Management Consulting and Pharmaceutical Companies
With a constant market growth of 8 % in 2017 and 9.1 % in 2018, consulting services in the pharmaceutical sector continue to show strong potential. The United States market generates 70 % of the global healthcare consulting revenue, while China and Australia are the other dominant markets. Among the top management consulting companies, McKinsey & Company, ZS Associates and Accenture are the firms that are most active in the pharmaceutical sector. According to a 2017 poll, these three companies are considered to provide the best consultancy services to the pharmaceutical sector.
McKinsey & Company
- The biggest pharmaceutical clients that McKinsey is working with are Johnson & Johnson, NHS, and Purdue Pharma.
- McKinsey is offering a high variety of services such as product launch consulting, marketing consulting, sales consulting, market access optimization, connection to industry stakeholders, operation and research and development (R&D) optimization.
- Alongside the traditional services, McKinsey developed centers specialized for the Healthcare sector. These are: Medtech, which combines cutting edge technology, advanced analytics and artificial intelligence to create new business models and develop innovative products, devices, equipment and software; and the McKinsey Cancer Center, which combines cross-functional oncology experience, an advanced analytics platform and external experts to stimulate innovation in this sector.
- McKinsey refocused its research insights reports to cover the constantly changing COVID-19 situation and to support businesses in making better decisions in regard to the impact of the corona virus crisis on their operations.
- The company developed the COVID-19 Action Plan, containing the following areas: Workforce protection, Supply-chain stabilization, Costumer Engagement, Financial stress testing and Nerve-centre integration.
- The biggest pharmaceutical clients that ZS is working with are Astra-Zeneca, Bayer, Pfizer, GE Healthcare, and Merck.
- Like other consulting companies, ZS Associates also offers different traditional services (internally called solutions) such as commercial strategy services, growth marketing consulting, and business operation optimization..
- For the pharmaceutical sector ZS Associates developed specialized services titled Healthcare Ecosystem Solutions, Digital and Connected Health, and Patient and Consumer Health Marketing.
- ZS Associates is publishing daily articles, blog posts and infographics regarding the COVID-19 situation and its possible future developments. Currently, they are suggesting a digital sales model for pharmaceutical companies.
- The biggest pharmaceutical clients that Accenture is working with are GlaxoSmithKline, Pfizer, and Bayer.
- Accenture offers a full range of services to pharmaceutical companies in the areas it calls Strategy, Consulting, Accenture Interactive, Operations and Technology. Those services help deliver more personalized healthcare and better patient outcomes.
- The company developed the Intient Platform in partnership with Google in order to enable the flow of information across life science enterprises. Its main components are: Clinical, which captures and standardizes complex data for better clinical trials; Research (software and services for sharing data), Pharmacovigilance (AI, machine learning, and robotics), and Patient (for supporting patients).
- Accenture has substantially reduced its 2020 revenue growth expectation due to the Covid-19 pandemic. The company's CEO Julie Sweet said that Accenture has ensured the well-being of its workers so that they can continue providing the company's services. Meanwhile, on their site they opened a COVID-19: Navigating the Impact section, and they developed a strategy based on prioritizing digital commerce.