How a multinational firm received advisory services on Market Opportunity and Competitive Benchmarking of 8 major players across 20+ KPI in Vietnam Pharmaceutical Industry
Background and Challenge
- The client is a multinational advisory firm offering a wide range of consulting services to help organizations address complex business challenges and achieve long-term growth. They specialize in strategy, operations, digital transformation, marketing, mergers and acquisitions, and sustainability across various industries including healthcare, technology, finance, consumer goods, and energy. The client operates in over 100 countries worldwide, with a significant presence in both developed and emerging markets.
Challenges Faced by Client:
- Barriers in assessing the Overall Market: The client approached Ken Research and Strategy Advisory to assess the Vietnam Pharmaceutical Market and understand its competitive landscape. They aimed to establish a presence in the market, with a primary focus on specialized drugs and vaccines. Ken Research provided expert guidance, enabling the client to gain valuable insights and develop an effective entry strategy for the dynamic pharmaceutical landscape in Vietnam.
- Require an advisory on the competition: The client sought to understand the competitive scenario in the Vietnam pharmaceutical market. They wanted insights into the competitive landscape, including the key players, market share, pricing dynamics, and strategies employed by competitors.
Vietnam Pharmaceutical Market at Glance:
- Total revenue generated from the sales of drugs in Vietnam has reached $ 5,420 Mn in 2022.
- This exponential growth of the Vietnam Pharmaceutical Market is driven by multiple factors including Government Initiatives and Reforms, Aging Population, increasing expenditure on health, and Prevalence of Chronic Diseases.
Approach and Recommendations
Phase 1: Provided the study on the buyers journey
- Ken collaborated closely with its client to gain a comprehensive understanding of the Vietnam Pharmaceutical Market.
- In-depth and detailed discussions were carried out with the top decision-making authorities.
- Through in-depth market research and analysis, Ken assessed various factors such as market dynamics, regulatory landscape, competitive landscape, customer preferences, and growth opportunities.
- These discussions gave the client the possible opportunity to know-how about the Vietnam Pharmaceutical Market.
Phase 2: Key Analysis on the competitive landscape
- Determining the market share of different pharmaceutical companies operating in Vietnam is essential to understand their relative positions and competitiveness.
- Studying the strategies adopted by pharmaceutical companies in Vietnam is crucial in understanding their approach to gaining a competitive edge. This may include strategies such as product differentiation, pricing strategies, marketing and promotion efforts, partnerships and collaborations, and expansion plans.
- This analysis provides insights into the market dominance of certain players and their ability to capture a significant portion of the market.
Phase 3: Quality Recommendations and advisory for the client
- Ken Research devised a comprehensive and phased plan for the client's market entry. Leveraging their expertise, Ken Research developed constructive strategies tailored to the client's specific needs and goals. These strategies encompassed various aspects, including market positioning, product portfolio optimization, distribution channels, pricing strategies, marketing campaigns, and regulatory compliance.
- Providing detailed case studies on best practices adopted by top players in the market.
- Ken has been successful in building a strategy based on the understanding and future scope of the market based on our analysis.
Result and Conclusion
Constructive Market Assessment
The competition specific market assessment will enable the Client to substantially develop their understanding about Regulations, Future opportunities and recent trends in the market.
Understanding of Competition in Vietnam
Ken Research delivered a comprehensive Competition Framework analysis, This understanding would help the client make informed decisions and develop effective strategies to navigate and succeed in the competitive pharmaceutical market in Vietnam.
Valuable Insights on Growth Drivers and Challenges
- By gaining insights into the factors that contribute to market growth and Understanding the challenges will enable the client to make informed decisions, and tailor their market entry approach to capitalize on growth opportunities and overcome potential obstacles.
KPIs across 8 major players in the Vietnam Pharmaceutical Industry