3 tried and tested business development tips for Pharma professionals
According to a recent research report by Business Research Company the global pharmaceutical market was worth $934.8 billion in 2017 and will reach $1170 billion in 2021.
With such a flourishing market and the changing landscape of the pharmaceutical industry, companies have to constantly innovate to stay relevant.
In order to maintain high sales volumes and stay profitable business development should be top priority for pharmaceutical companies.
Are you a business development professional in Pharma, agro or chemical industry?
Struggling to find new business opportunities? Stay ahead of your competitor?
Here are 3 tried and tested business development tips you can use.
1. Initiate Partnerships and Mergers
Look for opportunities to tie up with other growing companies. Mergers, partnerships and even outsourcing combines resources and helps increase your market share.
According to Management Center Europe mergers of pharmaceutical companies will contribute more than 50% of the industry’s future growth.
For the mergers and partnerships to be effective the companies have to take care of employees after the merger. Ensure that the environment post-merger is adaptable for employees.
2. Leverage Technology
Investing in technology is always a great idea for a pharmaceutical company.
Increase in competition, globalization and shorter product-cycle times are some of the challenges faced by the industry and investing in technology helps the industry overcome these challenges by reaching more consumers and suppliers
A tool like SmartChem unlocks new business opportunities, enables partnering with companies and suppliers and also gives you information about your competitors.
Investing in such a tool would definitely save precious time of the business development professionals.
Needless to say investing in technology can also boost production of new drugs.
3. Access New Markets
Accessing new markets is very critical for any pharmaceutical company as the industry is very competitive. A report by MCE estimates that 80% of economic growth will be a result of emerging markets.
For companies to succeed in new markets they need to hire sales people who really understand how to sell products in emerging markets. Also to remain competitive in the new markets pharmaceutical companies should offer high-quality and differentiated products.
As a business development manager, you need to be quick in identifying opportunities. That’s the only way to sustain, grow and create a profitable business.
SmartChem by ROW2 Technologies is the ultimate knowledge-base of global suppliers & chemicals.
It helps you explore market opportunities. Identify suppliers and partner. And save time & resources.
If you’re looking to expand your chemical, agro or pharmaceutical business or even find a chemical supplier for your business, try SmartChem today.
ROW2 Technologies curates SmartChem, the Knowledge-Base of Global Suppliers & Chemicals.
SmartChem powers 800+ companies in the Pharma, agrochemical, and chemicals businesses worldwide. It helps these smart companies uncover new business opportunities, save time, reduce costs and gain competitive advantage.
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