Quantzig’s Supply and Demand Forecasting Engagement Helped a Renowned Pharmaceutical Industry Client Precisely Predict the Demand for Pharmaceutical Products in the Australian Market
What the Client Wanted A leading pharmaceutical industry client wanted to drive profit margins by focusing on customer demand. The client wanted to leverage Quantzig’s supply and demand forecasting engagement to boost online sales in the Australian market for each of their stock keeping units. The Outcome The pharmaceutical industry client increased the transparency of […]READ MORE >>
What the Client Wanted
A leading pharmaceutical industry client wanted to drive profit margins by focusing on customer demand. The client wanted to leverage Quantzig’s supply and demand forecasting engagement to boost online sales in the Australian market for each of their stock keeping units.
The pharmaceutical industry client increased the transparency of their sales and marketing spend. The supply and demand forecasting engagement also helped the client drive sales effectively without any stockout issues.
Summary of the Global Pharmaceutical Industry
Lately, the pharmaceutical industry has been developing at an unusually rapid pace. The changing lifestyles, rise in the aging population, and increasing incidences of chronic ailments will drive the growth of the pharmaceutical industry. Also, manufacturing firms in the industry are challenged by enormous tasks due to new medicines, therapy forms, high market growth, changing regulations, and progressing digitization. Moreover, the rising uncertainty over the ever-escalating prices on pharmaceutical products is compelling organizations to improve their innovation capabilities and increase investment in R&D.
Rising customer expectations: As the pharmaceutical industry moves towards a more patient-centric environment, the consumers’ buying preferences are altering and they are now looking for fast-relief while curing their illnesses. Also, the relentless demands of the consumers are forcing businesses to produce pharmaceutical products in an agile and seamless manner.
Strict government regulations: The compliance requirements for pharmaceutical companies vary according to different countries, and firms are expected to ensure that certain protocols are met before launching the products in the new market. These variations in compliance regulations are expected to pose challenges for firms looking to invest in the global pharmaceutical industry.
About the Client
An American pharmaceutical company and one of the largest pharmaceutical companies in the world with an annual revenue of over USD 40 billion. The company is based out of New Jersey, United States.
The client – a leading pharmaceutical industry player – was looking at devising effective strategies to deal with the risk of pharmaceutical products shortage, which had resulted in markdowns and margin loss due to incorrect supply and demand forecasting. The client also wanted to ensure that the pharmaceutical products are produced at the right time and delivered seamlessly. This is because the primary concern of the client was to manage the planning and marketing process to reduce inconsistency and errors in the supply.
Summary of our supply and demand forecasting engagement
To gain in-depth insights into our supply and demand forecasting engagement for pharmaceutical industry players
With the help of Quantzig’s supply and demand forecasting engagement, the pharmaceutical industry client developed a hybrid supply and demand forecasting tool to precisely predict demand. This tool helped them drive profit margins by reducing markdowns. Also, the supply and demand forecasting engagement assisted the client in enhancing customer knowledge, increasing conversion rates by effectively collaborating with the sales teams, and predicting closed-loop marketing outcomes in the Australian market.
Supply and Demand Forecasting Insights
Quantzig’s supply and demand forecasting solutions help companies in the pharmaceutical industry to track diagnoses, medical events, patient satisfaction levels, and the product preferences. Companies can also accurately forecast the demand for pharmaceutical products among the hospital segments. Furthermore, clients can gain better insights into the supply chain management and inventory level strategies.
To know more about how our supply and demand forecasting solution helped a leading pharmaceutical industry player
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