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Tag: Pharmaceutical market research

Market Forecasting Solutions + Surgical Equipment Market

Developing Unparalleled Expansion Strategies with Market Forecasting Solutions in the Surgical Equipment Market

Surgical Equipment Market Overview

The surgical equipment market has witnessed significant growth over recent years, owing to a substantial population and the increasing prevalence of chronic diseases. Surgical procedures have become increasingly common, and healthcare expenditure has increased. Additionally, technological advancements have made various types of surgical procedures possible, further fostering the market’s growth. However, as the market continues to grow, industry players often struggle to keep abreast of constant changes and market developments. Market forecasting is an essential process for companies in a dynamic, rapidly growing, and essential market.

As surgical procedures become increasingly common, surgical equipment manufacturers struggle to keep pace with changing demands, trends, developments, and consumer needs. Rigid regulations increased focus on hygiene and safety, and supply chain complexities are significant challenges affecting the surgical equipment market. Therefore, industry leaders worldwide are leveraging market forecasting solutions to gain insight into upcoming changes and developments in the surgical equipment market. Infiniti’s market forecasting solutions enable strategic decision-making, a better understanding of the market, and improved product and service launches.

Growing markets can become increasingly challenging as demand and competition rise. To stay at the top in the growing surgical equipment market, request a free proposal, and keep a step ahead of the market.

Business Challenges

The client, a surgical equipment manufacturer headquartered in North America, sought to expand their operations further within the United States. However, stringent regulations, supply chain challenges, and uncertainty regarding the market’s future were challenging in developing a comprehensive strategy. The client required an in-depth understanding of the United States market and data-driven insights into upcoming market trends, opportunities, challenges, and developments. With continually changing regulations, uncertainty permeates the market, and the surgical equipment manufacturer wanted to mitigate risks by anticipating and preparing for potential changes. Therefore, the surgical equipment market player sought to leverage Infiniti’s market forecasting solutions.

During the market forecasting engagement, the client also sought to:

  • Identify potential changes in their target consumer segments
  • Keep abreast of future market trends and opportunities
  • Mitigate risks by forecasting potential challenges
  • Gain and maintain clarity regarding government regulations

Identifying, evaluating, and strategizing for potential risks, market trends, and industry developments are crucial to survival in any market. Request more information to gain comprehensive insights into the surgical equipment market and the ideal business solutions.

Our Approach

Market Forecasting Solutions + Surgical Equipment Market

Infiniti’s market forecasting experts developed a comprehensive four-phased approach, including an industry trends analysis, risk assessment, market sizing engagement, and in-depth research. The four phases that were conducted are as follows:

  • Our market forecasting experts conducted in-depth primary and secondary research. The primary research included comprehensive discussions and interviews with stakeholders, industry experts, and surgical equipment specialists. The secondary research included acquiring and compiling information from reliable secondary sources, such as industry databases, company websites, annual reports, and executive presentations.
  • The industry trends analysis was conducted to identify, evaluate, and strategize for current and future surgical equipment market trends. Infiniti’s market forecasting experts utilized the insights from the study to offer the client data-driven recommendations regarding future market changes.
  • Our experts worked closely with the manufacturing team to identify supply chain complexities and risks and evaluate them. The risk assessment also included developing comprehensive strategies to mitigate potential risks and prepare for any unexpected changes.
  • Lastly, the market sizing engagement involved procuring data regarding potential market growth and current market size by analyzing crucial factors such as sales volumes, sales revenues, and potential buyers.

Business Outcomes

Infiniti’s market forecasting solution helped the surgical equipment market client develop a data-driven, comprehensive, market expansion strategy and provided them with an unparalleled understanding of their market. The engagement helped the client learn to identify upcoming trends, and pre-emptively strategize for them. Additionally, with Infiniti’s market forecasting experts’ insights, the surgical equipment manufacturer developed plans for current and immediately forthcoming trends. The risk assessment provided the client with relevant data regarding upcoming risks, and our experts’ insights helped them build risk mitigation strategies for potential challenges, providing the client with a strategic edge. Further, with the insights regarding the market size and more precise expectations, the client planned, evaluated, adapted, and executed an efficient, all-encompassing, and successful market expansion strategy. Within eight months of expanding across the United States, the surgical equipment market client established a strong foothold, expanded their product offerings, tackled all supply chain challenges, and gained significant market share.

To maintain unparalleled strategies and stay a step ahead of competitors, businesses must evaluate and anticipate upcoming market changes. Speak with our industry experts to learn how Infiniti’s market forecasting solutions help enterprises achieve unparalleled strategic decision-making.

