Top 10 Trends Shaping the Pharmaceutical Industry in 2021 - Part 2

 

 

In part one of this blog post we discussed emerging trends in the pharmaceutical industry, such as the growing use of AI, increased interest in precision medicine, biologics, cloud technology etc.

We are back with part two to discuss more emerging trends in the pharmaceutical industry, and how The Brooks Group can help your brand utilize these trends to maximize profits and growth in 2021.

Discounts and Rebates

Overpriced medications have been the focus of much public ire in recent years, especially when the drugs are considered life-saving. For this reason, both lawmakers and governmental agencies have made it a goal to reduce the cost of drugs with discounts and rebates.

With the growing concern over the prices of life-saving drugs like insulin and epinephrine, it is likely that this pattern of drug price scrutiny will continue into 2021 and beyond. Brooks Group’s managed care training seminars help sales and account managers understand the future of the healthcare market and how it will impact drug pricing.

Biologics

Over the past few years, there has been a growing body of research on the role genes play in disease resistance and susceptibility. This has created a rapidly growing interest in the fields of pharmacogenetics, epigenetics, and genomes.

In other words, pharmaceutical researchers are beginning to focus more on unique genetic factors when developing new treatments for cancers, viral infections, and other conditions. It is expected that genetics will be at the forefront of clinical research and development moving forward.

Focus on R&D

One of the key challenges for research-focused pharmaceutical companies is to make R&D a more efficient process. R&D efficiency is measured by the successful approval of New Molecular Entities (NMEs) and therapies versus the monetary investment required.

With the growing need for research, pharmaceutical companies are having to come up with novel ways to create meaningful R&D without hurting their bottom line. The rapid development of the COVID-19 vaccine has been a marvelous achievement of the biotech and pharma industries in 2020.

Note: The Brooks Group can provide pharma companies with market research to help explore how emerging technologies can improve their R&D efficiency.

Consumerization of the Patient

Now more than ever, patients are expecting more out of their pharmaceutical provider. Given the saturation of the pharmaceuticals market, patients have more control over the medications they choose to take. This means that pharmaceutical companies can no longer just provide medication, they have to take a more personalized, customer-centric approach to drug distribution and marketing.

Creating a more empathetic approach to drug marketing will help pharma companies set themselves apart from the competition.

Pharma companies can learn the right insights that will help them understand the needs of patients and personalize treatments with The Brooks Group’s market research offering for patient advocacy in the pharmaceutical industry.

Digital Training

Digital training is a great way to ensure that employees are properly utilizing new technologies. In the pharmaceutical industry, digital training ensures that employees are operating within the strict parameters of regulatory compliance. Additionally, this form of training maximizes employee efficiency.

The Brooks Groups' digital training programs help ensure that employees are properly utilizing new technology to boost efficiency and reduce compliance violations. The Brooks Group can save organizations money by training personnel on-demand from anywhere.

The Brooks Group Can Help You Leverage These Trends

Understanding what the future has in store for the pharmaceutical industry will allow you to effectively manage your marketing and R&D strategies to keep up with emerging trends.

With The Brooks Group, you can count on expert training, market research, consulting, and instructional design services to help your pharmaceutical brand maximize its growth and profits.

Here is a look at our learning demo sheet for a peak at the kind of insights and training we have to offer. Contact us here for more info.

This blog was originally posted on https://thebrooksgrouponline.com/2021/02/top-10-trends-shaping-the-pharmaceutical-industry-in-2021-part-2/

Market Research in Healthcare: A Must for Avoiding the Blind Spot

 

Healthcare is all about helping people and providing the highest level of care. But, if you don’t know what people need, how can you best serve their interests?

Market research is a must for healthcare and biopharma companies. It’s an in-depth dive into the trends in the industry and the needs of the patients to help organizations make educated decisions about where to direct their budgets and the directions they need to take their organization to. Without adequate research, valuable opportunities might be missed and important customer relationships might be lost.

Instead of reacting to market changes and merely surviving, companies need to be proactive in order to thrive. Market research is essential to learn what the market wants, to avoid blind spots, and to create effective strategies to grow your healthcare practice.

What Is the Blind Spot?

A blind spot is an overlooked opportunity. Whether it’s a missed demographic or misplaced funds, a blind spot is essentially an inefficiency in your business strategy.

In a study, managers were asked which stage of the buyer’s journey is most important for driving revenue. Over half replied that attracting new customers was the most important, which is where they spent most of their budgets.

Only after in-depth market research was it discovered that a 5% increase in renewals from existing customers would boost profits by 25%, and acquiring a new customer is between five and 25 times more expensive than keeping an existing one.

What was the blind spot? Their existing customers. These companies were spending a large portion of their budgets on attracting new customers, when retaining existing customers would have earned them much higher returns on their investments.

Blind spots aren’t only about funding the wrong buyer’s stage. Here are some of the most common blind spots companies overlook:

- Not understanding the real reason prospects make decisions.

- Knowing which marketing incentives are most effective.

- Using the wrong strategies.

