Commercial Pharmaceutical Analytics Market Trends

Growth Drivers

• Growing Competition among Pharmaceutical Companies – the competition among pharmaceutical companies is projected to escalate over the forecast period where they are noticed to pay enormous amounts of money to leverage commercial pharmaceutical analytics. The requirement for commercial pharmaceutical analytics is rising since they provide deep business insights to help pharma companies boost their sales. For instance, it was estimated that the average growth rates of organizations were noticed to grow by 2x more than without implementing commercial pharmaceutical analytics.

• Rising Customer Pool of Pharmaceutical Companies – there are thousands of pharma companies are working with a significant customer pool across the globe, therefore, the demand to implement commercial pharmaceutical analytics emerges to manage their customers and drive the production and distribution of pharma products in a more effective way. As of 2020, around 45 Americans stated to have a fair amount of trust in pharmaceutical companies to get their best interests fulfilled.

• Increasing Sales Volume of Over-the-Counter Medicines – the pharmaceutical companies making OTC drugs are observed to utilize commercial pharmaceutical analytics to boost their sales. For instance, it was anticipated that nearly 450 U.S. dollars are spent by people in the United States on over-the-counter medicines every year.

• Growing Inclination of Pharma Companies towards Advertising – pharma companies are now investing a significant amount of money in advertising where commercial pharmaceutical analytics becomes quite useful to give better insights for the profit of pharma companies. For instance, in the USA, around USD 6.5 billion were spent by pharmaceutical companies on advertising in 2020 while in 2019, around USD 80 billion were spent on research and design by the industry. 

Challenges

• Lack of Skilled Professionals
• Any unattended complexity in the operation of these tools can create huge setbacks in the daily process
• Possibility of Pharmaceutical fraud
• Lack of Awareness among the Pharma Manufacturers