The pharma industry faces several challenges ranging from financial issues to others arising due to ethical issues.
The active pharmaceutical ingredient is a part of the drug formulation that produces the desired effect. It has been estimated that around 3,000 active pharmaceutical ingredient manufacturing units operate across the globe. Active pharmaceutical ingredient manufacturers face several challenges that arise due to mergers, acquisitions, and regulatory issues. However, a major challenge that needs to be tackled is the development of low-cost pharmaceutical formulations.
While the active pharmaceutical ingredient manufacturing companies have been primarily focusing on devising low-cost sourcing strategies, the absence of supply assurance has resulted in a decelerating market share. Hence, companies will have to devise appropriate strategies to ensure uninterrupted supply and regain market share. On the other side, several leading active pharmaceutical ingredient manufacturing firms are increasingly investing in building their own R&D facility to pursue new therapeutic areas of interest. Moreover, as the active pharmaceutical ingredient market continues to grow, it’s future will contain more investment and mergers and acquisition opportunities to compete and stay relevant in the changing market landscape.
The Business Challenge
- The client: An active pharmaceutical ingredient manufacturing company
To identify the potential bottlenecks and compliance barriers and successfully launch the new product, the client – a leading active pharmaceutical ingredient manufacturing company – approached Infiniti to develop a product marketing strategy. The client wanted to identify and gauge the attractiveness of the target markets. Also, with the help of focus groups, the active pharmaceutical ingredient manufacturer wanted to make important decisions, which included- pricing, profit goals, distribution, and methods of promotion. Therefore, their primary objective was to develop an executable product marketing strategy aimed at leveraging product sales and profit margins.
How Can a Precise Product Marketing Strategy Help the Pharma Industry?
Whether you deal with product manufacturing or sales, a well-defined product marketing strategy can help you target the right customer segment. Our market experts help you develop a concept and then move into the different stages involved – pricing, market testing, and execution promotion. Also, our product marketing strategy is designed to encompass every aspect of the pharma industry starting from design and development to distribution and sales.
Summary of our product marketing strategy assessment
The solutions offered by Infiniti’s market experts helped the pharma industry client to gain a detailed industry outlook. It also helped the client to identify the target markets and develop a product marketing strategy to reach out to the potential customer segments.
Furthermore, to help the client identify the right distribution channels, the market experts at Infiniti conducted a detailed market assessment to devise executable promotions and marketing campaigns that reach the target market segments. The approach included primary and secondary research methodologies coupled with qualitative and quantitative data collection procedures. The experts also reached out to various stakeholders in the pharma industry.
Solution Benefits and the Business Impact
Infiniti’s product marketing experts helped the pharma industry client to accomplish their organizational objectives through the development of a precise product marketing strategy that helped them leverage sales and boost market share. The marketing strategy also helped the active pharmaceutical ingredient manufacturer to enhance their product offerings.
With the rapid growth of the pharma industry, it might be difficult for active pharmaceutical ingredient manufacturing companies to gauge the attractiveness of their product offerings in different market segments. The growing competitive pressure is also forcing pharma industry players to devise precise product marketing strategies to ensure they reach the potential target segments.
However, to benefit from the ongoing digital revolution, active pharmaceutical ingredient manufacturers will have to embrace disruptive technologies such as – AI-guided therapies, 3D printed drugs, and preventive medicine while collaborating with regulatory firms to ensure the safety of end-users.