Market positioning strategy

Understanding the value of Pharma R&D in the New Era

The biopharmaceutical industry is currently growing at a breakneck speed. Furthermore, promising innovations in the pharma market such as gene therapy and cellular therapy coupled with the rising market demand mean that there are no signs of slowing down in the sector over the next few  years. As a result, pharma R&D investments have doubled over the last decade. Apart from increasingly being an innovation-driven sector, the focus in the pharma industry is now shifting towards achieving ‘agility’ in product development in an effort to meet customer demands effectively and shorten the time-to-market. Moreover, as pharma R&D is highly capital-intensive, a strong foundation of technical capabilities is imperative for players in the sector.  Over the past decade, Pharma R&D horizons have expanded as a wider range of players are pursuing innovative therapies and solutions by leveraging a broader set of technologies. The exponential growth in the data in the pharma sector can be channeled into the R& D space. Experts at Infiniti Research believe that data can help pharma R&D with several benefits, some of which are mentioned below.

Big pharma has immense potential to make pharma R&D a strong contributor to value creation. Want more insights on this from our industry experts? Request a free proposal

Deeper patient understanding and better diagnosis

A rich pool of patient data is available in the pharmaceutical industry in the form of genomic, proteomic, microbiome, and biomarker data. But channeling and using this data pool for making the right diagnosis and enhancing better patient care is vital. Effective pharma R&D will allow pharmaceutical organizations to develop significantly stronger and evidence-driven hypothesis of data. This will eventually give room for a discussion on the value that particular medicine might deliver to patients and payers.

Structuring better therapies

Lead identification and optimization can now be effectively done using the data available through drug libraries, formulation, and clinical pharmacological data sets.  Several drug developments companies have begun attempts to automate their drug design via machine learning. A thorough pharmaceutical R&D is essential to understand the viability of such projects and assessing techniques of practical implementation.

Attain cost effectiveness and safety

Safety and cost effectiveness of drugs are critical issues facing most pharma companies at present. Pharma R&D takes a deep-dive approach to understand even the minor details of drug and therapy development, helping companies gain a clear understanding of the safety and cost-related roadblocks that they can expect. Effective pharma R&D also prescribe the best practices and strategies through which pharma companies can improve the cost effectiveness and reduce the risks involved in drug and clinical therapy development.  

Pharmaceutical companies desperately need to bolster R&D innovation and efficiency to attain long-term success. Get in touch with an expert from Infiniti Research to know more on we can assist your business in this.

biopharmaceutical contract manufacturing

Pharmacy Automation is Going to Be the Next Big Thing for providers: Here’s Why

The rising concerns over preventable medical errors is one of the primary reasons for pharmacy automation to gain momentum in the healthcare sector. Providers are opting for pharmacy automation solutions in an attempt to facilitate better medication distribution and reduce to medical errors. thereby assuring greater patient safety. These systems are also known to help curb pharmacy costs, which help mitigate the increasing drug prices and reduced reimbursement. Furthermore, the increase in budgets of healthcare providers over the last few years have fueled the adoption of pharmacy automation systems in healthcare facilities. Infiniti’s healthcare industry experts are of the opinion that the trend for increased automation budget is expected to continue through the next five years. In this article, we walk you through some of the key benefits of pharmacy automation solutions.

Pharmacy automation solutions are integral in providing more holistic care to the patients. Planning to invest into a pharmacy automation solution for your healthcare organization? We can assist you identify the best solutions based on your organization’s requirements along with actionable insights for implementation.

Track inventory

In the US alone, hospitals and pharmacies lose billions of dollars annually due to expired or unused drugs or medications. Furthermore, keeping tabs on the inventory in hand can often prove to be a tedious and time consuming task when done manually. Pharmacy automation can help overcome such challenges by keeping track of medicines that are unused or nearing expiry date. Pharmacy automation also provides the opportunity for staff, for whom non-clinical work gets tedious and provides less satisfaction, to cater to more key tasks in patient care. Also, pharmacy automation solutions are designed to provide real-time visibility into inventory, helping providers understand accurate inventory levels and medication purchases can be optimized for actual need. It also facilitates identifying medication that are unused and these can be immediately transferred to higher-use locations to prevent wastage.

Greater patient safety

Patient safety is paramount for any healthcare provider. Studies show that robot accuracy in medication handling is greater when compared to human accuracy. This is helpful especially in a pediatric setting where any small amount of variation in medication becomes unacceptable and require precisely calibrated dosage. Reducing the number of human touchpoints by leveraging pharmacy automation systems can help healthcare providers mitigate dosage errors and achieve complete inventory control, thereby ensuring complete patient safety.

Request a free brochure for more insights on our solutions portfolio.

