Expert Speak: How Pharma Companies Can Grow Their Business?

1. Expert Speak: How Pharma Companies Can Grow Their Business?

2. Pharmaceutical Industry Overview Pharmaceuticals industry discovers and produces pharma drugs for medication to patients. It is an essential component of the healthcare industry which is based on the scientific R&D activities of medicines to prevent or treat medical disorders. It plays a significant role in developing medications and vaccines to minimize the incidences of chronic diseases and enhance the quality of life. This industry is subject to plenty of laws and regulations regarding patenting, testing, and ensuring safety. Pharmaceutical Industry Outlook According to a Market Research Expert, the global revenue for the pharmaceuticals industry is foreseen to reach USD1.3 Trillion by 2020. Few challenges faced by pharmaceutical companies comprises of increasing competition in the market, declining sales growth rate, and rising customer’s expectation for innovative medicines. Developing a smart-multichannel strategy to deliver promotions, efficient supply chain, and inventory management are also a few challenges faced by pharma companies. Top 10 pharma companies include Novartis, Sanofi, Pfizer, Gilead, and Hoffman-La-Roche. According to a market research company, these top 10 players accounted for 30% of global sales in 2017. Factors that affect the growth of pharma companies are disease prevalence which is related to population, age, gender, affordability, consumer attitudes, government policies, and supply & demand of medicines for treatment.Expert Speak  As reported by a pharmaceutical expert, the demand for pharma and innovative medicines is anticipated to increase by 2020 driven by the growth in the aging population with more wealthy customers.

3. Expert advice that pharma companies must focus on the following factors to grow their business:- Business development, Formulating business & marketing strategies to grow their business and enhance their profits. They need to maintain a high volume of sales to stay profitable and competitive in the market. Their business strategies must include product innovation, awareness campaign, partnerships, and merger & acquisitions. Franchise their business- Franchising of pharma business is booming as it makes them earn high profits due to increasing demand for medicines and healthcare services across the globe. In pharma franchise, the minimum starting order is more significant and involves top sales target. Enhance customer support- The pharma companies must enhance their customer support service and become customer-centric by adopting telehealth and telemedicine concept to deliver quick service. Technology Adoption- Technology is playing a vital role for pharma companies to deal with the increasing competition, globalization, short of products, supply chain & inventory management challenges. Investing in technological innovations is one of the profitable business strategy adopted by pharma companies to boost innovations in the industry. Pharmaceutical experts network are specialized in the fields of pharmacy, pharmacology, pharmaceutical marketing, hospital pharmacy, medication, and therapy. They carry years of industry experience in pharma consulting, business development, sales & marketing strategies, business strategies, budgeting, revenue management, innovations, drug discovery, and others.