Tag: pharmaceutical products

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Quantzig’s Customer Segmentation Assists a Prominent Pharmaceutical Products Supplier bridge the Price Gaps in the Products Offered

The client: Pharmaceutical products supplier, Size: >34 billion in revenue, Area of engagement: Customer segmentation

The rising skepticism over the ever-escalating prices on pharmaceutical products is compelling organizations to improve their innovation capabilities and increase investment in R&D. As people are gaining more access to healthcare, prominent businesses are planning to manage healthcare funding and tender effective measures to narrow the price gaps between local and international brands. Along with urbanization, the rise of aging population, changing lifestyles, and increasing incidences of chronic diseases will drive the growth of the pharmaceutical products space.

Although the pharmaceutical products space is witnessing a promising growth, several factors may influence the growth of the sector over the next couple of years. These include.

  • Poor scientific productivity: The incidences of chronic diseases is witnessing a manifold where it becomes essential for the pharmaceutical products manufacturer to invest highly in innovations to meet the constant customer demands. With the relatively slow growth of the healthcare space, businesses need to ensure better production capabilities while meeting the quality requirements.
  • Drug approval stagnation: The regulations set forth by the FDA becomes an obstacle for many leading pharmaceutical products manufacturers. So, organizations need to maintain a balance between safety and innovation in the products while entering the market.
  • Rising customer expectations: As the pharmaceutical products space is shifting to a patient-centric environment, the consumers buying preferences are altering and are looking for a fast-relief in curing their illnesses. The relentless demands of the consumers are forcing businesses to produce products in an agile and seamless manner.
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To counter these challenges and effectively meet the growing demands of the customers, organizations are leveraging the need for a customer segmentation solution. Customer segmentation helps businesses divide the customer base into sub-segments to tailor their marketing efforts adequately. Customer segmentation also helps businesses gain a deeper understanding of their customers’ preferences and needs to maximize cross-selling opportunities.

The Business Challenge

The client, a prominent pharmaceutical products supplier, wanted to stay ahead of the competitors and identify new products to meet customer expectations. The client wanted to segment their customers based on the needs, behaviors, and demographics. Moreover, through an effective customer segmentation engagement, the pharmaceutical products supplier wanted to develop value-based segmentation to understand the revenue they generate. The primary concern of the client was to create and communicate targeted marketing messages to resonate with the specific group of customers.

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The Solution Benefits and the Business Impact

Strategies that we recommended based on our analysis to help clients promote sales and business development

The customer segmentation solution offered by Quantzig helped the pharmaceutical products supplier identify ways to improve product and service opportunities and establish a better relationship with the customers. The solution also sought ways for the client to differentiate customers based on their economic value. Moreover, prominent products supplier was able to predict and anticipate the most profitable customers and allocate their capital resources efficiently. The client was able to differentiate their products with that of the competitors’ offerings and improve their performance in the market.

Customer Segmentation Solution Predictive Insights

Beyond the product offerings, gaining adequate insights into the customer preferences allow organizations to offer better customer support and professional services by developing more focused marketing messages to best fit each customer segments. Moreover, the pharmaceutical products supplier can identify the most lucrative opportunities and ultimately increase revenues on investment.


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Related posts:

Top 3 Pharmaceutical Marketing Strategies that Companies Must Keep an Eye on

At present, the pharmaceutical industry is one of the biggest markets in the world and companies must be vigilant of the latest pharmaceutical marketing strategies to successfully reach the target audience. The time and effort that it takes to research and identify a market, develop a formulation for the drug, integrate operational systems, run clinical trials, and focus on branding are colossal and every stage takes a great deal of funding to reach completion. Therefore, it is essential for pharmaceutical companies to have some good pharmaceutical marketing strategies in place. Most pharmaceutical companies are competing against each other in terms of retailing products. Geographical location and price are essential qualities that can help companies to make a dent in the market. But implementing watertight pharmaceutical marketing strategies can help companies to become market leaders. In this article, we have explained in detail some interesting pharmaceutical marketing strategies to help pharma companies increase their presence in the market.

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Get Ready for These Pharmaceutical Industry Trends in 2018

Companies in the pharma industry have been growing exponentially over the last couple of years. In order to cope up with these changing market dynamics, pharma companies must reassess strategic direction, anticipate and absorb change, and move with deliberate speed. In this new era, top pharma companies will have to become more proactive to meet the demands of a wide swath of consumers. The sale of goods will undoubtedly be a priority, but pharma companies will also have to emphasize greatly on delivering positive results, which includes the well-being and optimal management of illness among targeted groups in the new health economy. HerRequest Solution Demoe are some of the pharmaceutical industry trends that you need to certainly keep track of this year:

E-services

Technology will positively impact pharma companies in the years to come. Pharmaceutical industry trends such as e-services have begun to automate processes across the patient journey, often resulting in improved speed and customer experience. In fact, e-services have proved to be a major platform for the growth of companies in the pharma industry.  Going forward, brand teams should have technology conversations as a part of every launch strategy and specific conversations about opportunities to converge e-processes in the name of better customer experiences.

