The client manufactures and commercializes medicines, vaccines, and diagnostic products, which are complemented by bio devices, genetic tests, and a range of services. It has been operating in the market for more than 8 years and has approached us to understand the changing market trends to expand their operations, and to make themselves accessible to the customers.
To help the client better understand the business conditions we conducted and in-depth market research which consisted of the following:
The market size and trends helped us understand how likely it is for a business to scale in this industry and if so at what rate can we expect the industry to grow over time. We discovered the following stats regarding the Veterinary Practices Industry:
According to the American Veterinary Medical Association, there were a total of 113,398 veterinary practitioners practicing in the United States in 2018, as compared to 110,531 practitioners in 2017. An increase in the veterinary hospitals/clinics and favorable government policies and easy access to medical reimbursement policies will further project the growth in this region.
The Competitor Analysis helped in understanding the key players in the market in the veterinary business and their relative strengths and weaknesses. Specializations and unique selling points of each of the competitors are mentioned in the analysis, which helped our client identify what value addition they could do to their products to capture a greater market share.
Furthermore, our client was enlightened about the current industrial practices that can help them remain up to date. Most of the practices involved various inventory management techniques and accounting software. For instance, the new utilizing operating-room usage forms and in-hospital tracking forms will help the client’s employees accurately invoice charges along with the supplies used.
Through the Analysis, Avvale suggested the company to make use of digitalization for its products. Apart from digitalization and proper supply chain management, Avvale created a plan to focus on 3 important factors to remain competitive in the market:
- Prioritizing Employees Comfort
- Signing of Purposeful Partnerships
- Spending on Research and Development