Get Ready for These Pharmaceutical Industry Trends in 2018
Companies in the pharma industry have been growing exponentially over the last couple of years. In order to cope up with these changing market dynamics, pharma companies must reassess strategic direction, anticipate and absorb change, and move with deliberate speed. In this new era, top pharma companies will have to become more proactive to meet […]READ MORE >>
Companies in the pharma industry have been growing exponentially over the last couple of years. In order to cope up with these changing market dynamics, pharma companies must reassess strategic direction, anticipate and absorb change, and move with deliberate speed. In this new era, top pharma companies will have to become more proactive to meet the demands of a wide swath of consumers. The sale of goods will undoubtedly be a priority, but pharma companies will also have to emphasize greatly on delivering positive results, which includes the well-being and optimal management of illness among targeted groups in the new health economy. Here are some of the pharmaceutical industry trends that you need to certainly keep track of this year:
Technology will positively impact pharma companies in the years to come. Pharmaceutical industry trends such as e-services have begun to automate processes across the patient journey, often resulting in improved speed and customer experience. In fact, e-services have proved to be a major platform for the growth of companies in the pharma industry. Going forward, brand teams should have technology conversations as a part of every launch strategy and specific conversations about opportunities to converge e-processes in the name of better customer experiences.
Factors such as the restructuring of the U.S. healthcare delivery system, competitive landscape of dynamic costs, and the stringent regulatory demands are challenging the pharmaceutical industry. Differentiation has become one of the key aspects of focus for top pharma companies. As such, changing the way in which players in this industry reach out to and extend patient care is one of the top pharmaceutical industry trends to watch out for this year. By using a relatively new technique known as the blue ocean strategy, top pharma companies are revamping the manner they approach their patient access strategies and product launch. Blue ocean strategy suggests that lasting success comes not from battling competitors but from creating “blue oceans” of uncontested market space ripe for growth.
Innovation will also be driven by an increase in collaboration across top pharma companies in the sector. To thrive in the ever-increasing competition in the market, pharma companies will have to work together to develop new and innovative products, services, and solutions. These companies will also greatly benefit from sharing each other’s skills and expertise. Recent collaboration between AbbVie, a research-based biopharmaceutical company, and the Google-backed life sciences firm Calico is an instance of collaboration being one of the noteworthy pharmaceutical industry trends in the recent times. Calico’s technical expertise was used to establish a new R&D facility, and AbbVie used its commercial expertise and scientific and clinical development support and to bring discoveries to market. In this manner, the two companies hope to discover, develop, and market new therapies for patients with age-related diseases and cancer.
Frequent product launch
Nearly 200 new drugs are expected to be introduced into the market in the next five years. Which means that this will be a continuation of the second wave of innovation, similar to levels seen in the mid-2000s. Furthermore, the number of medicines receiving the FDA’s Breakthrough Therapy Designation is skyrocketing. This is contributing to an acceleration of approvals. However, the global availability of these new medicines to patients varies significantly depending upon the country and disease.
To know more about the pharmaceutical industry trends and challenges in 2018