Tag: pharma sector

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Top 5 Trends to Watch out for in the Pharmaceutical Industry in 2018

Today, to succeed in the pharmaceutical industry, keeping a check and reassessing strategies is of high importance to pharma companies. This will help pharmaceutical companies to understand and identify the new pharmaceutical industry trends and stay a step ahead of their competitors. Leaders in this industry should retrospect and ask questions on their strategies to grab the best opportunities, mitigate challenges, and fulfill the demands created by the dynamic pharmaceutical industry trends.Get More Info_SE

At SpendEdge, we continuously analyze the latest market trends and developments to help companies devise effective strategies to reduce spend and boost profits.  

Pharmaceutical Industry Trends

 

Entry of tech giants in the pharmaceutical industry

The pharmaceutical industry is going to be a hunting ground for tech giants like Google and Amazon this year. This is one of the emerging pharmaceutical industry trends that will create a huge opportunity for growth and investments in the industry. These giants are expected to make extensive investments in pharma and biotech initiatives, which is good news for the pharmaceutical companies.SE RP

Quality checks and safeguards

Manufacturing products that are of suboptimal quality are going to be a big “NO” for pharma companies in 2018. This is one of those pharmaceutical industry trends that will ensure that only high-quality drugs enter the market. Huge investments in this industry over the past few years have filled the required pipeline of drugs.

Advent of GDPR

EU’s General Data Protection Regulation (GDPR) marks the introduction of a new set of regulations that are related to assembly and collection, storage, and processing of personal data of the customers. With the advent of this new set of rules for the protection of personal data, breach of data and information may lead to greater financial and legal complications for companies in the pharmaceutical industry. This is one of the evolving pharmaceutical industry trends that will compel companies to safeguard the privacy of personal data of the patients and customers.Request Demo

Arrival of artificial intelligence

The benefits of using advanced technologies are going to contribute towards the growth of the pharmaceutical industry, even more in 2018 through artificial intelligence, machine learning, and the Internet of Things (IoT). Through such technologies, benefits like information deployment and analysis of data to keep clinical operations updated of upcoming pharmaceutical industry trends can be achieved. Also, this will help in auditing reports and simplifying unexpected events for the practitioners of pharmacovigilance. According to many market analysts, decisions made by AI and humans will be compared a lot, in the days to come. But a thing that is obvious is that standardization of data will be required to finally make this trend a success. 

Patient-centric approach

2018 is going to witness the ruling out of traditional push marketing and it will be replaced with pull marketing, which basically means that the pharma companies will target its consumers through high-quality content, prime and valuable services, and will be more focused on building a long-term relationship through various groups that engage customers. Digital health and enhanced user experience are going to be the two prime concerns of companies in this business. This is one of the critical pharmaceutical industry trends that will define the patient-centric approach of the industry in the days to come.

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Leveraging Spend Analysis Helps a Leading Pharmaceutical Products Manufacturer Improve Spend Efficiency

Overview of the Pharmaceutical Products Market

Pharmaceutical products are commonly referred to as drugs or medicines and form a fundamental component of both traditional and modern medicine. The pharmaceutical products includes companies that are responsible for the production, development, and marketing of drugs. The growth of the pharmaceutical products market can be attributed to the rise in aging population. Moreover, with the growing global middle-class population and rising per capita expenditure on medicines, the growth opportunities for pharmaceutical products has increased. Also, the regional demand for pharmaceuticals may differ based on the developments in emerging economies.

In the coming years, the global pharmaceutical products market is expected to proliferate owing to the increase in request free proposaltailored R&D and product portfolio changes to meet emerging markets’ healthcare needs.

The Business Challenge and Journey

The client, a well-known pharmaceutical products manufacturer, was looking at leveraging SpendEdge’s spend analysis solution. The client was facing several issues in analyzing their spending patterns. Also, instabilities in their supply chain increased their maverick spend and supply chain risks. The client wanted to commission a spend analysis engagement to improve their spend efficiency and optimize customer base. Additionally, they also wanted to identify and mitigate risks to overcome substantial financial losses.

To identify challenges in the supply chain functions, the spend analysis experts at SpendEdge carried out extensive research comprising interviews and discussions with prominent stakeholders in the pharmaceutical industry. The experts also compiled information across a wide array of reliable sources such as trade shows, company presentations, industry forums.

Why should you leverage spend analysis?

In today’s economy, spend analysis is gaining respect as a potent weapon in the battle to squeeze new savings out of the procurement processes of various business segments. Spend analysis enables organizations to reduce inventory, improve sourcing cycle time, and assists in long-term planning and economic forecasting. It also provides a realistic picture of future spend requirements based on the forecasted data.

Fundamental questions answered in this spend analysis study include

Pharmaceutical Products


The Result

SpendEdge’s spend analysis solution offered meaningful insights that enabled the pharmaceutical products manufacturer to identify the potential bottlenecks in the supply chain. Also, the solution enabled the client to develop a strategic sourcing model to reduce supply chain risks and establish their presence in the pharmaceutical industry. It also helped the client in analyzing and evaluating the current state of their purchasing practices and implement strategies to improve their spend efficiency. Implementing spend analysis eventually led to improvements in compliance, reduced cycle times, and uncovered maverick spend.

Future challenges and opportunities

  • Patient-centric healthcare: Advancements in technology are driving a shift towards patient-centric healthcare, as evidenced by wearable biometric devices and telemedicine. This has enabled the patients to take a more active role in any treatment plan their doctor may prescribe. It also offers several growth opportunities for companies in the pharmaceutical industry to reach the consumer through wearables and other devices.
  • The growth of biosimilars: The growth of biosimilars will present competition for biologics and represent significant savings to the consumer base. They also present new opportunities for companies in the pharmaceutical industry and those who excel at marketing biosimilars within their product range stand to gain an edge over their competitors.
  • Policy reform: Any changes to healthcare with a new presidential administration will undoubtedly have an impact on the pharmaceutical products manufacturing industry. However, the challenge for players in this sector will be to enforce changes while maintaining a steady market growth.
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