How a Pharma used KDMI Consulting Services to Improve its Assortment with Market Forecasting
A leading pharmaceutical company wanted to increase its market share in an intensely competitive pharma market. Its product management team needed to inject data-driven decision into its marketing process for drugs. Although the team understood how the products performed historically, it wanted to know how its product might trend in future. Simple models provided by its distributors wouldn’t cut it and the client needed a dynamic, accurate, unbiased forecast that took into consideration manufacturers/consumer behaviour, macro-economic indicators, and industry experts- something it lacked before.
Using our robust and unique market forecasting methodology, our research design and analysis team built a forecast model for pharma drugs category that projected how pharma and drugs category would fare in the next 3 years. The research model included the client’s own data & distributor and macro-economic factors and integrated insights from our pharmaceutical industry analysts. Quarterly monitoring of the market enables us to continuously refine the model. As part of the process, we also identified subcategories, medicine brands, and features that would grow.
Our forecast suggested that company drugs sales would face strong competition – much more than our client thought. The new information, paired with valuable context from our industry analysts, prompted the retailer to strengthen its marketing and distribution channels. We also suggested leveraging e-commerce and investment in research & development to develop a promising pipeline of drugs. We also predicted rising sales of a few products of the client. A few quarters later, we learned that we accurately predicted the growth of drugs.