The pharmaceutical industry has undergone many challenges over the past several years. Chief among these is a growing outcry over the prices charged by pharmaceutical companies. As pharmaceutical companies come to grips with this issue, there are many crucial trends to watch. Entrepreneur Susan Kusek examines the new developments coming for 2019 and beyond.
Restructuring of Global Companies
Global pharmaceutical companies have been repositioning their firms for today’s business landscape. Old product lines are declining and being released as generics, and new products are being created. However, these companies may still need to downsize or restructure their firms. When firms are restructured, the cost savings allow for pharmaceutical firms to put more money into research and development.
The pharmaceutical industry is known to be wasteful. These companies need to be more efficient in terms of drug development. AI systems can help companies streamline their processes, using a data-driven approach to product development. When data is the focus of pharmaceutical trials, new insights that were overlooked can be made advantageous.
Budget Management Updates
The public may believe that new and experimental therapies are exorbitantly priced, but pharmaceutical companies cannot cover the cost of developing these medications for cancer and other serious diseases without the price tag. As a result, pharmaceutical companies are containing costs over the short term.
Increased Demand for Generics
Along with the United States, many European countries are demanding more generic drugs. The revenue drop that comes with making medicines generic could be damaging to the pharmaceutical industry. Pharmaceutical companies will need to find new ways to make money under these changing conditions.
Medicine and Technology
More pharmaceutical companies will partner with tech companies to integrate their products. For example, there are Bluetooth-enabled asthma inhalers that can transmit doses, times, and whether the inhaler was properly used. Doctors and patients alike can use this data to reduce patients’ attacks and to ensure their ongoing health.
Wearable health monitoring devices are another area where the pharmaceutical company can take advantage of the newest developments. When wearables are integrated with pharmaceuticals, patients will receive better care and the pharmaceutical company will be able to collect useful data about their products.
More Patient Input
As 2019 progresses, more pharmaceutical companies will be focused on patient experiences. The pharmaceutical industry largely focuses on physicians as its customer base, but the patient should be considered as well. Communication about advantages and disadvantages such as side effects should be kept open at all times.
Immune therapies and targeted cancer medications are being produced which will target the use of a medication to a single person’s care. These medications can significantly reduce the risks to patients from such medications as broad-spectrum chemotherapy. Highly individualized medicine can help the sickest patients, but it is an expensive proposition.
Popular Image Problems
The ongoing issue of the popular perception of the pharmaceutical industry needs to be addressed. Pharmaceutical companies need to be more upfront about the costs of developing a new drug. The public often views these enterprises as wasteful. Tightening up cost margins will help the pharmaceutical manufacturers enhance their standing in the public eye.
Keep Abreast of Pharmaceutical Trends
The industry is in a constant state of change, responding to outside pressures and growing through many challenges. Susan Kusek encourages doctors, patients, and pharmaceutical experts to stay on top of the industry’s developments. These changes could lower prescription costs, increase efficiency, and provide better care for patients around the world.