With a compounded annual growth of 6.5%, the worldwide prescription drug market is getting bigger day-after-day, estimating to touch the $1.06 trillion mark by the end of the year 2022. Meanwhile, the drug prescription market continues to grow; start-ups are playing a crucial role in promoting the pharma companies present across the world; in turn, helping the market grow a fold bigger and better.
According to a report of HBM Partners, since last five years, the start-ups emerging in the medical sector of the industry are driving innovation in the pharma industry. These start-ups introducing innovation are known to account for 63% of new prescription drug approvals held in the last years. The start-ups in the market are not just driving innovation in the industry, but providing a helping hand in the growth of big pharma companies by different means, such as:
Fueling Innovation
The small start-ups are bringing in innovation and the latest technologies in terms with the big pharma companies. Developing collaboration between multidisciplinary teams, closer working relationships are being developed, helping different companies understand the precise genomic and molecular stratification of patient groups. Such collaborations between big pharma companies and small start-ups help in the processing of individually customized drugs for a patient, and delivery of the same in every corner of the world.
Building a Better Market Visibility
All the start-ups emerging in the market are digitally sound and use online mediums alongside the traditional offline trends for selling their products. Collaborating with Big pharma companies to sell their products or drugs, these small-scale start-ups are working as an indirect marketing technique for already established brands, developing better branding for big pharmaceutical companies. Also, opting for digital transmissions shall bring in better outcomes for big brands. Start-ups tend to offer things on discounts to lure customers and try to cover almost every corner of the world, that will help big brands to reach customers in the far and wide and generate profitable and positive outcomes for their company.
Better Connection with the Patients
The digital means used by start-ups help in providing them a seamless relationship with the patients or the users. Using digital communications, innovative brand platforms, easy-to-use mobile applications, and comprehensive brand websites, the start-ups are available at the fingertips of customers for any and every sort of communication. The digital communication methods adopted by start-ups help in getting better consumer insights, that can help the big pharma companies in tracking consumer buying behavior and consumer preferences. Such tracking can help the esteem brands to develop their marketing or production techniques complying with the patient requirements.
More Business Opportunities
Digital health solutions provided by start-ups often offer unique technologies and services that can rope in better business opportunities for big brands. Often the unique services offered by start-ups help in promoting the brand by building in customer trust and inducing loyalty amongst them. And customer loyalty plays a pivotal role in driving the profitability mark of a business.
Analyzing and understanding the market requirements from every perspective it can be rightly said that start-ups play a crucial role in promoting big pharmaceutical companies and bring more business to the market. Offering better market visibility, building customer trust and helping big companies reach individual patients, make a brand name in the market. One such startup O4S is helping induce brand loyalty in the hearts of patients with its unique scan and learn technology that allows consumers to scan QR codes available on products and attain all the required information. This generates a satisfactory feeling amongst the people by telling them whatever they are using, how right the product is. Start-ups are the future of every industry and to stay in the market, it is needed for the big companies to shake hands with them as success is a give-and-take journey.
