Managing the key business challenges in the pharmaceutical and biotech industries.
In the EMEA region, the pharmaceutical market is estimated to be approximately €240 billion with an annual growth rate of over 6%. Currently the largest segment is oncology drugs with also a large generics market. The sector is strong with a focus on collaboration and innovation, but faces many challenges with a competitive global market.
Let’s look at some of the key issues facing Pharmaceutical companies in the EMEA region:
Different Pricing Models
Pricing models in the region vary country by country with some of them implementing reference pricing systems. This is totally different from the US which is market driven and government controlled pricing in Asia Pacific. So how do you work with these different pricing models? What is the best strategy for your organisation?
State Healthcare Systems
Centralised and formal public health care systems in the region influence access to medication and drug development. How can you build better working relationships with these healthcare organisations?
People Challenges
There are issues with retaining and recruiting new talent will stop there is a shortage of relevant qualified people. How can you keep the talent that you have and how can you find new ones?
Too much focus on generics
There is a strong emphasis and EMEA on the production of generics. Some people argue too much emphasis. Should your organisation diversify its strategy on how?
Regulatory Framework
In the EU, The European Medicines Agency manage is a unified regulatory framework which facilitates drug approvals across the whole of the union. Understanding this framework is key.
Intellectual Property
You need to protect intellectual property and patents, but it can be costly and difficult. Patent infringement is a problem for many companies in the EMEA region. What should you do about it?
Supply Chain Management
Ensuring the quality of raw product and the continuity is key to a successful business. But it’s complex and challenging. How can you better manage your supply chain going forward?
Aging Populations: There is a growing demand for drugs to deal with age-related health issues – this is both an opportunity and a challenge. Where is your company going in the future?
Resistance to Change
The industry often resists change including adopting new technologies. How can you create an innovative and change accepting mindset?
Data Security and AI
Patient data and the protection of that data is an issue. Also the adoption of AI is now on the table. Where does AI fit into your role and your organization?
MCE Recommends
These were just some of the issues that companies in the Pharmaceutical industry are facing. There are many more but we thought we would just highlight the key issues. So how can you as a manager in the industry deal with these issues going forward?
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