Pharma industryJanuary 11, 2022 2023-01-28 15:05
The pharmaceutical industry has been successful and growing vigorously from past many years now. The market shares of the pharmaceutical industry have grown all around the world. The market has increased in the developing countries. Yet, due to some changes in the market, it has led the companies to rethink their strategies.
On one side individuals in all parts of the world are getting healthcare facilities but one the other hand the human population continues to migrate from rural to urban areas. In recent years, many pharmaceutical companies are facing problems. So here’s a look on what are the problems faced by the pharma industry and How to resolve them.
Problems of Pharma Industry
- Development of new medicines:
Though industry has found cure for many diseases still there is some research to be done for the diseases that are incurable like Alzheimer’s disease and various cancers. It needs massive investment for innovating the treatment that might actually work.
- Meeting consumer expectations
Problems start to pile up on the way when there is a bit of success in the industry. Customers now expect the best medicines and therapy at more affordable prices. The pharma industry is facing the problem of serving the best to their customers at lowest price and meeting customer expectations.
- Scientific Productivity
Many years have passed without any fruitful results. Many pharmaceutical industries are not able to come out with productive research. To increase the production of medicines we need significant gains in terms of scientific productivity.
- Marketing and Management
Another major issue is the management and marketing of the industry in the competitive circle. One which focuses on profit does not complement research and scientific discovery.
- IP Rights
Developing countries struggle to enforce property rights and patent protection. Several markets give preferential treatment to generic drug manufacturers making things more hard for companies.
- Educated Customers
Due to the internet, people all around know exactly what they want. They can easily collect company data and statistics and demand for better pricing making it difficult for pharma companies.
- Self Medication
Many people think they know better than a doctor and google their medication to save the doctor’s fee. It is not only risky but also a major problem for the pharma industry.
How to resolve the problems?
Better research facilities should be set up to focus on scientific research and productivity. Production of medicines should be increased by setting manufacturing plants. To fasten clinical trials more testing centres should be established. Better workforce from institutions should be created through high quality educational programmes.