Pharma and Analytics
Looking at the current Indian market we see a lot of competition between companies for almost every product and even though a scarcity of quality goods to the current market. Owners are focused more on the quantity compared to the quality as the personal opinion about the product is "It's the Best", however, my question is "IS IT??"
Is your product up to the mark? You may follow all the government rules (sometimes you may don't), is that all you consider when you develop a product. I would recommend to take a look over customers demand, take a look over trend of the market, take a look over the size of the product, take a look over shape of the product, take a look over the advertisement content for your product and take a look over many more variables applied to respective industry.
Talking specifically about Pharma Industry, from the previous 10 years of experience, I have seen a tremendous R&D about a product before it bring to the market. I have seen crores of investment on clinical research and statistics,however, have seen a minimum investment on understanding customers perspective. If a company wants to bring a testosterone booster (which is 100% herbal as they say) and looking at the current scenario of the market they found only 10% consumption of similar product coming up with the a huge interest in consumption if it is going to boost muscle growth and more of it must of Herbal. On the same time looking at the current established Indian market they find the market has captured by Protein shakes and BCAAs so now challenge is how to sell the product?
We found a solution for same and found a purchase trend of BCAAs and Proteins and a proper diet. By comparing the purchase history of same with acceptance of testosterone we found a person who already has consumed BCAA alone is more receptive towards testosterone. So company X will be focusing more on BCAAs consumers to target and hence they found their target audience.
This pattern is not same for all product as customers opinion differs by product to product and hence a genuine suggestion for all pharma companies " before you go live, have a discussion about consumer behavior analysis".
Snehalkumar Kadam
Email : snehalkumar.kadam211@gmail.com
Phone: +91 7875421323
Coming up in the next article about data analytics and google adwards.
Is your product up to the mark? You may follow all the government rules (sometimes you may don't), is that all you consider when you develop a product. I would recommend to take a look over customers demand, take a look over trend of the market, take a look over the size of the product, take a look over shape of the product, take a look over the advertisement content for your product and take a look over many more variables applied to respective industry.
Talking specifically about Pharma Industry, from the previous 10 years of experience, I have seen a tremendous R&D about a product before it bring to the market. I have seen crores of investment on clinical research and statistics,however, have seen a minimum investment on understanding customers perspective. If a company wants to bring a testosterone booster (which is 100% herbal as they say) and looking at the current scenario of the market they found only 10% consumption of similar product coming up with the a huge interest in consumption if it is going to boost muscle growth and more of it must of Herbal. On the same time looking at the current established Indian market they find the market has captured by Protein shakes and BCAAs so now challenge is how to sell the product?
We found a solution for same and found a purchase trend of BCAAs and Proteins and a proper diet. By comparing the purchase history of same with acceptance of testosterone we found a person who already has consumed BCAA alone is more receptive towards testosterone. So company X will be focusing more on BCAAs consumers to target and hence they found their target audience.
This pattern is not same for all product as customers opinion differs by product to product and hence a genuine suggestion for all pharma companies " before you go live, have a discussion about consumer behavior analysis".
Snehalkumar Kadam
Email : snehalkumar.kadam211@gmail.com
Phone: +91 7875421323
Coming up in the next article about data analytics and google adwards.
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