- Not knowing where your customers come from.

- Chasing the wrong demographic.

- Misunderstanding perceptions of your brand.

While there’s no finite list, it’s easy for healthcare companies to fall victim to any one of these blind spots.

Benefits of Performing Market Research

To avoid blind spots, you need to know what they are. And the only way to do that is with proper market research.

Healthcare market research is the epitome of the phrase “knowledge is power.” With in-depth analytics, healthcare companies can easily see how to maximize efficiency and best serve their patients, leading to numerous benefits:

- Identify the core factors that drive customer decisions.

- Better understand a patient’s experience.

- Bolster marketing strategies.

- Identify gaps in service.

- Stay on top of market trends.

- Optimize R&D investments.

- Learn how customers perceive your brand.

Without market research, healthcare businesses would have to react to changes after they happen instead of being proactive and getting ahead of the changes.

The Brooks Group: Healthcare Market Research Specialists

The Brooks Group is one of the leading healthcare management consulting firms that specializes in market research. We perform in-depth research for healthcare, pharma and biotech companies to help them create effective business strategies. Some of the services we provide to our clients are -

- Survey organizations to identify the voice of the customer.

- Review responses to identify helpful themes, comments, and messages.

- Conduct internal and external gap analyses

- Provide tools to support patient advocacy in the pharmaceutical industry.

- Perform specialized research into case studies, retrospective analysis, and market trends.

- Create marketing or R&D strategies based on response data.

- Concept testing.

Armed with a thorough understanding of how to optimize your operational strategy, companies can avoid blind spots and grow their brand. If you’re ready to take your business strategies to the next level, contact us to get started.

This blog was originally posted on https://thebrooksgrouponline.com/2021/01/market-research-in-healthcare-a-must-for-avoiding-the-blind-spot/

Top 10 Trends Shaping the Pharmaceutical Industry in 2021- Part 1

 

 

The COVID-19 pandemic and the events related to it have sped up the digital transformation of the pharmaceutical industry in an unprecedented manner. As one of the top healthcare consulting firms, at The Brooks Group, we keep a close watch on the innovations, disruptive technologies, global adaptations, evolving political climates, and everything else that affects the pharmaceutical industry in order to provide strategic insights to our clients.

We are bringing to you a two-part blog series that will help our readers understand the landscape and the drivers for change in 2021 and beyond. Here the top 10 trends in the pharmaceutical industry in 2021.

Use of Artificial Intelligence

For the pharmaceutical industry, Artificial Intelligence (AI) is proving to be instrumental in developing new drugs and scientific discovery. Companies that are investing in AI technology are cutting down on production time and user error, improving clinical trials and overall quality in the medical field.

Data Integration & Cloud Technology

From clinical trials to AI simulations to market research, the pharmaceutical industry has a vast repository of data. Storing this data securely and making it readily available is a challenge many companies face, especially since most pharma companies have multiple facilities spanning the globe. This is where data integration and cloud technology play such an important role.

Having all the data stored on cloud servers accessible from any approved device anywhere in the world saves time and increases organizational efficiency. It also eliminates the need to have a team of on-site IT personnel, thus saving costs. With the amount of data used in the pharmaceutical industry, cloud computing continues to be essential to saving time and money, and boosting productivity.

Compliance & Regulatory Environment

Thanks in large part to recent global efforts in creating a vaccine for COVID-19, pharma companies globally are moving towards a collaborative effort. With this change comes the need for compliance with diverse international regulations. Training in these regulations and emerging technologies will be imperative in the coming years to stay competitive in an ever-changing industry.

Precision Medicine

Drugs exclusively created for a patient based on a particular diagnosis (precision medicine) increase the overall effectiveness of the treatment. Unfortunately, the obvious consequence of having small-scale, tailor-made medication is a higher price tag. Most manufacturers cannot handle a smaller quantity of drugs, and specialized facilities that can produce precision drugs are rare. Thankfully a surprising number of investors have taken an interest to guarantee this trend continues to grow.

Virtual & Self Monitoring in Patient Care

Before the invention of IoT devices, patients would have to rely on visits to a medical facility for monitoring. Now, there are numerous devices that patients can bring home for a fraction of the cost that can do the same as if they were at a doctor's office, and the data can be shared in real-time with the medical personnel for review as needed. As patients and caregivers continue to embrace the idea of self-monitoring, the need for medical IoT devices will continue to grow and the technologies will continue to evolve. COVID-19 forced social distancing and isolation has also forced patients and providers to quickly adopt telehealth technologies and practices. This trend is predicted to continue even after the pandemic-related guidelines are no longer enforced.

Pharma companies are usually big behemoths that have to deal with tremendous security and compliance issues. So adapting quickly to change is always a challenge. It helps to make strategic decisions quickly if the leadership team, as well as other executives, stay ahead of the trends and are aware of the innovations and disruptions in the field.

Stay tuned for part two!

This blog was originally posted on https://thebrooksgrouponline.com/2021/02/top-10-trends-shaping-the-pharmaceutical-industry-in-2021-part-1/