process is lengthy and expensive. These advanced technologies will also help pharma companies to run cognitive trials in lesser time. Which means drugs can be delivered to patients much earlier than before.

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