Sales Support
sales@coherentmarketinsights.comUS.: +1-206-701-6702
UK.: +44-020-8133-4027
JAPAN: +81-50-5539-1737
INDIA: +91-848-285-0837
The global pharmaceutical industry is undergoing a consolidation phase in order to combat price pressure, competition and patent cliffs. Innovation is of vital importance for steady growth of pharmaceutical companies. Pharmaceutical companies have been mainly dependent on a few blockbuster molecules. However,with rapid decline in research and development (R&D) productivity and non-conducive regulatory environment, companies need to find different avenues of growth. The patent expiry of blockbuster drugs is expected to pave way for generics. Due to difference in genetic composition of varied individuals, innovation is becoming more complex.This is influencing players offering complementary products and services to collaborate for new product development.
There are four major factors that are impacting the value creation in pharmaceutical industry:
Demand for personalized medicines is increasing in order to ensure effective treatment of various diseases
Investments in R&D for oncology and NCDs are increasing globally in order to provide cost-effective solutions available to ailing patients.
Market Challenges
The industry is facing certain challenges such as patent cliff, cost pressure and regulatory uncertainties across the globe. This is hindering market growth to a certain extent. Moreover, regulatory authorities are becoming more stringent with the drug approval process. However, with respect to drugs for rare diseases, the FDA has offered a fast-track approval process. Moreover, demand for cost-effective treatment for chronic and non-communicable diseases such as diabetes, hypertension, thyroid disorder, obesity, and cancer is increasing. However, there is a dearth of strong products in the pipeline that offer better treatment option with fewer side effects. The fear of side effects and long-term treatment costs is encouraging patients to shift to alternative therapies.
Combating Challenges
Market players need to combat these challenges and keep their pace with the industry to sustain their market share. Mergers, acquisitions, and divestitures of products, companies or business division is a rapidly emerging trend in the market to combat prevalent challenges in the market.Companies are more focused in terms of therapy areas and hence, are divesting less focused therapy businesses. A good example is the swap deal between GSK and Novartis in 2015.
Moreover, pharmaceutical companies are investing in consumer health products,with increasing consumer’s health awareness and emerging trend of self-medication. These trends are encouraging pharmaceutical companies to enter the OTC market and leverage their brand equity among the doctors, chemists and consumers. Companies such as GlaxoSmithKline, Cipla, Pfizer, Merck, Sun Pharma, and Abbott have a focused division or subsidiary for consumer healthcare products and markets.
Moreover, to combat increasing cost pressure, companies are evolving their distribution channel. Establishing facilities or presence through collaboration in regional markets has helped companies meet local demand with reduced costs and delivery time. Emergence of e-pharmacy has resulted in creation of a separate team in the organization to service consumers ordering medicines online. Moreover, companies are connecting with consumers through social media, which helps improve brand visibility. The distribution channel has thus evolved significantly from the decade old channel consisting of only wholesalers and physical retail shops.
Patient-centricity
Patients are increasingly becoming well informed and organized, sometimes demanding for a particular product from prescribers. Therefore, companies need to be more patient-centric in their approach and provide quality care to consumers. Pharmaceutical companies are focusing on established direct to consumer distribution channels and establishing a more strong relationship with them. Moreover, companies are creating a good purchase experience for consumers through different offerings such as post-purchase medical services, engaging the patient through social media and events, and providing regular product alerts and refilling services.
Growth in Emerging Economies
The pharmaceutical industry is rapidly expanding in emerging economies such as Asia Pacific, Africa, and Latin America. These regions possess immense potential for growth of pharmaceutical companies, owing to inadequate access to medicines, growing population and increasing incidence of non-communicable diseases (NCDs). Besides, demand for contract research and manufacturing is also high in these regions. China and India are the largest emerging markets for CRO and CMO. Companies are highly dependent on China for API supply owing to low purchase cost. Overdependence on a single country can pose a challenge for the pharmaceuticals sector in the near future. Therefore, other emerging countries such as India, Brazil and South Africa are encouraging investments in their country. Besides, global companies are establishing their facilities in Asia Pacific, Middle East and Latin America regions to enable close monitoring and servicing of lucrative regional markets.
Conclusion
Pharmaceutical companies need to focus on an integrated, patient-centric, value-driven approach along with technology integration and strategic partnerships in order to capitalize on lucrative growth opportunities in the market. Major global players in the market include Pfizer Inc., Merck & Co., Inc., Bayer AG, GlaxoSmithKline plc., Sanofi, F. Hoffmann-La Roche AG, AstraZeneca plc. and Novartis AG.
There is a paradigm shift in process in the global pharmaceutical industry from product to a ‘Prodice’ (Product and Service) model, to offer affordable, accessible and quality care to patients.
