One of the industries that is evolving at a very fast pace is pharmaceuticals. With this evolution comes more competition externally between the different players in the industry, and internally between departments and employees.
According to GlobeNewswire, the global pharmaceuticals market in 2020 was estimated at $1.3 trillion. However, this figure could have been even higher were it not for the COVID-19 global pandemic. But with the development of several vaccines for the virus, things are expected to get back to normal in 2021 and the value of pharmaceuticals market to grow. Also, it is worth noting that 6 of the 10 largest drugs companies are in the US.
There are a number of biotech business development strategies these firms and others in the industry can employ to continue maintaining high sales volumes and remain profitable. In these article, we’ve listed four of these top pharma development strategies. Read on to learn more.
1. Partnerships and Mergers
In the pharmaceutical industry, mergers and partnerships are a daily occurrence. Looking for and effecting mergers that are sustainable is a good business development strategy for a biotech firm. Statistics indicate that more than 50 percent of growth in the global pharmaceuticals market is as a result of mergers between firms in the industry.
Biotech companies are able to leverage their strengths, therefore, increasing their market share and influence when they combine their resources in a merger. To sustain growth and other benefits gained from this business development strategy, pharmaceutical companies must plan for management issues, such as workplace cultures and systems integration that may arise from the merger.
2. Technology-Based Strategies
In today’s world, pharmaceutical companies have to keep up and adopt the latest technological innovations for them to remain competitive and profitable. Biotech firms face challenges such as shorter product-cycle times, globalization, and increasing competition on a daily basis. To manage solve these challenges and more, these companies have to embrace technological innovations in their daily activities.
E-detailing is one of the innovations that can help them solve some of these challenges. This solution allows biotech firms to communicate their products online and the consumers to learn about those products, schedule appointments, and do other things through the same platform on the Internet.
A technology-based business development strategy boost production of new drugs and also innovations of drug enhancements.
3. Operational Marketing and Sales
Pharmaceutical companies also have to implement an operational marketing and sales strategy to grow and remain profitable. Such a strategy will help firms that implement it to take advantage of the opportunities that arise from growth in the market.
4. New Markets Access
To stay relevant in the highly competitive pharmaceuticals industry, biotech companies must access new and functioning markets. These firms can take advantage of the opportunities that emerging global markets present, but without accessing them, enjoying what they offer might prove a challenge.
Accessing new markets will help firms understand which products and services are missing from that market, and therefore, come up with a strategy to avail them.
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