The inherent uncertainty in today’s pharma marketplace plays a pivotal role in complicating the planning and coordination of essential business processes. In such a scenario, understanding the basic market drivers and their influence in shaping product demand and product launch success is integral to developing a good business and resource utilization plan.
Forecasting future opportunities is crucial to driving profitability. Imagine the potential for your business if you could figure out what would happen tomorrow, sounds interesting? Quantzig’s dynamic demand forecasting solutions enable pharma companies to do just that by optimizing business processes by leveraging insights obtained from accurate demand predictions.
Our dynamic demand forecasting solutions are designed to deliver significant financial results for our clients, often starting within 5 weeks, enabling them to receive higher returns on their initial investments.
With most of today’s pharma challenges arising from the increasing supply chain complexities and volatility of market dynamics, businesses have realized that predicting the future is not getting any easier. It is for this reason that leading pharma companies are now turning toward dynamic demand forecasting methodologies that can help enhance supply chain agility and product availability while cutting down inventory holding costs. In this article, our demand forecasting experts shed light on the challenges facing pharma & reveal how leading pharma companies are capitalizing on recent developments using dynamic demand forecasting to drive operational excellence.
Dynamic demand forecasting in pharma is an uphill task
Demand in the pharma industry is driven by a combination of push and pull driven demand, changing regulatory requirements, and competitive pricing pressures. Unlike the other industries, point-of-sale data is not easily accessible in pharma resulting in issues around demand visibility and data management. However, businesses that have leveraged dynamic demand forecasting approaches have been able to achieve their set goals based on future predictions and market trends.
Demand prediction and rapid response can increase market share
Our recent engagement is a classic example of how the effective utilization of channel data can help pharma companies increase market share following demand surge. Within days of witnessing a demand surge for a new drug, the client approached us to conduct a detailed analysis of the channel data. Our analysis revealed that the demand was higher for a smaller dosage of the newly launched drug, which was contradicting the assumptions made by the client. If left undetected, this would have resulted in inventory stockouts and a subsequent increase in inventory holding costs. Since there was a very short timeline to adjust the final fill-and-finish inventories, the client leveraged demand forecasting based rules to readjust their inventory plans and ensure its aligned to the actual demand resulting in maximized product sales and market share.
Our demand forecasting solutions can be customized to meet the unique needs of your organization, contact our analytics experts to get started.
Leveraging dynamic demand forecasting insights can help drive pharma success
It’s no surprise that pharma leaders are leveraging demand forecasting techniques to gain real-time insights into factors impact demand. Insights such as these can help drive rapid responses to demand surges and enable businesses to make necessary adjustments to the production plan, which is one reason why market leaders are achieving improved product availability at lower inventory holding costs using dynamic demand forecasting models.
Why Choose Quantzig as Your Dynamic Demand Forecasting Services Provider?
Quantzig’s demand forecasting solutions can help you gauge the demand surge due to seasonal trends in drugs and equipment sales and incorporate the changes on a weekly basis to provide near-real-time forecasts. Leveraging dynamic demand forecasting can also help pharma companies to react quickly based on the market requirements and redirect manufacturing and warehousing based on the latest market situation providing you with a business advantage over your peers. What sets us apart amid the intense competition is that our dynamic demand forecasting solution framework is designed to run on ensemble techniques that leverage multiple machine learning and NLP to identify the trends and provide you with the latest updates in a very short span of time.
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