Top 5 Challenges Facing the Pharmaceutical Industry and Solutions to Combat Them Effectively
There have been several speculations about the stationary growth of the pharmaceutical industry, but recent technological advancements are expected to encourage the growth of this industry in the years to come. Click To Tweet
The recent population shift to urban areas and increasing accessibility of people to healthcare services has opened the doors for companies in the pharmaceutical industry to a broader target market. These emerging markets are becoming extremely important for pharma companies. However, for companies in the pharmaceutical industry, it becomes very essential to shift from a sales and marketing-focused model to an access-driven commercial model. Additionally, with healthcare becoming a priority for governments in several countries, the pharmaceutical industry seems to have a bright future. But on the flipside, there are several factors like consumer attitudes, drug availability, affordability, policies of governments, which might not entirely be in the favor of pharma companies and are challenging the growth of pharmaceutical industry. In this article, we have talked about several critical challenges faced by the big players in the pharmaceutical industry. and have highlighted steps that will help companies to combat each of those challenges.
Top Challenges Facing the Pharmaceutical Industry
Challenge #1: Demand forecasting
One of the biggest challenges companies in the pharmaceutical industry face is to devise reliable market forecasts and enhance the customer service levels, which is due to inefficient demand forecasting. Demand forecasting is an essential component for the pharma companies to stay ahead in the competition and match the supply to demand. Additionally, ensuring that all the goods are produced at the desired time and delivered seamlessly poses a big challenge to the pharma companies. The inconsistency and errors in supply process is a significant hurdle that companies in the pharmaceutical industry are facing.
Quantzig’s solution: Predictive analytics solution to help in better demand forecasting
With expertise in offering effective predictive analytics solutions, Quantzig specializes in transforming the demand forecasting process and making it more efficient. By leveraging proprietary predictive analytics techniques and combining the internal and external data available, including consumer data, pricing data, stock exchange data, and others, Quantzig promises to cater to this challenge effectively.
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