The Pharmaceutical industry's long successful strategy of placing big bets on a few molecules, promoting them heavily and turning them into blockbusters worked well for many years, but its R&D productivity has now plummeted and the environment’s changing. PwC1 believes that seven major trends are reshaping the marketplace:
These trends will compound the challenges Pharma already faces, but they’ll also provide some major opportunities.
So what must the industry do to capitalise on them?
We think that it’ll have to improve its understanding of disease, reduce its R&D costs significantly and spread its bets to improve its productivity. It’ll also have to tap the potential of the emerging economies and switch from selling medicines to managing outcomes. However, few, if any, companies will be able to perform these activities alone.
Find out more - download our Introduction to the Pharma 2020 Series.