Enhanced process efficiency

In pharmacy automation, automated prescription dispensing systems select and package medications and dispenses pills individually. In most cases, the medication is barcoded to ensure that the prescription and patients are mapped accurately. Robotic dispensers can also be handy in incorporating systems that drive workflow and expediate processes to enhance efficiencies, resulting in reduced costs in one comprehensive pharmacy solution.Pharmacy automation

Pharmacy automation means an overhaul of your existing processes and workflow. Is your business ready to take the big step? If not, tell us more about your business challenges and learn how our solutions can help overcome them.

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.

Learn more about our pharmaceutical market research services

Pharmaceutical market access

Infiniti’s Pharmaceutical Market Research Engagement Helped a Pharma Company to Successfully Launch their New Oncology Drug

Pharmaceutical Market Overview

Today, the US pharmaceutical industry is witnessing a phase of tremendous disruption due to increasing competition from generic drug manufacturers, US healthcare policy reforms, and inappropriate planning of drug launches. Also, recent pharmaceutical market research study shows that over 50% of new drug launches have not performed up to the expectations of pharmaceutical market research analysts’ and around 25% have failed to reach even half of the revenue forecast. Consequently, companies in the pharma industry are finding it imperative to partner with firms like Infiniti Research to leverage their expertise in offering pharmaceutical market research solutions.

Today, new drug launches face more intense competition when compared to a decade ago. So, are you looking to launch a new drug in the market? Our pharmaceutical market research experts can help you capture huge traction for your newly introduced drug. Request a FREE proposal!

Business Challenge

The client is a renowned pharmaceutical company based out of the United States. The client manufactures and supplies a wide range of drugs, including benzonatate, Excedrin, anti-inflammatory drugs, and antidepressants.

The client was looking to introduce a new drug in the US pharmaceutical market. For this drug, the major group that the client was aiming to target were oncologists. The client, therefore, approached the pharmaceutical market research experts at Infiniti Research to analyze the market landscape and identify the market potential of their new drug. In addition, with Infiniti’s pharmaceutical market research, the client wanted to identify the right partners to support their new launch and expand their sales division to drive maximum profitability.

Other challenges faced by the client were:

#1: Increased competition from generic drugs

US food and drug administration’s (FDA) renewed effort to speed-up the approval process of generic drugs in the US pharma market heavily flooded the market with cheaper versions of high-quality drugs. This subsequently impacted the company’s sales rate. The client, therefore, did not wish to take a chance with their new drug launch. With Infiniti’s pharmaceutical market research engagement, the client wanted to competitively price their new drug by analyzing the price of similar drugs in the market.

#2: Product liability

The rising competition in the US pharma market pressurized the client to cut down the cost of new drugs by streamlining the R&D process and eliminating overhead expenses. Therefore, by partnering with Infiniti’s pharmaceutical market research experts, the client wanted to analyze the complete product development lifecycle, trade-offs, and gain insights on product-specific revenues to boost the value proposition.

#3: Keeping up with technology

Today, with consumers’ demanding personalized medicines (drugs built to work with an individual’s unique set of genes), the company realized the need to keep up with technology to support them in enhancing the quality of clinical studies. With Infiniti’s pharmaceutical market research engagement, the client wanted to analyze all the latest pharmaceutical market trends and innovations in the US pharma market.

CONTACT US to know how our pharmaceutical market research can help you keep tabs on all market innovations and gain complete insights into a new or existing marketplace.

Solutions Offered

The experts at Infiniti Research conducted a thorough US pharmaceutical market research engagement. The factors such as the US pharmaceutical market size, pharmaceutical market growth rate, and pharmaceutical market share were taken into consideration during the research. Also, the experts leveraged Infiniti’s pharmaceutical market segmentation analysis solution to efficiently segment the lucrative customer group to promote their product offerings.

The experts also conducted product research and revenue estimation. The phase of the pharmaceutical market research engagement helped the client to analyze the complete product development lifecycle. Also, the experts helped the client to evaluate the average sales potential for their new oncology drug.

As a part of pharmaceutical market research, the experts at Infiniti Research also conducted competitive intelligence. This phase of the pharmaceutical market research engagement helped the client to analyze the pricing strategies for similar oncology drug in the market. This helped them to competitively price their new drug to achieve maximum profitability. Also, by leveraging Infiniti’s pharmaceutical market research engagement, the client was able to keep up with all the latest technological innovations and market changes.

Results Obtained

With the insights obtained from Infiniti’s pharmaceutical market research, the client was able to successfully devise a robust go-to-market strategy to launch their new drug. The drug achieved huge success in the US pharma market. Within two years of launching the new drug, the client was able to exceed their revenue expectation and realize a savings of over $2.6 million.

Request for more information to know how our pharmaceutical market research techniques can help you to drive cost reduction and revenue enhancement.

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