Pharmaceutical and bio-pharmaceutical companies are engaging in domestic as well as international markets. Companies must look the opportunity to receive market analysis to be ready with intensive preparation and exploration of business possibilities, and target to have support for the establishment and extension of business activities in defined geographies.
• Which is the best market to penetrate?
• What factors will drive my product and market performance?
• How is the market evolving and on the basis of what?
• How can we best align our assets, capabilities with the new market scenario and new stakeholders?
• How does my new product impact its main competitors?
• Will my new product impact the other products in my portfolio adversely?
• Will the new item provide incremental revenue?
• How will my new product perform without the effect of weighted distribution?
MRA Group provides market entry strategy by conducting deep-dive analysis encompassing all key parameters which helps our clients to make “Go/No-Go” decision.
How We Help?
• Market Estimation Analysis: Market Estimation encompasses evolution of the market for a product including the analysis of the market trends, assessing the competition and conducting market studies. We evaluate the competitive environment and where a particular product/brand stands in.
• Prescription Analysis: Prescription data analysis help in better understand of the prescribing behavior of the physician in relation to the severity of disease in any particular therapeutic area. Prescription Cost Analysis (PCA) provides analysis on the number of items and the net ingredient cost of all prescriptions dispensed in an assigned geography.
• Promotion Activity Analysis: Evaluation of multiple channels of product/brand promotion based on their influencing and convincing capabilities. Our approach involves in-depth analysis of every channel of promotion and the revenue generated out of it.
• Key Performance Indicator (KPI) Analysis: Several Performance Indicators reveal the brand, market and therapeutic level insights. Our unique methodology to decide KPI involves deep-dive understanding of the industry and the relevant growth parameters which keep our clients updated about the changes happening in the market.
• New Product Launch (NPL):
1. Concept Testing and validation: Concept testing provides a reliable, cost effective means of assessing multiple concept potential at a very early stage of the product development process. Concept testing is the process of using quantitative methods and qualitative methods to evaluate customer response to a product or an idea prior to its introduction to the market
2. Situation Analysis: Analysis involves Benchmarking pricing, Product and supplier performance, spending data collection and analysis, Product and supplier performance and purchasing pattern. Analysis involves internal and external environment of market to understand customers and business environment.
3. Analog Analysis: Analog analysis tracks changes in historical product data to detect strategies for effective market entry. By extrapolating historical data into the future, forecasting of market growth rate achieved.
4. Potential Assessment: Assessment of product market share and size estimation, product positioning and competitive benchmarking. With different methodologies, we enable analytic insights, convert patients to revenue model, and change over trended data into forecast outputs
5. Segmentation, Targeting and Positioning (STP) Analysis: Analysis involves grouping various customers into segments that have common needs and being able to develop specific strategies for selected target market. It involves developing a brand image amongst customers to improve Customer’s perception.
6. Competitive Edge Analysis: A competitive analysis can indicate advantages in competition and solution for new product launch in competitive market scenario. Being able to differentiate from your competitor helps to gain larger market share.
• New Geography
1. Potential Analysis:
a.Market Potential Analysis: In the current business scenario, market potential estimates are vital to the success of new products and service offers. Market potential assessment identifies market opportunities and invests resources where they will have the greatest return on investment
b. Product Potential Analysis: Analyze potential competitive impact on sales performance, Product attributes strategies for gap filling, and pre market conditioning. Our methodology incorporates niche level analysis encompassing the market share of the products in respective therapeutic area and geography.
2. Competitive Analysis: Assessing the history of competitors in terms of marketing strategic deals, study the market trend and pattern. We provide complete competitive strategy profile from R&D to marketed products and from raw materials purchase to merger and acquisition
3. Drivers and Barriers Assessment: Analysis involves assessment of key indicators like market saturation, emergence of substitute product, barriers to entry and availability of growth drivers.
4. Cost-containment Analysis: The easiest way to increase bottom line profit is by reducing cost. Analysis involves reducing organizational costs within a specified budget and restraining expenditure to meet organizational financial targets.
• New Therapy Area/Indication
1. Co-morbidity Analysis: Analysis assesses the additive and multiplicative effect of more than one chronic condition or impairment. Proper assessment of the general status and co morbidity of the patient is essential for accurate patient management.
2.Unmet Need Analysis: Analyze commercial and go to market strategies, commercial asset life cycle planning, performance management and key performance indicators and competitive simulation. These analyses help to align assets, capabilities and organization with new market realities and new stakeholders.
3. Competitive Landscape: Analysis is used to improve the existing benchmark and integrate best practices, evaluate new or potential competitors, identify strategic alliances for growth prospective. Analysis involves Competitor analysis grid and competitive feature analysis.
• New Combination/Dosage Form: New Combination or dosage form can help to improve therapeutic efficacy by overcoming redundancy and lowering side effects. We benchmark approved drug combinations and these feature propose promising new drug combinations.
1. Concept testing and validation: Signifies the combination product idea has proper business valuation, intellectual property protection, and has a business plan in place for clinical trials. This validates the possibility that the concept become a successful medical treatment.
2. Potential Assessment: Assess the factors that drive sale, strategy to maintain the impact of product on market, patient share dynamics in particular geographies and changes in epidemiology across geographies.
• Enabled client to understand the government regulations and IP environment
• Enabled client to have detailed understanding about local and international competition and pricing
• Enabled client to foresee the product selling pattern (via distributor or direct sales representative or with company physical presence), drivers and barriers of the market.