How will Life Sciences and Analytical Instruments companies plan for the next three to five years after navigating a tumultuous 2020? Alexander Group’s whitepaper, 2021 Life Sciences and Analytical Instruments: Industry Commercial Predictions and Trends, reviews how companies are adapting their go-to-customer strategy in response to new realities. This article is the first in a series that takes an in-depth look at how the Life Sciences and Analytical Instruments sector moves forward into new territory.
2020 was a year of herculean effort to serve existing customers while pivoting to a virtual world. Looking ahead was nearly impossible given heightened global uncertainty, forcing revenue leaders to shorten planning horizons while reacting to volatile industry changes.
2021 is when commercial organizations build upon lessons learned and revamp their three- to five-year growth plan. Trends are emerging, providing fertile ground for companies to deploy investments.
Strategic plans must reflect new realities for revenue growth:
In light of these emerging trends, leaders will revamp their three- to five-year strategic plans to sustain top-line revenue. New growth plans will feature an emphasis on growth segments, modern revenue motions and shifts in resource deployment.
Pharma and BioPharma will receive intense focus due to increases in R&D and production spend. Clinical and Testing segments will also command a high degree of mindshare as the markets are poised to deliver sustained growth in the wake of the pandemic.
Academia is still an anchor segment but will be affected by uncertain funding. Commercial organizations will shift resources or leverage lower-cost customer coverage.
Geographies with increasing government funding and regulations, will be the beneficiary of shifts in resource deployment.
Consumables, service and informatics will see an emphasis greater than their relative contribution to revenue as companies seek to fortify more stable, recurring revenue parts of the portfolio.
Companies will invest in modern revenue motions, incorporating 2020’s lessons learned. They will shift resources to data- and technology-driven modes of engagement. Virtual interactions are now a mainstay and require continued investment to avoid stalled revenue.
Strategic plans will feature eight areas of focus, each of which will appear in future articles. New strategic priorities include:
Life Sciences and Analytical Instruments strategic plans must be proactive, incorporating new trends that enhance revenue growth. Alexander Group is a leading revenue growth expert that helps companies develop and adapt strategic plans while collaborating with clients to install the structure and management systems to execute growth strategy and capture profitable growth.
Contact us for a full readout of the findings from the latest Life Sciences and Analytical Instruments Industry Trends Study or register for one of our upcoming virtual roundtables.