With the soaring of chronic diseases and the changes being made in healthcare policies, the market for pharmaceuticals is constantly evolving. According to Pharmaceutical Commerce, the global market for pharmaceuticals is expected to hit $1.5 trillion by the year 2023. The industry has witnessed remarkable growth from being a $100 billion industry in 2017 to reach $1.2 trillion in 2018. Hire services from the best pharma PCD companies.
Pharma industry has been in existence for more than a century now. With increasing technological innovation and opportunities to engage with your consumers, this industry remains stuck in the past. Where other industries have adapted and evolved themselves as per marketing innovations, pharma maintains an outdated approach of how to communicate its business.
The pharmaceutical companies follow aggressive marketing techniques to promote their products. Now, to increase revenue, this industry is showcasing a remarkable change in shifting its approach from mass-targeting to individual-targeting.
There are various factors which influenced this strategy shift, and some of them are listed below:
Awareness among the Patients
Chronic diseases like cancer, diabetes, hypertension, etc. are quite prevailing. Now people do not simply rely on doctors for their diagnosis. With so much information available online, they perform comprehensive research about the treatment, best available doctor and then decide for themselves. They also take a keen interest in the medicinal compositions. All this has increased the difficulties for pharmaceutical companies to sell their medicines and encouraged them to find new innovative ways to sell their products.
Increase in the number of Sales Representatives
According to a leading source, the number of US sales representatives increased to 100,000 within the year 1996 to 2005, however, the increase in the number of practicing physicians was just 26%. The pharma market was somehow converted into a battleground. With so many medicines available in the market, for the same disease, it created havoc. The condition got so bad that even doctors refused to see sales representatives. This was not a good sign for those pharma companies which rely on traditional marketing and selling strategies. Ensure the best results with the help of the best pharma PCD companies.
A market full of Biosimilars
Biosimilars are the medical products developed in the same way as already approved medicines. With the increase in the number of biosimilars, patients have way too many options to choose from. They can analyze and compare multiple medicines and choose the most cost-effective one. Formulated with similar composition, these biosimilars are as effective as the original ones.
This has opened many opportunities for companies producing such medicines to expand their business. If they follow the right approach, the chances of success are much higher.
3D Printed and Counterfeit Drugs
3D printing is the future of drugs as it can create custom doses most cost-effectively. The first-ever medicine to be made using this technique was for epilepsy. These drugs can be metabolized easily and are easy to market.
Pharma industry is also losing its share due to fake medicines available in the market. These counterfeit drugs contain poor-quality active compounds.
All these comprise the complexities of the supply chain of pharmaceuticals. To be successful, companies should focus on the product of the current model and:
Before promoting the product, one must know its consumers well. The pharma industry will have to switch to a more flexible approach to pricing. Companies should focus on a customer-centric approach that involves the personalization of their clients. They should know their customers well and try to segment them as per the requirement.
Pharma companies should invest in developing medicines that the market wants to buy. They should also acquire live licensing and focus on multi-country launches. This will help them increase the reach of their products and will help in boosting their sales.
The pharmaceutical companies will have to think of new and innovative marketing strategies. Their marketing strategies should be able to recognize the interdependence of the consumer, manufacturer, and pharmaceutical value chains.
Pharma companies should focus more on patient engagement. The companies which succeed in effective patient engagement have high chances of success. Companies should have better data analysis and may focus to carry out various surveys that can help grow their market.
Nowadays, technologies like Artificial intelligence, Virtual Reality, Big Data play an important part. If these technologies are used as a marketing tool, this can build a healthy relationship with the consumers. You will be able to demonstrate and explain your product with ease and clarity.
As per the researchers, if the industry is ready to evolve and change its marketing approach, the next five years will witness its remarkable growth.