Pharmaceutical Drugs Industry Overview
The global pharmaceutical drugs industry’s main involvement is engaging in technological developments through innovative research to revolutionize various types of pharmaceutical drugs and meet the complex healthcare demands of populations across the globe. The demand for pharmaceutical drugs across the globe is due to the increase in the occurrence of technological advancements and chronic diseases. Also, the main benefits of using oral medications are influencing pharmaceutical drug manufacturers to develop improved oral therapies to support patients who need the convenience, accuracy of dose, and the ease of use of the medications.
To know more about pricing analytics for pharmaceutical drugs manufacturers, speak to our analytics experts.
Top 5 Needs for Pricing Analytics
Today, analytics and big data are everywhere and barely a single day passes without hearing about them in the news. As a result, we have identified a few situations where a business needs to make use of its data and implement a pricing analytics process:
- Learning About Customers
- Identifying Pricing Opportunities
- Planning Pricing Changes and Promotions
- Optimizing Pricing
- Getting Stakeholders to Purchase into the Pricing Strategy
For more than 15 years, Quantzig has worked with 120+ clients, including 55+ Fortune 500 companies and assisted them with end-to-end data and pricing analytics and management services to leverage their data for practical decision making.
The client is a leading pharmaceutical drugs manufacturer based out of the United States.
The pharmaceutical drug’s manufacturer wanted to identify and enumerate the financial impacts of existing markdown practices and curtail the negative impact on margins. Additionally, the client used historical sales data to drive its pricing strategy and markdown decisions. Furthermore, the client wanted to increase their sell-through velocity and extend their solutions globally.
To know more about the importance of pricing analytics for pharmaceutical drug manufacturers, request a FREE proposal.
With the help of Quantzig’s pricing analytics engagement, the pharmaceutical drugs manufacturer significantly reduced the effort, time, and workload required to effectively manage markdown pricing. Additionally, the client increased the sell-through of its products by more than 10% and expanded the number of markdown levels. This further helped them decrease the tendency to impulsively offer steep markdowns and capture lost margin.