For research, development, manufacturing and distribution of drugs, the pharmaceutical industry needs various forecasts depending on the targets.
As for other sectors such as Chemistry for example, pharmaceutical industry needs forecasting of the demand for drugs by type of product and by customer segment (hospitals and clinics, pharmacies). It needs also forecasting of demand for products that go into the production of drugs. The sector must also rationalize and optimize the supply chain management activities. These forecasts are made on both time series models and causal models with exogenous variables.
For new products resulting from continuous innovation (to reduce life-threatening ailments and diseases in the years to come), pharmaceutical industry makes predictions based on the modeling of the innovation such as diffusion and growth models in particular.
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