Go-to-Market Strategy in Pharma Industry



Pharma companies invest considerably in product development, pre- and post-launch product launches, and other activities like mergers, buyouts, and acquisitions. This is in one necessary for increasing growth curve and exponential profit yield. 
However, three major types of risks, namely Scientific risks, Economic risks, and Delivery risks, are always looming above them. Development, manufacturing of product through various clinical phases, and transitions from phase to another usually takes an average of 10 years. Even after that, the road is not free from obstacles. The failure of the drug at the last stage, as has been observed in many cases. Then, the pressure of ensuring the affordability of the therapies to patients awaits after the commercialization of the product.
In addition to this, market competition, expiring patents, slow sales, lower profit margins, cost factor, are other significant challenges that come across pharma companies and need to be addressed with their strategized, optimized go-to-market strategy.
It is imperative for them to have a significant focus on innovation and R&D to address unmet needs and to keep in parallel with healthcare reforms and follow regulatory guidelines.
In this continually increasing competition and changing landscape, pharma companies need to reform their market strategies.
Some of the Go-to-market strategies undertaken by pharma companies to enable better client experience and foster relations are as follows:
  1.          Customer-centric market model
  2.          Digitally enabled
  3.          Lower operational costs
  4.          High Return on investment
  5.          Customized solutions
  6.          Better infrastructure

Without a doubt, Pharma companies would be only able to communicate well only after they have better understanding of the needs of their clients. Moreover, to facilitate better adherence of medication, and diagnostics tools, it is important to have personalized and customized services. Innovative technologies such as 3D printing, and blockchain technology leverage more opportunities that form a part of pharma’s go-to-market strategy for sustainable growth of the pharma industry. Overall, way to success is to embed all of these strategies in the launch plan of their the go-to-market model after commercialization of the product.






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