Expert Speak: How Pharma Companies Can Grow Their Business?

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Expert Speak How Pharma Companies Can Grow Their
Business?
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Pharmaceutical Industry Overview

• Pharmaceuticals industry discovers and produces
  pharma drugs for medication to patients. It is an
  essential component of the healthcare industry
  which is based on the scientific RD activities
  of medicines to prevent or treat medical
  disorders. It plays a significant role in
  developing medications and vaccines to minimize
  the incidences of chronic diseases and enhance
  the quality of life. This industry is subject to
  plenty of laws and regulations regarding
  patenting, testing, and ensuring safety.
• Pharmaceutical Industry Outlook
• According to a Market Research Expert , the
  global revenue for the pharmaceuticals industry
  is foreseen to reach USD1.3 Trillion by 2020. Few
  challenges faced by pharmaceutical companies
  comprises of increasing competition in the
  market, declining sales growth rate, and rising
  customers expectation for innovative medicines.
  Developing a smart-multichannel strategy to
  deliver promotions, efficient supply chain, and
  inventory management are also a few challenges
  faced by pharma companies. Top 10 pharma
  companies include Novartis, Sanofi, Pfizer,
  Gilead, and Hoffman-La-Roche. According to a
  market research company, these top 10 players
  accounted for 30 of global sales in 2017.
  Factors that affect the growth of pharma
  companies are disease prevalence which is related
  to population, age, gender, affordability,
  consumer attitudes, government policies, and
  supply demand of medicines for
  treatment.Expert Speak
•  As reported by a pharmaceutical expert, the
  demand for pharma and innovative medicines is
  anticipated to increase by 2020 driven by the
  growth in the aging population with more wealthy
  customers.

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Expert advice that pharma companies must focus on
the following factors to grow their business-

• Business development, Formulating business
  marketing strategies to grow their business and
  enhance their profits. They need to maintain a
  high volume of sales to stay profitable and
  competitive in the market. Their business
  strategies must include product innovation,
  awareness campaign, partnerships, and merger
  acquisitions.
• Franchise their business- Franchising of pharma
  business is booming as it makes them earn high
  profits due to increasing demand for medicines
  and healthcare services across the globe. In
  pharma franchise, the minimum starting order is
  more significant and involves top sales target.
• Enhance customer support- The pharma companies
  must enhance their customer support service and
  become customer-centric by adopting telehealth
  and telemedicine concept to deliver quick
  service.
• Technology Adoption- Technology is playing a
  vital role for pharma companies to deal with the
  increasing competition, globalization, short of
  products, supply chain inventory management
  challenges. Investing in technological
  innovations is one of the profitable business
  strategy adopted by pharma companies to boost
  innovations in the industry.
• Pharmaceutical experts network are specialized
  in the fields of pharmacy, pharmacology,
  pharmaceutical marketing, hospital pharmacy,
  medication, and therapy. They carry years of
  industry experience in pharma consulting,
  business development, sales marketing
  strategies, business strategies, budgeting,
  revenue management, innovations, drug discovery,
  and others.