At present, the pharmaceutical landscape is witnessing relentless growth with numerous competitors offering a considerable number of products. Also, in this disease-centric environment, the healthcare sector has started relying on the pharmaceutical sector to produce products or generics that meet the criteria of the disease. To reach out to the large consumer segment and enhance their offerings in the market, organizations are devising robust competitive intelligence studies. Competitive intelligence aids organizations to gauge information and monitor competitors in the market. In the pharmaceutical landscape, competitive intelligence allows organizations to effectively keep track of the competitors and their offerings and identify gaps to make necessary fluctuations based on the market needs. Also, deploying competitive intelligence gives a fair idea of how the company is performing and effectively allocate resources to breach new target segments.
Infiniti’s competitive intelligence solution helps the client identify and analyze the factors affecting the market on a global and regional scale. Also, the solution helped the client make a comprehensive list of key market players by assessing their current strategic interests and financial information. Consequently, the client was able to identify the popular OTC drugs in the market and optimize the same to increase productivity and revenue.
The Business Challenge
Like all other companies in the pharmaceutical landscape, a leading pharmaceutical company with branches across the globe wanted to improve their decision-making process. The client, who is popular for selling OTC drugs across all the leading stores in the country, was facing challenges devising effective strategies to tap the potential market and benchmark their strength against the competitors. With the increasing competition in the pharmaceutical landscape, the client saw a drop in their market shares and wanted to target potential markets to retain their foothold in the market.
Furthermore, the OTC drugs supplier wanted to benchmark their strengths and assess and identify the competitors in the pharma landscape. The client also wanted to tap potential markets to maximize their ROI.
Our Approach
To gauge information on the competitive intelligence scenario, the OTC drugs manufacturer approached Infiniti’s team of competitive intelligence experts. With years of experience delivering actionable insights into the competitive intelligence landscape, Infiniti’s team of experts carried out extensive research comprising of interviews and discussions with leading stakeholders in the pharma landscape. Also, to tap potential market opportunities, Infiniti’s experts collated data from various proprietary sources such as industry forums, news aggregators, company presentations, and magazines.
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Competitive Intelligence Solutions Benefits
- Anticipate competitors’ offerings and devise effective decisions
- Analyze market rivals, their ability to grow, and capture market shares
- Benchmark client’s sales force structure and distribution channel against competitors
- Identify the factors instrumental in changing market scenario on both global and regional scale
- Gain insights on the major countries where the industry is booming and identify the untapped regions
- Analyze the latest innovations in drugs and their potential effect on the market
Benefits of Our Integrated Approach
In just 14 weeks, the competitive intelligence study helped the OTC drugs manufacturer identify competitors’ offerings and devise robust strategies to retain their foothold in the market. Moreover, the client was further able to assess and tap new markets, identify the key drivers, and restraints dwindling the market growth. Also, the client was able to perform a robust SWOT analysis to provide insights into the industry’s growth prospects.
