According to a recent report from business intelligence provider, GBI Research, the pharmaceutical industry is seeking new business models, particularly holistic approaches or strategies that can accelerate new product development or extend product lifecycles more effectively.
Market research
This trend comes as the industry faces challenges such as pricing pressures, stringent regulatory policies and declining R&D. These challenges can lead to an exposure to generic and biosimilar competition, which can erode sales and market share.
“The integration of multiple pharmaceutical lifecycle management strategies will continue to be at the forefront of the pharmaceutical industry’s efforts to address declining R&D productivity, stricter reimbursement demands and increasing generic and branded competition,” said Makthal Vinod, analyst for GBI Research.
“Pharmaceutical companies will continue investing significant capital and resources into preserving the patent life and the subsequent profits of products which take several years to produce,” he continued. “It will remain crucial for these companies to plan and begin implementing these strategies early in the product’s life cycle and carefully consider the needs of all key stakeholders as market continues to focus on cost-effective therapies.
“Payers in particular will continue demanding more data that demonstrate the benefit and cost-effectiveness of medical interventions. This continued shift in focus towards therapies that generate better outcomes at a lower cost will continue to have major implications for manufacturers considering new lifecycle management strategies to implement.”
