The pharmaceutical industry’s mostcritical contribution is advancement through innovative research to meet the population’s pharmaceutical demand. The global pharmaceutical market is expected to touch the USD 1.4-trillion mark in terms of value in 2020, with the U.S., Europe, and Japan as key value shareholders.
Regulatory policies, emergencies, patent expiry, the increasingnumber of generic companies, and long drug approval periods are a few uncertainties that prevail in the industry. Challenges with operating in the marketplace are compelling pharmaceutical companies to focus on minimizing manufacturing costs and improving the distribution channel. They facenumerous challenges while developing new medicines for complex diseases, and unprecedented challenges in the pharmaceutical industry are increasing theneed for innovation. A few of the notable challenges the industry faces are listed below.
The many challenges in the pharmaceutical industry are compelling companies to improve their sales and research strategies. They are observed to be pursuing strategic acquisitions of various sizes to sustain their presence in the competitive market. Increasing customer expectations and the emergence of new diseases further create new hurdles for innovative medicines in terms of efficacy and cost-effectiveness.
By far, developing a strategy to deliver promotions and the right information to customers remains the foremost challenge for industry players. Companies with a negative image due to product recalls or controversies are focusing on improving their brand image. Customer trust is lost with unethical promotional practices, spurious medicines, and the vast difference in drug pricing and remains to be restored.
Pharmaceutical is a thriving industry in the healthcare sector, and players in the industry typically seek insights into competitive products. At Straits Research, we have provided clients with accurate insights into product competition through solutions such as patent analysis and product pricing analysis. These solutions are vital for companies to gauge the future prospects of their existing and upcoming products in respective markets. We also conduct pipeline analysis to help companies track
We have also helped clients seeking information on top investment pockets, cost structure analysis, and market entry barriers and challenges to gain insights into specific geographic markets. These solutions are vital for companies looking to expand their geographic reach.
Regulatory frameworks regarding pharmaceutical products and drug legislations are constantly refurbished and made more stringent from time to time, and a thorough understanding of the regulatory scenario is crucial for success in the pharmaceutical industry. One of our clients, a European pharmaceutical company,sought information on the changing regulations and legislations. Our study of the market’s regulatory scenario helped the client better understand the regulations shaping the industry.
A pharmaceutical company was approaching the end of Phase II trials with a drug compound. Though the company was confident about the product’s sale in America, it was finding it difficult to understand the complex markets of Europe and Asia. It required detailed insights about its competitors and their products with the opportunity and risks for products.
Straits Research helped by providing acomprehensive solution with market penetration, price sensitivity, and market maturity. To help the client understand the competitive market, we provided a comparison of the client’sproduct vs. the key competitor’s product on various parameters, such as efficacy, availability, brand value, and others. A product pipeline study was conducted for similar types of products,and a detailed market study was conducted for countries in Europe and Asia. The product’s market potential was provided for different regions, which helped the company improve its launch strategy.
Pharma companies face the challenges of patent expiry, slow sales growth, and intense competition, with government regulations and geographical presence acting as hurdles to growth.Straits Research has worked with many pharmaceutical companies and provided them with solutions to help formulate their expansion strategies.
Straits Research analyzed potential untapped markets by understanding the supply of and demand for pharmaceutical products. We provided clients the market competitivenessfor specific countries, which helped them identify potential market opportunities.
Straits Research closely monitored the competition, availability of raw material, labor cost, pricing, detailed cost structure, and government regulations to help clients strategically expand their presence around the globe.