Indian Pharmaceutical industry is going through a period of uncertain changes. The companies are re-visiting the core strategies to grow their pharmaceutical business. The uncertainty persists due to factors as the increment in the drug list number in National List of Essential Medicines (NLEM), alteration in the FDI policies, controls, compulsory licensing, and hefty investments by competitive MNCs. Indian pharmaceutical industries rank on 3rd position in terms of their volume.
What is Pharmaceutical Business
A pharmaceutical business corresponds to a pharmaceutical company, which has its own commercial business to perform research and development, market or promote and develop its pharmaceutical products. They produce a range of health care products like medicines, vaccines, markers, diagnostic kits etc. The pharmaceutical products are manufactured via chemical processes. Chemicals are produced artificially, and from plants or animals to produce medicine. Minute steps are essential as they are the core ingredient of a pharmaceutical business.
Key Strategies for Pharma start-ups
The Pharmaceutical start-ups that adapt to the uncertainty and volatility will be the future winners. These start-ups must follow the key strategies to grow their market. The best of the strategies are explained below:
- Investment in bringing up innovation in the medical technology is a key feature for profitable pharmaceutical business. It enables to fight with the incrementing competition, globalization, and short product cycle period. The companies should reach consumers and suppliers and provide the product details online. It helps to satisfy the customer the most. One such example is e-detailing.
- Capturing the new markets is one such profitable global pharmaceutical strategy for pharmaceutical start-ups. Emerging global markets present a good opportunity to pharmaceutical companies. Half the growth of the company depends upon the assets to the emerging market. The pharmaceutical products should be available to other countries also. Sale strategy to drive promotion globally is much needed. An example is opening up a web domain and merging with other global companies.
- Yet, another important strategy is reviewing the product portfolio. The pharmaceutical industries in India now should review and price their product as per the new GST taxation system. It’s crucial for the companies in India to re-look the global spread and review their product portfolios to meet the new legal system. Examples of it are introducing innovative and better moderate range pharmaceutical products.
- The pharmaceutical companies should follow a customer centric approach. In the competitive pharmaceutical atmosphere, the companies should follow a customer centric approach. The approach should include each and every customer in the value chain be it the channel partner, health professional, physician, patient, or a distributor. For the same, they should adopt digital marketing methods, educating patient, and increased sales force engagements.
- Partnership or merging with other may prove beneficial in the competitive era. They should partner with smaller or bigger pharmaceutical companies. Partnership decreases the development costs, increases the pharmaceutical portfolio, and shares the risk. Partnering increases the market share and lays a more powerful impact.