Research and GTM Strategy
Market Research and Go To Market Strategy for Pharmaceutical Company (2023)
HGHS decided to expand their service into is the pharmaceutical sector to diversify their offering between project, service and product sales. It was very important for them to insure that their decision is right based on accurate market study and they have the best go to market strategy and business plan to execute.
HGHS approach several consulting firms to assist them in conducting this task, but they decide to delegate this project to us for three main reasons:
Our understanding for their requirements during the qualification phase
The involved team experience
The time frame delivery
The project was divided into three sequensial phases, each phase were took between 6-8 weeks.
We started the study with several workshops with the leadership team of HGHS to raise their knowledge about the pharmaceutical industry. Those workshops were moderated by one of our subject matter experts who was giving them the basic tools to understand the new field, so they can be aligned with the project progress.
After insuring they understand the terminology of the business, we suggested several SKUs to be covered by the study based on our experience and preliminary research and reports, with the consideration of the Demand, Profitability,Access to source and Regulatory
The first suggested items list were consisting of 35 deferent items to be studied and it was filtered down to 13 targeted item after completing the study.
The data collection followed two methodology, quantitative and qualitative. The quantitative date like market size, pricing, regulatory, performance over the past three years, competition shares, international and local manufacturers…etc. For each item we collected 67 piece of information which were collected collected from 8 deferent public and privet sources.
After 6 weeks of quantitative data collection, we did the first analysis and present the result to HGHS. After that we decided with the client to focus on some of the items and proceed with the qualitative research which were including meetings & interviews with three main categories:
Physicians who are prescribe the medicine
Regulators who understand the demand and need
Suppliers who would be potentially sourcing the medicine
The objective of the qualitative study is to validate the quantitative study outcome, understand the market trends and dynamics and build the business plan based on insightful information.
After 8 weeks of meetings and interviews with 87 persons from deferent categories, the picture were clear and the business plan were more realistic to be built.
A report of all the collected data, with easy to understand visualization where submitted to the client and a detailed business plan were handed over with clear go to market strategy and action plan for the first three years.
During the project execution, a weekly meeting were conducted with the client to report the outcome of the previous week and the actions for the week after, which affect positively the customer understanding of the industry and the GTM strategy accordingly.
Power in Numbers