Finding profitable growth drivers: Take part in new industry survey
While the animal health industry is set for strong growth in numerous segments, the breadth of its challenges is also increasing. A new survey by global strategy and marketing consultancy Simon-Kucher & Partners aims to reveal where and how companies can capitalize on this opportunity.
Simon-Kucher & Partners has launched its new industry survey – a first for the animal health community.
With this new survey, the company hopes to put the spotlight on the key trends and challenges impacting the market and identify what industry leaders can do to stay ahead. The survey will run for the next three weeks and results will be published in Animal Pharm.
The global consulting firm and world leader in pricing expertise told Animal Pharm it draws upon "unrivaled cross-sector experience and extensive project knowledge with the world's top animal health firms". With this new survey, the company hopes to put the spotlight on the key trends and challenges impacting the market and identify what industry leaders can do to stay ahead.
Graham Tatham – director at Simon-Kucher – said he understands why animal health companies are struggling with the dynamic landscape.
"While we have seen unprecedented growth in the animal health industry, it has come with a number of new challenges for pricing and commercial teams," he explained. "For example, our clients have been tackling the rapid consolidation of customers, growth of online and offline channels, and more complex product and service business models. They face increasing price pressure and, quite often, don't have the know-how and tools to manage it.
"The market has been growing at a considerable rate, leading to an influx of investment and the consolidation of veterinary practices. Consumers have been spending more money online too. Companies need to revisit their pricing approaches to accommodate and steer behavior in these new customer landscapes.
"In addition, animal health companies cannot afford to completely lose sight of their main strategic goals.
"You have to ensure successful monetization of R&D investments by setting optimal prices for your products to begin with. As a product matures, commercial policies and promotions can be used to drive uptake, but these instruments must be fit for purpose and always reviewed in the context of their effectiveness in meeting the product's strategic pricing objectives.
"How companies step up to these commercial challenges may prove to be the driving force behind profitable growth in such a fiercely competitive market."
Simon-Kucher launched its survey today and is inviting commercial and pricing professionals from across the veterinary care industry to participate and benefit from the findings.
Take part in Simon-Kucher's Animal Health TopLine Power survey.