The Pharma / Biotech industry has been one of the most significant enablers of human progress over the last decades. It has lengthened average life spans, improved the quality of life and enabled humans to be more productive.
In return, pharma was able to get relatively high prices and favourable conditions for its products. Its investments and efforts in R&D and innovation were handsomely rewarded with patent-protected high margin revenue streams. Doctors prescribed drugs – patients, if they wanted to get well, accepted the doctor’s prescription almost without question, and payers footed the bill. So the key to marketing drugs to pay for the next innovation was to focus on doctors. The business was so lucrative that Pharma did not have to impose “lean” practices on its workforce like other industries.
In recent years the Pharma industry has faced big changes:
The Patent Cliff
Patent expiry has had a major negative impact on Big Pharma’s revenues. Patent expiry is peaking now, but the billions in revenue losses will be felt even more heavily in coming years as low-cost generics competition intensifies.
Pharma companies are scrambling to extend their product life cycles through different strategies with varying degrees of success. They are also expanding their portfolios beyond prescription drugs.
Power-shift from Doctors towards Payers and Patients
Over last two decades, pharmaceutical expenditures have consistently increased faster than GDP. The Patent Cliff represents a great opportunity for payers (governments, insurance companies, employers, and even patients) to:
- Accelerate generic penetration
- Stabilize costs
- Reduce price benchmarks for entire therapeutic classes
- Insist on value for money
From a public health perspective, such an opportunity may allow better accessibility to and affordability of pharmaceutical products.
Cost-containment to Curb Healthcare Deficits
Payers will not stop their efforts to contain the healthcare costs. Demographics and macroeconomics pose increasingly large challenges to health policy makers.
With an ageing population,
- More people are subject to age-related illnesses, which are costly to treat.
- There are proportionally fewer individuals who work and earn money. This makes it harder to levy sufficient taxes and insurance premiums.
High unemployment further reduces the sources of healthcare funding and adds to healthcare deficits.
Public and private payers will continue to deploy every effort to exert more and better control over the pharmaceutical industry. For example:
- Controlling how medicine is practiced
- Dictating how, to whom, by whom and according to which criteria pharmaceuticals are to be prescribed
- Imposing preferred use of generic drugs or cheaper alternatives
- Capping or cutting prices
- Restricting or stopping reimbursement
- Modulating doctors’ remuneration to pharma expenditures targets
Patients are Empowered
Patients are much more knowledgeable about their diseases, different choices for medication, and even different methods of treatment. No longer reliant on their doctors as the sole source of information, they are taking control of their treatment. For the first time, they are empowered by freedom of choice.
Many do not qualify for reimbursement, or only for partial reimbursement. Even those who do are increasingly urged by payers to consider self-care and OTCs.
So the Pharma industry faced with these changes, now needs to make sure that their employees and teams are ready for new challenges and are agile, responsive and versatile.
Management Centre Europe provides different learning and development services that are adapted and relevant for the Pharmaceutical Industry. MCE runs over 50 different Open Training Programmes across the EMEA region. 4 of the most popular programmes for the Pharma and Biotech Industry are: the 5-Day Mini MBA for the Pharma & Biotech Industries, Developing Personal and Impact, Successfully Managing People and Assertive Training for Women in Business.
InCompany Training for Pharma & Biotech Companies: 3 Ways to Develop your People.
MCE Corporate Learning Passes
If you have individuals or small groups who need to develop specific skills: MCE’s Open Training programmes are the ideal solution. With over 50 public programmes running through Europe and the Middle East, you can easily find a programme to match their needs.
For companies, Corporate Learning Passes are the simple and cost effective solution. These passes give you and your people, easy access to MCE Open Training Programmes at great prices. To find out more, click below.
For Human Resources and Training Professionals, we have a special opportunity for you to experience an MCE Open Training Programme. For full details please click below.
MCE InCompany Programmes
If you have larger groups (typically more than 5 participants) who need to develop specific skills : MCE can run any of our 50+ Open Training Programmes just for your company. These “off the shelf” programmes can be run at any location that you choose and at a time that suits you. It can be a very cost effective way of developing your people in key skills that they need for their roles. You can save up to 50% off your investment on travel and hotel costs and create a great team spirit at the same time.
Create your own MCE InCompany Proposal
Follow the link on the image or below and fill out your basic details and needs . You will receive your Incompany Proposal immediately including programme outline, logistical details and the overall pricing.
Click here to create your own proposal.
MCE Customized Learning Solutions
Sometimes “standard” programmes are not what you need for you and your teams. Your company might have specific competences you need to develop or you need to customize a programme that focuses on your companies specific challenges. Then the ideal solution for your company is a Customized Learning Solution.
5 Step Approach to your Customized Training