New challenges for new pharmaceutical industry
The pharmaceutical industry has entered in to a new era in the 21st century for extreme growth and innovations in technology. As there is a technological advancements exists, requirements and challenges are also persists. In pharmaceutical industry for this century, for the key players who are well established in market and intruders to the market have to be prepared to face important challenges and transformations from weak economy and certain financial bumps like price downs and scrutiny on business and ethical practices as well increase in regulation. Few of challenges are like:
NCE is the new chemical entity which is most important factor for the pharmaceutical industry and is increasing rapidly with absence of ROI that is return on investment. Whilst, falling in the equity market caused investors to focus on the business model rather than innovation and future products.
The pharmaceutical industry is grouping with new entrants at the lower level of the industry with the options as mergers and acquisitions and is made the industry strong and created scope for greater research. The companies are at pressures because of heavy competition on building product portfolios which are very successful.
Internal organizational pressure exists in the industry to satisfy the cultural demands and different mindsets. So there is a need for their existence for scientific research and operational areas to delay new technology adoption and new product development.
There are varied problems for varied companies based on specific reasons and but some are common. Implementing technologies like genomics and proteomics require ongoing and upfront investment. Intense merger and acquisition of new technology led industry to structural transformations in competitive environment. At last, the efficiency of new technologies can get delayed by the company change management process unless the company puts efforts in this context. There are three types exists in pharmaceutical company like research scientists to do research on drugs, the sales force to sell the manufactured drugs and third type can be anyone else in the company. The first two types are indeed of technology awareness and often searching for ad hoc solutions to meet immediate need.
In general scientists follow experimental approach like they find a problem and get queries from that and perform experiments to get solution. Once if they got solution, they move to further question. Where this differs with traditional to build information system or business process, in traditional they primarily set goals for designing something and it is works with the objective of re-using for various problems.
The company capabilities to innovate and produce portfolios efficiently to asset will found the abilities to create premium returns in future. Means, a company has to use its complete value chain and might involve partnership and outsourcing arrangements for the innovations to be carried out and produce conception in such a way to maximize the profits.