The first of a series of papers, this document presents the four key challenges facing the Pharmaceutical Industry, our vision for the industry in 2020 and five strategies to accelerate the transformation of the industry to meet those challenges.
The report makes a number of interesting observations that may be useful in shaping the future of many Pharmaceutical companies, including:
- Emerging Markets growth will pressurise profit margins.
- R&D productivity has been decreasing steadily over the last 20 years.
- Social Media gives patient groups a greater voice and is empowering individuals.
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Global healthcare spending is set to continue to rise in the period to 2011, but ageing populations particularly in Western countries will place increasing pressure on available government healthcare budgets.
This, combined with the fact that an additional $24 billion of branded products will lose patent protection in the top eight markets in 2009, will reinforce the rise of generic drugs and place increasing pressure on profits for global pharmaceutical companies.
The business structures of the Pharma industry are complex and unsuited to the new dynamics of the market. What are the common areas of high cost consumption and what are the best ways of tackling them?