Today, leading organizations in the pharmaceutical space are under relentless pressure to curtail costs while delivering effective care to patients in terms of treatment modalities. Leading organizations in the oncology drugs manufacturing space are facing the need for category market intelligence to offer reliable products without compromising on the quality. Category market intelligence helps businesses understand the market effectiveness in terms of the competitors and their supply chain activities and the supplier diversity. In the medical drugs space, manufacturers can further assess the current performance of the market and gain actionable insights into the latest trends and developments in the drugs space.
As the number of cancer patients is staggering, the necessity for oncology drugs is at its peak with a considerable number of manufacturers offering immediate medical assistance. To reach out to the niche customer segments, the client advocated the need for SpendEdge’s category market intelligence solutions. With years of expertise in offering a plethora of services, SpendEdge’s category market intelligence analysts assisted the client to gain insights on the buying preferences of the customers and helped the client understand the potential risks associated with procurement.
The Procurement Pain Point and Insights Offered
A renowned oncology drugs manufacturer was facing predicaments understanding their customers and preferences. The client wanted to understand the market landscape in terms of market dynamics, drivers, and niches. Furthermore, the client wanted to devise a robust SWOT analysis to identify the barriers, opportunities, and market trends in the healthcare industry. The client further wanted to leverage the use of category management to improve cost savings without compromising the quality of the products. With the help of category management solutions, the client wanted to capitalize on the opportunities to derive maximum value and gain better visibility into the supply chain activities.
To better understand the customers and devise an effective marketing strategy, SpendEdge’s category management experts carried out a blended approach comprising of interviews and discussions with leading stakeholders in the healthcare industry. Furthermore, the experts collated information from various proprietary sources such as paid industry databases, healthcare organizations, hospitals, newsletters, and magazines.
SpendEdge’s robust category market intelligence helped the oncology drugs manufacturer understand the suppliers and the cost structure. Moreover, the solution helped the oncology drugs client effectively understand the competitor’s category strategies and assess the potential risks, compliance, and environmental policy and maintain effective supplier relationship.
Key questions answered in this category market intelligence include
With the help of this category market intelligence solution, the oncology drugs manufacturer was able to effectively keep track of the commodities and materials in the healthcare industry. Also, the solution helped the client carry out an effective analysis to gain better insights into the buyers, the potential risks, and product portfolios.