The Pharmaceutical and Life Science industry has grown to become one of the most complicated and challenging industries in the business world. From technical aspects such as target selection, drug discovery and clinical development, to manufacturing, supply chain planning, and sales and marketing, the road goes narrow and the tunnel gets dark. There are countless issues in the industry including poor R&D productivity, peer pressure to demonstrate value, loss of pattern protection and generic product competitive threat. Moreover, the regulations and compliances in the industry are very complex, emerging markets are uncertain and while there is more value based pricing, some drugs are not covered by payer authorities. Also, clinical development has risks that can lead to significant financial pressures and pipeline challenges.
However, sophisticated analytics and technologies, and market places suited for patented deals are leading towards new drug development efficiencies. And with the advancement of drug development come new challenges (specifically in global manufacturing and supply chain). Hence, grows the need for perfect balance in cost, service and risk in order to succeed. Additionally, we must be able to answer questions like; should we produce products in house or should we use contract manufacturers? Which model of packaging and distribution is best suitable? How do we tap emerging markets? And is the supply chain tax efficient?
There is no denying that amid all the challenges and opportunities, Pharmaceuticals and life science industry is changing. The traditional sales rap detailing process is undergoing major changes as access to prescribers is reduced. Drug selection process is shifting to a centralized body, technologies are being deployed to maintain stricter controls and Pharma companies are channelizing multichannel marketing and digital initiatives to gain access to positions in non-traditional ways.
Amid these changes, the industry is in great demand of trusted advisers that can navigate through the path ahead. It needs experienced organizations which have been in such scenarios and have managed to help work through these challenges. Insights Success has acknowledged the efforts of such companies by shortlisting them in “The 10 Most Innovative Pharma and Life Sciences Solution Providers 2019”.
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