We face tremendous changes in the pharmaceutical business. Loss of patent of major products, like simvastatin, plavix, Viagra, etc. No real breakthrough new products. Difficulties in regulations.
On the other hand, IT, smart phones and the web that totally changed the world. Patients are more knowledgeable. Patients are more involved in the decisions regarding their health.
But Pharma is so conservative and moves so slowly!
So, what should pharma do in order to catch up?
1. I think that pharma companies should embrace the new technologies and develop innovative projects. There is need for open minds, innovative people who learn the needs of the pharmaceutical market, the health system and patient’s needs. Multidisciplinary approach is needed in order to develop innovative ideas. New and fresh minds, thinking out of the box.
2. Partnership with insurers, developers, patient associations and developing projects that support the insurers, and the patients.
3. There are still unmet needs in several therapeutic areas. R&D is still key driver. But it has to be accelerated.
4. Undeveloped countries are still huge markets. They were neglected for years. I visited Mexico last month and understood the huge potential of this country. Companies should of course develop local business models to fit with the local needs. This is true for numerous countries. There are opportunities there for both sides: pharmaceutical companies and healthcare system.
5. Implementing ideas from other disciplines, like high tech, space science, defense industry.
6. Identify talents and ensure open minded environment
7. Outsource projects to innovative subcontractors
I will summarize that a lot has to change in the pharmaceutical business. Visionaries are needed to implement the changes.
