Life Sciences companies operate in one of the most rapidly changing and complex environments of all industries. Cost and pricing pressures, an increasingly demanding healthcare agenda and changing regulatory requirements, the need to bring disruptive innovations at great value for the patients to the market, are only some of the significant challenges the Life Sciences industry is facing.
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The environment Pharmaceutical companies are operating in is changing fast. Pricing pressures due to value-based care business models, comparative effectiveness research and risk-based pricing, are challenging the industry. Emerging innovations in the area of personalized medicine and precision medicine, the decline in R&D productivity, and the rapidly changing regulatory environment around the globe, require pharmaceutical companies to rethink their current way of creating value from the molecule to the patient – for both branded, generics and biosimilar products.
Medical Device companies operate in a rapidly moving market. The industry is facing new complexities and challenges through new regulatory requirements, intense competition, and rapidly emerging technologies, such as the rise of bioelectronics and medical technology. New product development and introduction, baseline optimization (cost optimization) and top-line (sales) growth are the top strategic priorities for Medical Devices companies. The industry is moving towards an engineering and innovation led industry. New markets and new technologies will be driving more product variety, shorter product life cycles, and smaller volumes.
The Animal Health industry with its two main sectors farm animal / livestock health and companion animal health, is on a rapid growth path and has developed into a distinct part of the life sciences industry. Originally little more than a side business for large Pharma companies, today’s Animal Health business is as demanding and as stringent as the human pharmaceuticals business. R&D and regulatory requirements in Animal Health and human pharmaceuticals are similar with regards to complexity.
Animal Health medicines and vaccines are expected to grow significantly due to the increase of livestock production and companion animal ownership, in response to rising demand due to growth in global population, and increased standards of living.
Generic drug manufacturers have major opportunities to succeed today, but their journey comes with several key challenges, such as bringing products to market as quickly as possible; differentiating offerings in a crowded and noisy marketplace; and providing cost-effective generics while remaining profitable.
Bio-Technology and Clinical Research
Bio Technology and Clinical Research companies are the key disruptors driving innovation in Life Sciences through more agile and lean operating models. They have to adopt fast to changing guidelines regarding first in-human and early phase clinical trials. The use of innovative digital technologies in process execution enables faster project execution with fewer resources.
Healthcare is a key component of every economy. But healthcare spending increases consistently across the globe with unique challenges in each nation. Globally, all health economies are facing similar challenges. New consumer technology are introducing even more challenges whilst offering new opportunities. These disruptive technologies promote greater patient power. The most agile and forward-thinking health economies have the opportunity to revolutionize the way care is delivered, and in doing so, to transform their societies.