This is the business-focused blog where we discuss:
- Common challenges within B2B relationships between pharmacovigilance services and pharmaceutical companies.
Table of Contents
Introduction
Through insightful discussions and thorough analysis, we aim to demonstrate the challenges that arise in this crucial relationship.
Join us on this journey as we seek to find effective solutions and foster a stronger collaboration between pharmaceutical companies and pharmacovigilance services.
Together, we can work towards safer and more efficient drug monitoring and ensure the well-being of patients worldwide.
During our work as a pharmacovigilance service provider since September 2022, to start-up our mission we have encountered and identified numerous challenges that are commonly faced by both pharmaceutical companies and pharmacovigilance service providers.
“In the dynamic landscape of business-to-business operations, uncertainties may pose as challenges, but they are not definitive failures. Embrace the unknown, strategize, and journey forth, seeking the right path with fewer unfortunate turns along the way.”
Exploring B2B
B2B is a globally competitive business format, with a majority of businesses operating under this model. Rough estimates indicate that B2B sales can constitute anywhere from 70% to 80% of total sales in certain industries, although it may be lower in others.
Purely B2B models are often depends on product-based companies. The primary focus within B2B is generally on providing services.
Analyzed Challenges
The challenges outlined below are explored from a unique perspective, specifically focusing on the pharmaceutical industry and pharmacovigilance service providers.
These challenges can include:
- High volume of adverse event reporting
- Backlogs causing delays
- Late submission of critical data
- Quality issues impacting product safety
- High pricing causing financial strain
- Increased employee turnover
- Compliance challenges and regulatory hurdles
- Data protection concerns and security risks
- Highly sensitive and confidential information at stake
1. High volume of Adverse event reporting
In recent times, due after the COVID-19 pandemic, there has been an unexpected surge in the number of adverse events being reported on a daily basis, making it difficult for pharmaceutical companies to effectively manage adverse drug reactions (ADRs).
π’ Here is an article where we discuss one of the reasons behind the increased flow of adverse event reporting after the COVID-19 pandemic.
2. Backlogs causing delays
One of the secondary concerns caused by the high volume of adverse event reporting is the accumulation of cases, resulting in backlogs that cause delays in addressing and resolving the reported adverse events.
3. Late submission of critical data
The high volume of adverse event reporting and resulting backlogs can lead to cases being pushed into a dead end, causing delays in the submission of critical data.
This is a significant problem for pharmaceutical companies as there are penalties for late submission.
As a service provider, it is essential to communicate clearly about the situation and explore alternative solutions to minimise delays in critical data submission.
4. Quality issues
The aforementioned factors can also contribute to quality issues. Meeting promised quality is a significant challenge for many companies, and failure to do so can result in broken deals and loss of business opportunities.
Quality management is a crucial aspect of the pharmaceutical industry, and companies must prioritise it to maintain customer trust and achieve long-term success.
5. High Pricing
In service-based businesses, the price a company pays does not guarantee the expected quality.
The true value lies in assessing what companies actually receive, regardless of the price. It’s crucial to consider factors beyond cost, such as a service provider’s track record, reputation, and expertise.
Aligning specific needs with service offerings ensures companies choose providers that deliver the desired outcomes. Ultimately, the focus should be on value rather than price in order to make informed decisions.
I recommend checking our pricing, which you may find insightful.
6. Increase employee turn-over
In the wake of the pandemic, the prevalence of job resignations has increased significantly. However, a concerning trend has emerged where many companies fail to understand or listen to their employees.
Moreover, some companies have initiated lay-offs, potentially due to the emergence of AI implementation.
π’ PS: I just ignore to detail for those points 7, 8 & 9 it may considered very common factor in all the services, but definitely very significant factor to consider when it comes to data protection.
Conclusion
In conclusion, we have identified pain points and devised effective solutions that meet our company’s needs. Through diligent research and analysis, we are confident in the success of our chosen strategies.
We are committed to monitoring progress, making adjustments, and driving positive results. Join us on our page to find our solutions and embark on a path towards achieving our goals.
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