Published Date : Apr 2022
Suboxone is a prescription opioid medication that is used to inhibit the effects of opioid medications, such as pain relief, which can lead to opioid dependence. Suboxone can be used alone or in combination with other drugs to treat opioid addiction. Suboxone belongs ... View more
Published Date : Apr 2022
Many types of medicines are available to help control pain, including opioids, non-steroidal anti-inflammatory drugs (NSAIDs), Acetaminophen, etc. Medications help people feel more comfortable, allowing one to start moving sooner, get the strength back more quick... View more
Published Date : Mar 2022
Animal vaccines are parenteral products that are used as prophylactic as well as in the treatment of various veterinary diseases. Animal vaccines play a crucial role in ensuring good health, longevity, and improving overall productivity of pets and livestock, in a cos... View more
Published Date : Mar 2022
Chronic myeloid leukemia (CML) is a cancer that initiates in the blood-forming cells of the bone marrow and enters the blood. It increases the number of white blood cells in the blood. Chronic myeloid leukemia is also known as chronic myelogenous leukemia. Chronic mye... View more
Published Date : Mar 2022
Sustained release coatings are designed to eliminate the need for multiple dosage regimens, particularly for those drugs whose action benefits from achieving reasonably constant blood levels over longer periods. Sustained release coatings are used for the drugs that n... View more
Published Date : Mar 2022
P2Y12 receptor blockers are group of antiplatelet drugs. Antiplatelet are medicines that stop cells in the blood (platelets) from sticking together and forming a clot. A blood clot can lead to a heart attack or stroke. The P2Y12 receptor is a key player in platelet ac... View more
Published Date : Mar 2022
Vasopressin is a nonapeptide produced in the hypothalamus, exhibits diverse physiological functions related to hemodynamic modulation, diuresis, and behavior. Vasopressin is similar to oxytocin, differing in the third and eight amino acid. Vasopressin is indicated for... View more
Published Date : Mar 2022
Hypercalcemia is a condition in which the blood calcium concentration is high. Calcium is important for carrying out normal functions of organs, muscles, cells, and nerves. It has a role in blood clotting and bone health as well. Hypercalcemia can make it hard for the... View more
Published Date : Mar 2022
A complete blood count (CBC), sometimes known as a full blood count (FBC), is a series of medical laboratory tests that give information regarding a person's blood cells. The CBC measures the number of white blood cells, red blood cells, and platelets, as well as hemo... View more
Published Date : Mar 2022
Specialty injectable is a high cost drug therapy that requires administration by injection. This medication is indicated for the treatment of chronic or life threatening diseases such as human immunodeficiency virus (HIV), rheumatoid arthritis, hemophilia, cancer, car... View more
Published Date : Mar 2022
Scleroderma is a chronic condition which commonly affects the skin and connective tissue. Scleroderma is an autoimmune disorder wherein the immune system of the body produces extra collagen protein which gets deposited in the tissues and causes hardening of skin. Coll... View more
Published Date : Mar 2022
Wilson’s disease is a rare genetic disorder characterized by excess copper stored in various body tissues, particularly in the liver, brain, and corneas of the eyes. The body needs a small amount of copper from food to be healthy, but excess copper is harmful. I... View more
Published Date : Mar 2022
Gonadotropin-releasing hormone (GnRH) agonist are potential treatment options for the CPP as they inhibit stimulation effects of endogenous GnRH and accelerate bone maturation, thereby suppressing early puberty. GnRH therapy delays the onset of puberty leading to dela... View more
Published Date : Mar 2022
Sterile injectables refer to non-oral means of administration by injecting the drug directly into the body through three common routes of administration which includes intramuscular (IM), subcutaneous (SC), and intravenous (IV). Moreover, injectables are made up of sm... View more
Published Date : Mar 2022
Duck farming plays a vital role in the poultry industry, which is one of the fastest-growing sectors in the world. Duck diseases are a major cause of concern because they can affect finances of small and landless farmers. Ducks are important to rural livelihoods becau... View more
Published Date : Mar 2022
Adoptive cell therapy (ACT) is a type of immunotherapy in which T cells (a type of immune cell) are given to a patient to help the body fight diseases, such as cancer. Types of adoptive cell therapy include chimeric antigen receptor (CAR) T cells, T cell receptor (TCR... View more
Published Date : Mar 2022
Lupus is an autoimmune disorder wherein the immune system of the body attacks body’s own healthy tissues and organs, resulting in swelling, tissue damage, and pain. The inflammation caused by lupus can affect the joints, kidneys, brain, blood cells, skin, heart,... View more
Published Date : Mar 2022
Antibody drugs are established first-line treatment modalities for a range of cancer and other diseases. On the basis of type, the Middle East and Asia Pacific antibody drugs market is segmented into Monoclonal Antibody, Polyclonal Antibody, Bispecific Antibody, Biosi... View more
Published Date : Mar 2022
DHA (docosahexaenoic acid) is an omega-3 fatty acid found in fish oil, algae oil, krill oil, and other sources. DHA is important for the development of the eye and nerve tissues. DHA may help minimize the risk of heart and circulatory illness by thinning the blood, re... View more
Published Date : Mar 2022
Naloxone is an opioid overdose reversal drug that has been licenced by the U.S. Food and Drug Administration (FDA). It is an opioid antagonist, which means it attaches to opioid receptors and can counteract and prevent the effects of opioids such as heroin, morphine, ... View more