Biopharma procurement trends in 2023 — It’s not pretty
The biopharma industry is facing some tough market conditions, with inflation and drug pricing constraints having the biggest negative impact on the sector. In addition, there has been a decline in FDA drug approvals which poses further challenges for pharma contract manufacturers.
Due to these tough market trends, it is becoming increasingly difficult for biopharma vendors to maintain their sales pipelines and generate new sales opportunities. The current economic climate has led to a decrease in demand for biopharma products and services, as well as increased competition from other vendors.
Companies (especially small biotechs) are pausing or terminating their preclinical programs and focusing instead on assets that are already in the clinics. This shift can have significant implications for biopharma vendors who rely heavily on sales and lead generation from new products entering preclinical development.
For those working within the industry, it’s important to be aware of these trends so that you can adjust your strategies accordingly – particularly when it comes to marketing campaigns aimed at potential customers involved with early-stage research projects.
Staying informed about current market dynamics will help ensure you remain one step ahead of competitors while still being able to offer valuable services/products which meet customer needs even during times when budgets may be tight due to budget constraints.
How to work around tough market
However, despite these challenges, there are still plenty of opportunities out there for savvy biopharma vendors who know how to adapt to changing market conditions and navigate through the storm. I suggest tuning in to Jeb Blount’s exclusive episode on the Sales Gravy Podcast, as he shares an influential message regarding the strategies needed to surpass the current crisis in sales. Discover the reasons behind the effectiveness of adopting a squirrel’s mindset, the early actions taken by successful rainmakers, and the importance of facing reality by wearing your swimsuit.
Here we will look at some strategies you can use in order to address tough market trends in the industry:
- Eliminate Customer Success Bottlenecks: Focus on providing exceptional customer service by responding quickly to inquiries or issues that may arise with your product or service offering; this will help build trust among customers which can lead to more referrals down the line.
- Develop a targeted marketing strategy: In order to stand out from your competitors you need an effective strategy that focuses on reaching potential customers with relevant messages about your products or services. This could include using data-driven insights such as customer segmentation and performing focused campaigns to specific segments. For example, let’s say you just published a nice case study with an oncology-focused biopharma. Use that to approach other oncology-focused companies.
- Double down on outbound sales: Many companies rely on inbound lead sources and their network in bull markets and only start to consider outbound when top-of-the-funnel begins to dry up. The beauty of outbound lead generation is that it’s exhaustive if done right. You can literally deliver the message in one way or the other to most of your market out there and find that 2-3% of the prospects who are looking to buy today.
- Strengthen your brand: Create content such as blog posts or videos highlighting your expertise in the field which will help you establish yourself as an authority figure within your niche – this can also increase visibility amongst potential customers who may not have been aware of you before seeing your content online.
- Leverage digital channels: Making sure your brand has an online presence is essential if you want customers to find out about what makes you unique among other suppliers – having active and up-to-date accounts on LinkedIn for example helps build relationships with potential buyers while also increasing visibility around particular offerings.
By taking advantage of all these tips above, biopharma vendors should be able to take control over how they navigate through today’s market conditions while still growing their businesses successfully over time despite any headwinds present along the way. I’ll write some more thoughts on biopharma lead generation soon so stay tuned.