The client: Pharmaceutical industry player
Area of engagement: Demand forecasting
Typically, the pharmaceutical industry comprises businesses involved in the research, development, manufacturing, and distribution of drugs. The drugs offered by these pharmaceutical industry firms play a fundamental role in improving health, preventing health complications, and increasing the lifespan of individuals. The pharmaceutical industry also includes biologically-derived, over-the-counter (OTC), prescription-based products. Although the pharmaceutical industry is capital intensive and highly regulated, the industry is witnessing a high demand for innovations that would help reduce life-threatening conditions and diseases and further revolutionize patient treatment patterns in the coming years. Additionally, the increase in the number of middle-class populations in both developed and emerging countries and higher disposable income and expectation of better healthcare solutions are driving the growth of the industry.
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However, recent studies indicate that several factors are expected to influence the growth prospects of the pharmaceutical industry over the next couple of years. These factors include:
- Impact of globalization: Adhering to government regulations around taxation, trade, approvals, market access, and pricing continues to be a struggle for firms within the pharmaceutical industry space.[spacer height=”20px”]
- Strict government regulations: The compliance requirements vary according to the countries, and firms are expected to ensure that these protocols are met before launching the products into the market. These variations in the compliance regulations are expected to pose problems for firms looking to invest in product innovations.[spacer height=”20px”]
These factors are compelling pharmaceutical industry players to leverage the use of demand forecasting solutions. Demand forecasting solutions help firms identify the types of products and the quantity to be purchased. These solutions also assist companies in streamlining and optimizing supply chain management activities.
The Business Challenge
The client, a leading pharmaceutical industry client, wanted to seek ways to devise reliable market forecasts and enhance customer service levels. As a result, they wanted to predict and forecast the demand for healthcare products accurately and match the supply to demand. They also wanted to ensure that the goods are produced at the right time and delivered seamlessly. This is because the primary concern of the client was to coordinate the planning and marketing process to reduce inconsistency and error in the supply.