Faced with global communication in the 21st century, the pharmaceutical industry has six major challenges that need to be adapted.
Consumers in Emerging Markets In 2008, Andrew Witty took over as CEO of GlaxoSmithKline and immediately established the company's future development plan. Like other large pharmaceutical companies, Andrew Widy placed his hopes in emerging markets to maintain the continued growth of GlaxoSmithKline over the next 10, 20, or even longer periods.
Pharmaceutical companies need to change their business model and marketing concept while they want to obtain huge profits from emerging markets.
Andrew Vedy said that GlaxoSmithKline has shifted from traditional Western markets to emerging therapeutic and technological markets in Asia, Latin America and Africa, and the clinical needs of drugs have changed. GSK first focused on middle-income countries such as Brazil, China, India, Indonesia and Thailand. These countries have large middle-class groups and need to develop different strategies for local medical institutions, government procurement departments, and consumers.
More specialized drugs With the understanding of the development of the disease, the pharmaceutical industry has begun to focus its research on "professional drugs" for the treatment of rare diseases. At present, there are many breakthrough professional drugs available. This shift not only has an impact on R&D dynamics, but also the use of drugs and expenditure costs have attracted social attention. To solve these problems, pharmaceutical companies need to work with the government to deal with the negative impact of high drug prices.
Professional drugs require professional marketing methods. Entering this field requires convincing development capabilities and long-term plans. What is currently doing well in this area is Genzyme (acquired by Sanofi), which produces Fabryzyme and Cerezyme with market exclusivity.
The rise of patient power Consumer groups and the Internet are the two main drivers of the rise of patient power, but patients still have a long way to go in making policy decisions. In the United Kingdom, the British National Health Insurance System (NHS) strives to rebuild around the needs of patients. Pharmaceutical companies know that if they cannot make corresponding adjustments, it is difficult to be consistent with established political strategies. Therefore, pharmaceutical companies need to pay full attention to patient medical care, health systems and policies.
The “bombshell†model ended up with major pharmaceutical company’s main revenues coming from “bombshell†products, such as Shusanzhi, Losec and Lipitor, which created billions of dollars in revenue for companies. Today, the sales of many new generation products are significantly lower than those of “bombshell†products, and the marketing budget is also reduced. Pharmaceutical companies will increase their focus on return on investment income.
Changing Relationships with Doctors In June of this year, AstraZeneca announced that it would no longer pay for clinical doctors to attend international conferences. Previously, AstraZeneca, like other pharmaceutical companies, would invest heavily in doctors' participation in national medical conferences. AstraZeneca hopes that this will reduce social condemnation of drug companies and doctors' improper relations.
AstraZeneca CEO David Brennan pointed out that recent surveys show that pharmaceutical companies are still not trusted by society. The incidents in which pharmaceutical companies paid fees for health care professionals have been repeatedly exposed in recent years. The US Foreign Corrupt Practices Act (FCPA) is also conducting a series of investigations. Astraconn was involved in the FCPA being investigated by the U.S. government. Many multinational companies are continuously plagued by similar problems, which will certainly affect the overall reputation of the pharmaceutical industry.
Responding to the digital world The pharmaceutical industry realizes that the Internet age and digital marketing will have a profound impact on the world, yet no one knows exactly how it will change drug marketing.
Today, the Internet, smart phones, and other digital products have entered the public life. The consolidation of the pharmaceutical industry in the digital world has become a consensus, but it is uncertain how to operate or to a greater extent.
Bayer recently launched a new Facebook site, hoping to attract visitors directly. However, these are all at an exploratory stage.
In any environment, the pharmaceutical industry needs to establish sincere cooperation and dialogue. Faced with the global communication in the 21st century, the above new challenges have become the most pressing problems in the industry.
Consumers in Emerging Markets In 2008, Andrew Witty took over as CEO of GlaxoSmithKline and immediately established the company's future development plan. Like other large pharmaceutical companies, Andrew Widy placed his hopes in emerging markets to maintain the continued growth of GlaxoSmithKline over the next 10, 20, or even longer periods.
Pharmaceutical companies need to change their business model and marketing concept while they want to obtain huge profits from emerging markets.
Andrew Vedy said that GlaxoSmithKline has shifted from traditional Western markets to emerging therapeutic and technological markets in Asia, Latin America and Africa, and the clinical needs of drugs have changed. GSK first focused on middle-income countries such as Brazil, China, India, Indonesia and Thailand. These countries have large middle-class groups and need to develop different strategies for local medical institutions, government procurement departments, and consumers.
More specialized drugs With the understanding of the development of the disease, the pharmaceutical industry has begun to focus its research on "professional drugs" for the treatment of rare diseases. At present, there are many breakthrough professional drugs available. This shift not only has an impact on R&D dynamics, but also the use of drugs and expenditure costs have attracted social attention. To solve these problems, pharmaceutical companies need to work with the government to deal with the negative impact of high drug prices.
Professional drugs require professional marketing methods. Entering this field requires convincing development capabilities and long-term plans. What is currently doing well in this area is Genzyme (acquired by Sanofi), which produces Fabryzyme and Cerezyme with market exclusivity.
The rise of patient power Consumer groups and the Internet are the two main drivers of the rise of patient power, but patients still have a long way to go in making policy decisions. In the United Kingdom, the British National Health Insurance System (NHS) strives to rebuild around the needs of patients. Pharmaceutical companies know that if they cannot make corresponding adjustments, it is difficult to be consistent with established political strategies. Therefore, pharmaceutical companies need to pay full attention to patient medical care, health systems and policies.
The “bombshell†model ended up with major pharmaceutical company’s main revenues coming from “bombshell†products, such as Shusanzhi, Losec and Lipitor, which created billions of dollars in revenue for companies. Today, the sales of many new generation products are significantly lower than those of “bombshell†products, and the marketing budget is also reduced. Pharmaceutical companies will increase their focus on return on investment income.
Changing Relationships with Doctors In June of this year, AstraZeneca announced that it would no longer pay for clinical doctors to attend international conferences. Previously, AstraZeneca, like other pharmaceutical companies, would invest heavily in doctors' participation in national medical conferences. AstraZeneca hopes that this will reduce social condemnation of drug companies and doctors' improper relations.
AstraZeneca CEO David Brennan pointed out that recent surveys show that pharmaceutical companies are still not trusted by society. The incidents in which pharmaceutical companies paid fees for health care professionals have been repeatedly exposed in recent years. The US Foreign Corrupt Practices Act (FCPA) is also conducting a series of investigations. Astraconn was involved in the FCPA being investigated by the U.S. government. Many multinational companies are continuously plagued by similar problems, which will certainly affect the overall reputation of the pharmaceutical industry.
Responding to the digital world The pharmaceutical industry realizes that the Internet age and digital marketing will have a profound impact on the world, yet no one knows exactly how it will change drug marketing.
Today, the Internet, smart phones, and other digital products have entered the public life. The consolidation of the pharmaceutical industry in the digital world has become a consensus, but it is uncertain how to operate or to a greater extent.
Bayer recently launched a new Facebook site, hoping to attract visitors directly. However, these are all at an exploratory stage.
In any environment, the pharmaceutical industry needs to establish sincere cooperation and dialogue. Faced with the global communication in the 21st century, the above new challenges have become the most pressing problems in the industry.
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