Stimulants for the market
Compared to sectors like fashion, the pharmaceutical industry offers much more consistency. This is due to strict regulation on the one hand and the market dominance of a few large corporations on the other. This unique situation makes it more difficult for brands and retailers to establish themselves on the market.
In addition, there are supply bottlenecks as a result of the ongoing crisis of globalization and price-sensitive consumers who are quick to resort to cheap generics if alternate brands are not able to position themselves dynamically. Nevertheless, e-commerce experts see a market filled with potential for manufacturers and retailers – as long as they are able to fill existing niches quickly and flexibly.
Because as competitive as this market is, its clientele is extremely reliable. For most people, health is such a fundamental need that they will not reduce necessary medical expenditures even in times of recession. In part, this is because the cost of many medicines are fully or partly covered by insurers. The introduction of electronic prescribing will fundamentally transform online sales of prescription medicines. Manufacturers and retailers can count on even more reliable margins when volumes are significantly increasing. However, competitive pricing is and remains the key to success. This is especially true for OTC products. Constant price optimization can create significant added value for customers, so that they will always return to the same vendor when searching for the best price.
Understanding the market to influence the market
Data-based pricing without automated support is inconceivable these days. Only with the help of high-quality data collection and experienced experts at your side is it possible to gather and organize the necessary amount of information and draw the right conclusions for your business. We can help you sort it out – with data consulting and custom, personalized solutions using our unique SaaS+ approach.