LONDON--(BUSINESS WIRE)--Quantzig, a global data analytics and advisory firm that delivers actionable analytics solutions to resolve complex business problems, brings you comprehensive insights into the top challenges facing the global pharmaceutical industry in its recent article.
What’s in it for you?
- Understand how to leverage advanced analytics in the pharmaceutical industry
- Gain insights into the factors driving innovation in the pharmaceutical industry
- Gauge your ability to innovate in the dynamic pharma sector
The global and heterogeneous regulation is increasing and bringing more complexity in compliance in product supply infrastructures and operations. Talk to our analytics experts to learn more about the challenges in pharmaceutical industry.
The global pharmaceutical industry has been successful for decades by increasing its market expanse in both the developed world and the developing world. With data- and technology-driven changes transforming the industry, pharmaceutical companies, both big and small, are being forced to rethink their existing strategies. The emerging markets are becoming more complex for pharmaceutical companies, making the commercial atmosphere ruthless and harder for them to sustain. Amidst all the changes, one of the biggest challenges faced by pharmaceutical players is shifting from their traditional sales-based model to an access driven commercial model to keep up with their competition as well as customers.
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According to Quantzig’s healthcare analytics experts, “There have been several speculations about the stationary growth of the pharmaceutical industry, but recent technological advancements are expected to encourage the growth of this industry in the years to come.”
Key Challenges in Pharmaceutical Industry
1: Demand forecasting
One of the biggest challenges in pharmaceutical industry is to devise market forecasts and enhance its customer satisfaction levels. Demand forecasting is a crucial component for the pharma companies to stay ahead in the competition and match the supply to demand ratio. Ensuring all the goods are produced punctually and delivered seamlessly poses a big challenge to the pharma companies.
2: Price fluctuation assessment
A recent analysis of the pharma industry shows that many big pharma players are witnessing tough times due to digitization, which is changing the market landscape constantly along with the trends in the pharmaceutical industry. This has paved the way for deriving proper techniques to analyze pricing structures because pricing is the key to boost profitability.
3: Risk management
Managing risks in drug development and discovery are of extreme importance. Every product and process is exposed to risk, making it important for companies to mitigate risks, which can jeopardize the quality of their products.
4: Inventory Management
For pharma companies keeping track of their inventory, meeting constantly changing regulations, providing promising solutions with the utmost quality, and balancing risks associated with inventory shortages and gluts is very challenging.
As the pharma industry becomes increasingly complex the sector must become more cost-efficient. Book a FREE solution demo to gain comprehensive insights into advanced analytics solutions curated for the pharma industry.
Quantzig is a global analytics and advisory firm with offices in the US, UK, Canada, China, and India. For more than 15 years, we have assisted our clients across the globe with end-to-end data modeling capabilities to leverage analytics for prudent decision making. Today, our firm consists of 120+ clients, including 55 Fortune 500 companies. For more information on our engagement policies and pricing plans, visit: https://www.quantzig.com/request-for-proposal