Pharmaceutical and healthcare firms are among the most evaluated and analyzed businesses in the market today. In today’s modern era, productivity has been decreasing slowly as many pharma companies have been unable to maintain the strong growth which was once the significant characteristic of the industry. Increasing generic competition, rising operating and advertising costs, learning and using latest technology and tools etc. are some of the pharma industry’s main concerns.
Pharma and healthcare sectors are facing many challenges such as controlling operating costs, enabling integrated quality healthcare, attracting and maintaining a skilled workforce, enhancing techniques such as supply chain, intellectual property protection and data privacy, efficient use of information technology, handling regulatory compliance, generic competition, successfully manufacturing innovative drugs, realizing tangible value from strategic alliances, joint ventures (JVs) and partnering arrangements, enhancing research & development efficiency, successfully handling patient demand and customer system, delivering superior customer service etc.
Leading pharmaceutical product manufacturer in India knows that better patient outcome has everything to do with better drug delivery. They are applying manufacturing innovation and formulation research for quality production of drugs and fast market accessibility of pharmaceuticals. Importance of being first in the market has been a long-running dispute in the pharma industry Organizations spend extensive resources in order to beat their competitors in the marketplace and often worry about the business drawback of being late. In this high-risk competitions in the marketplace for a new drug category, pharma companies believe that each month of lead time ahead of a rival is significant. Analysis has proved that first-in-class companies on average attain a greater market share than others.
Spectacular changes are improving the landscape of Healthcare and Pharma marketplace nowadays. With the acceptance of digital technologies, active association and well-versed exchange between customers and service providers, usual limitations between stakeholders are fading. Today, increasing number of patients are making online search to seek expert advice, find products/services, exchange information and negotiate fees, attractive deals and discounts. Digital options such as websites, mobile app/sites and social media sites are playing a critical role in pharma marketing. Roughly 80% of users look for health information on the web. Thus, in order to engage them, pharma firms need to develop a strong online presence and manage the power of online world which is unmatched.
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