With the industry searching in all directions for ways to cut costs and improve efficiency, one pharma firm has found what it’s looking for – and now it’s all under one roof.
Maik Klasen details the second wave emerging markets and what they mean for the industry.
Coming down from a long period of sustained growth, the pharmaceutical industry is now feeling the effects of reduced spending during the recession, more stringent government regulations and heightened competitive pressures, both from generics and from the healthcare industry. According to industry research, the impending 2011 “patent cliff” is set to erode $78 billion in global branded sales from drugs facing patent expiry plus $32 billion from continued erosion of already expired brands. Add to that the fact that, with a few exceptions, the pace of blockbuster drugs hitting the market has slowed considerably and the pipelines are drying up. To maintain profitability in the face of slowing sales to 2014, pharma companies have implemented a number of cost-cutting measures as well as strategic repositioning and diversification strategies to boost profitability going forward.
The term sustainability has been around for many decades and has some times been interpreted in most unconventional ways to suit the user’s purposes. Many politicians are advocating to measure and based on those numbers to limit emissions like CO2. While this is certainly an important aspect of sustainability it only covers a very small fraction of the whole story as we shall see further on. For quite a number of corporations it has become one of the top priorities to have a “green” touch because they found out that it can help their image and, interestingly enough, their bottom line.
Even though it is roughly the same size as Indiana, Ireland has made its mark on the global life sciences stage as a result of its commitment to a robust science, technology and innovation strategy. Significant investments in both attracting the life sciences industry to the country and growing its existing resources have resulted in a thriving knowledge-based economy that supports innovation and scientific advancement. Despite a difficult economic environment, Ireland’s exports have shown significant resilience as the high tech sector continued to exhibit strong growth in 2010, with much of that growth driven by pharmaceuticals.