Pharma Companies: 4 Strategies for Growth

FEATURED POST

Pharmaceutical companies, especially those based in the US, are in a strong position to experience growth in the coming years.

Market research suggests that the industry will enjoy a CAGR of more than 6% between now and the end of the decade, resulting in an overall market valuation that exceeds $2.35T.

US companies are in an especially strong position, since they account for some 43% of the global market. 

Long story short: the future’s bright for pharma companies, especially so for businesses that utilize growth strategies that can help drive market share and ultimately enhance revenue.

In this post, we’ll run through some of the most effective strategies, which should ensure that pharma businesses that take them on board are in a strong position for the future. 

Expanding into New Regions

The two fastest ways to experience growth are to expand your reach and develop new products (more on that below).

Entering a new market gives pharmaceutical companies the chance to breathe some fresh air into their sales, especially if sales have begun to stagnate in other areas.

It’s particularly recommended for brands that have expired patents, since moving into a new market offers the chance for a clean slate, allowing for the brand to extract additional value from a product that might not be as profitable in its current area.

Just be aware that significant market research is required before expanding into a new region, especially if it’s an overseas territory.

Seeking New Products

Ideally, you’d grow while remaining exactly where you are — and the best way to do that is by investing in research and development and bringing a new product to market.

There’s a whole ocean of potential products for brands to pursue, including RNA drugs, physical enhancement drugs based on high-purity lgd4, and gene replacement therapy.

Allocating a significant percentage of your budget — say, 15 - 25% — can sound excessive, but it has the potential to bring billions of dollars in revenue.

Plus, investing in the products of tomorrow today can offer a safeguard against the expiration of any patent protection that your products currently hold. 

Attracting and Retaining Talent

Having top talent on board can make or break the fortunes of any company, and it’s especially true in the pharmaceutical industry, where having the best researchers, salespeople, and executives can be as transformational as when a sports team signs a generational talent.

By investing in this part of your organization, you’ll be increasing the chances of having seismic breakthroughs.

It can also help develop new partnerships and opportunities if you hire people who already have industry experience. 

Navigating Regulatory Hurdles

For many pharmaceutical companies, overcoming regulatory hurdles is a time-consuming, frustrating experience that limits their potential.

These hurdles, however, must be abided by — and as such, it makes more sense to use them to your advantage.

By building relationships with regulatory bodies, businesses can help smooth the approval process, which in turn can reduce costs (since fewer retrials will be required) and speed up the time it takes to bring a product to market.