LONDON–(BUSINESS WIRE)–#marketentry–The pharmaceutical industry is growing exponentially due to advanced biologics, increasing life expectancy, and easier access to quality pharmaceuticals. However, the industry is also plagued with a series of challenges, including continuously increasing competition, legal and economic uncertainties, and the lack of skilled and equipped professionals. Therefore, pharmaceutical companies worldwide are leveraging market intelligence solutions to forecast, identify, and address changing market dynamics and explore potential opportunities in other markets.
To leverage Infiniti’s market intelligence solutions for comprehensive insights into the competitive landscape and the changing market dynamics of the global pharmaceutical industry, request a free proposal.
“Companies in the pharmaceutical industry face 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,” says a pharmaceutical industry expert at Infiniti Research.
Business Challenge
The client, a pharma company based out of the United States, sought to expand its operations to the Canadian pharmaceutical industry. Before making investment decisions, the client wanted to analyze the market to identify and assess market opportunities and determine their growth potential. Therefore, the pharma company decided to partner with Infiniti Research and leverage our expertise in offering market intelligence engagements. During the nine-week engagement, the client also sought to understand the new drug launch procedure, identify strategies to reduce costs, determine profitable customers, and analyze competitors’ offerings in the Canadian pharmaceutical industry.
Our Approach:
To assist the client’s business expansion into the Canadian pharmaceutical industry, Infiniti’s market intelligence experts developed a four-phase approach that comprised of the following:
- A market scanning and monitoring analysis was conducted to gain a comprehensive understanding of the policy reforms and regulatory requirements in the Canadian pharmaceutical industry
- To identify upcoming technological breakthroughs and evaluate cost-effective technologies, the experts conducted a technology assessment
- The experts identified profitable customer groups by segregating customers into various target segments, with a customer segmentation analysis
- A competitive intelligence solution to evaluate top companies’ offerings in the Canadian pharmaceutical industry
Business Outcome:
With Infiniti’s market intelligence engagement, the client gained an in-depth understanding of the changing market dynamics and forecasted ideal business opportunities in the Canadian pharmaceutical industry. Additionally, the pharma company devised a sound market entry plan and succeeded in clinical trials in their first attempt. The pharmaceutical industry client also automated operations and reduce costs by adopting cost-effective technologies. With the help of the customer segmentation analysis, the company identified its target customers and maximized sales by personalizing marketing and sales. The competitive intelligence solution enabled the client to analyze competitors’ strategies and determine competitive prices for their offerings. Within two years, the client successfully generated huge sales and realized profits of over 29% in the Canadian pharmaceutical industry.
Speak to industry experts to understand the role of a market intelligence engagement for pharma companies attempting to enter a new and challenging market.
About Infiniti Research
Established in 2003, Infiniti Research is a leading market intelligence company providing smart solutions to address your business challenges. Infiniti Research studies markets in more than 100 countries to analyze competitive activity, see beyond market disruptions and develop intelligent business strategies. To know more, visit: https://www.infinitiresearch.com/about-us
Contacts
Infiniti Research
Anirban Choudhury
Marketing Manager
US: +1 844 778 0600
UK: +44 203 893 3400
https://www.infinitiresearch.com/contact-us