Seven major trends reshaping the pharmaceutical marketplace
The pharmaceutical marketplace is changing dramatically, with huge implications for the industry as a whole. We have identified seven major socio-economic trends.
1. The burden of chronic disease is soaring. The prevalence of chronic diseases like diabetes is growing everywhere. As greater longevity forces many countries to lift the retirement age, more people will still be working at the point at which these diseases start. The social and economic value of treatments for chronic diseases will rise accordingly, but Pharma will have to reduce its prices and rely on volume sales of such products because many countries will otherwise be unable to afford them.
2. Healthcare policy-markers and payers are increasingly mandating or influencing what doctors can prescribe. As treatment protocols replace individual prescribing decisions, Pharma's target audience is also becoming more consolidated and more powerful, with profound implications for its sales and marketing model. The industry will have to work much harder for its dollars, collaborate with healthcare payers and providers, and improve patient compliance.
3. Pay-for-performance is on the rise. A growing number of healthcare payers are measuring the pharmacoeconomic performance of different medicines. Widespread adoption of electronic medical records will give them the outcomes data they need to determine best medical practice, discontinue products that are more expensive or less effective than comparable therapies and pay for treatments based on the outcomes the deliver. So Pharma will have to prove that its medicines really work, provide value for money and are better than alternative forms of intervention.
4. The boundaries between different forms of healthcare are blurring. The primary-care sector is expanding as clinical advances render previously fatal diseases chronic. The self-medication sector is also increasing as more prescription products are switched to over-the-counter status. The needs of patients are changing accordingly. Where treatment is migrating from the doctor to ancillary care or self-care, patients will require more comprehensive information. Where treatment is migrating from the hospital to the primary-health-care sector, patient will require new services such as home delivery.
5. The markets of the developing world, where demand for medicines is likely to grow most rapidly over the next 13 years, are highly varied. Developing countries have very different clinical and economic characteristics, healthcare system and attitudes towards the protection of intellectual property. Any company that wants to serve these markets successfully will therefore have to devise strategies that are tailored to their individual needs.
6. Many government are beginning to focus on prevention rather than treatment, although they are not yet investing very much in pre-emptive measures. This change of emphasis will enable Pharma to enter the realm of health management. But if it is to do so, it will have to rebuild its image, since healthcare professionals and patients will not trust the industry to provide such services unless they are sure it has their best interests a heart.
7. The regulators are becoming more risk-averse. The leading national and multinational agencies have become much more cautious about approving truly innovate medicines, in the wake of problem with medicines like Vioxx.
Source : PricewaterhouseCoopers
Arrange by : Nop H.
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