Patient-centricity

Factors such as the restructuring of the U.S. healthcare delivery system, competitive landscape of dynamic costs, and the stringent regulatory demands are challenging the pharmaceutical industry. Differentiation has become one of the key aspects of focus for top pharma companies. As such, changing the way in which players in this industry reach out to and extend patient care is one of the top pharmaceutical industry trends to watch out for this year. By using a relatively new technique known as the blue ocean strategy, top pharma companies are revamping the manner they approach their patient access strategies and product launch. Blue ocean strategy suggests that lasting success comes not from battling competitors but from creating “blue oceans” of uncontested market space ripe for growth.

Increased collaborations

Innovation will also be driven by an increase in collaboration across top pharma companies in the sector. To thrive in the ever-increasing competition in the market, pharma companies will have to work together to develop new and innovative products, services, and solutions. These companies will also greatly benefit from sharing each other’s skills and expertise. Recent collaboration between AbbVie, a research-based biopharmaceutical company, and the Google-backed life sciences firm Calico is an instance of collaboration being one of the noteworthy pharmaceutical industry trends in the recent times. Calico’s technical expertise was used to establish a new R&D facility, and AbbVie used its commercial expertise and scientific and clinical development support and to bring discoveries to market. In this manner, the two companies hope to discover, develop, and market new therapies for patients with age-related diseases and cancer.

Frequent product launch

Nearly 200 new drugs are expected to be introduced into the market in the next five years. Which means that this will be a continuation of the second wave of innovation, similar to levels seen in the mid-2000s. Furthermore, the number of medicines receiving the FDA’s Breakthrough Therapy Designation is skyrocketing. This is contributing to an acceleration of approvals. However, the global availability of these new medicines to patients varies significantly depending upon the country and disease.


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Pharmaceutical Products Supplier bridges the Price Gaps in the Products Offered using Customer Segmentation Solution

pharmaceutical products

LONDON: Quantzig, a global analytics services provider, has recently completed their latest customer segmentation solution for a pharmaceutics products client. As the access to healthcare is increasing, prominent businesses are planning to manage healthcare funding and take effective measures to reduce the price gaps between local and international brands. Additionally, factors such as the rise of aging population, urbanization, changing lifestyles, and increasing incidences of chronic diseases are expected to drive the growth of the pharmaceutical products space.

“Customer segmentation helps pharmaceutical products suppliers to divide their customer base into sub-segments to tailor their marketing efforts adequately. Furthermore, customer segmentation also helps businesses gain a deeper understanding of their customers’ preferences and needs to maximize cross-selling opportunities..” says an industry expert from Quantzig.

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The customer segmentation solution helped the pharmaceutical products client to identify methods to improve product and service opportunities and establish better relationships with their customers. Also, the pharmaceutical products supplier was able to predict the most profitable customer segments and allocate their capital resources efficiently.

Additional Benefits of Customer Segmentation Solution

  • Differentiate customers based on their economic value
  • Identify the most lucrative opportunities and consequently increase revenues on investment.
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To know more about how our customer segmentation solution helped the Pharmaceutical products client

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Supply Chain Analytics for a Pharmaceutical Products Manufacturer

Over the past few years, the pharmaceutical products manufacturers across the globe have become extremely concerned about the challenges pertaining to supply chain efficiency. Moreover, with the rising therapeutic needs of the consumers, leading pharmaceutical products manufacturers are facing challenges in terms of pricing pressures and quality issues. Also, with the regulatory concerns affecting the pharmaceutical products manufacturing space, leading players in this industry space are facing the need for robust supply chain analytics solutions to monitor and predict the vendor performances across various business units. Supply chain analytics helps companies operating in the pharmaceutical products manufacturing space to minimize inventory costs and moderate the risks associated with the supply chain.QZ- request a demo

To refine their existing business models and increase supply chain efficiency, leading companies in the pharmaceutical products are approaching firms like Quantzig. Quantzig’s supply chain analytics help companies increase supply chain responsiveness, optimize cost, and enhance the overall supply chain performance.

The Business Challenge

The client, a leading manufacturer of pharmaceutical products with business units spread across various geographies, was facing predicaments in enhancing their logistics plans to curtail the risks associated with supply chain complexity and disruptions. As a result, they wanted to gain better visibility into their supply chain process. Moreover, the primary aim of the renowned pharmaceutical products manufacturing client was to gain actionable insights into ways to shorten delays in the supply of pharmaceutical products and gain better visibility into the costs involved in the supply chain and cut down the cash outflow.

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Supply Chain Analysis Solution Benefits:

To help the client reduce costs associated with the supply chain and drive sustainable growth, Quantzig helped the client measure the vendor performance and mitigate future risks. Additionally, the pharmaceutical products manufacturer was able to identify the revenue opportunities and enhance inventory management to cater to the needs of the customers and maximize overall profitability.

Supply Chain Analysis Predictive Insights:

  • Improve the supply chain visibility, demand forecasting, and logistics optimization
  • Optimize supply chain networks to improve efficiency and decrease supply chain risk
  • Manage demand signals more accurately to reduce inventory levels
  • Streamline transportation operations and reduce the cost of operations

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