Our client was a global biopharmaceutical company with a market-leading brand more than 20 years’ old. It came under intense pricing pressure due to generic entries from companies known to play primarily on price.
The company faced issues in identifying key investment areas to help maintain the brand’s market leader position. Prescient was engaged to reevaluate the client’s business model through a series of projects designed to help the client:
- Identify current and potential competitors in regulated and emerging markets
- Analyze the competitors’ manufacturing and commercial strategies
- Understand intricate details of environmental variables, such as regulatory and access pathways, contracting and tendering practices, physician-payer relationship management and support network requirements
- Identify the must-have versus nice-to-have features for proper allocation of resource
Prescient became a core part of the client’s business team over the course of a year.
Shaping Decisions | Driving Value
Prescient focused on identifying key differentiators where the client should concentrate all its energies and resources to build a successful and robust business model.
Three key elements of research were included. After identifying and analyzing potential generic threats and assessing their strategies, Prescient:
- Sought internal client stakeholder input and conducted interviews to gain insight into client personnel’s divergent opinions on preferred approaches to resolve the business issue
- Conducted market research survey with the key customer base to identify the brand’s and company’s perceived value propositions
- Introduced strategic planning measures and conducted brand planning sessions with global, regional and affiliate stakeholders
The Prescient Advantage
The highly impactful and resource-saving strategy Prescient produced was regarded as a sea change over the previous outdated and complex sales approach. The client now better understands tendering and contracting management in key geographies and is able to develop approaches that maintain the balance between competitive pricing and margin for differentiation. It is also able to identify new strategic markets and channel resources. Best practices shared in local workshops were incorporated in a global guidance document created by Prescient that has become an integral part of the company’s business planning.
Prescient helped unify affiliates with the global governance team and identified region-specific pain points. Affiliates welcomed the new strategy and reduced both cost and effort to execute the plan successfully.