The survey was conducted in March and April of 2020. Economic uncertainty is growing, data science and artificial intelligence (AI) are primed for breakouts, costs are rising, and resources are limited. An intelligence report has been added to the portfolio of WiseGuyReports titled, “2019 Global and Regional Bio-Pharmaceutical Logistics Market Research Report Forecast 2025”. Recalls related to label issues alone may cost a pharmaceutical company $100 million or more a year. already exists in Saved items. The pharmaceutical industry continues its investigation of new marijuana-based therapies and the manufacturing arm must be ready to jump into the competitive market. While many biopharma companies are experimenting with digital, most have not yet made consistent, sustained, and bold moves to take advantage of new capabilities. Research and development in European pharmaceutical industry by country 2018. Bushra holds a postgraduate business management diploma in international business from the Symbiosis Institute of Management Studies, Pune, and a bachelor’s degree in science from Ambedkar University, Agra. Go straight to smart. Top 5 Trends in Pharma Industry. See something interesting? Project Team: Sarah Thomas provided oversight to the project, helped to interpret the survey findings, and edit the paper. View in article. The Pharmaceutical industry's long successful strategy of placing big bets on a few molecules, promoting them heavily and turning them into blockbusters worked well for many years, but its R&D productivity has now plummeted and the environment’s changing. The pharma world is just one sector that is expected to reap the benefits of the AI outburst. Artificial intelligence (AI) and machine-learning approaches are raising expectations that therapy discovery and development may not only be more innovative, but also more time- and cost-effective. Published: Dec 26, 2018 By Mark Terry. The US remains – by quite a large percentage – the world’s largest market for over-the-counter and prescription medication: it is a territory where companies can make huge profits due to the lack of regulation regarding pricing and market access when compared to other countries that have more stringent pricing regulations. Deloitte refers to one or more of Deloitte Touche Tohmatsu Limited, a UK private company limited by guarantee ("DTTL"), its network of member firms, and their related entities. Top Trends in pharma logistics for 2019 ... Raja Sharif, CEO of FarmaTrust, predicted that in 2019 “there will be significant structural changes in the pharmaceutical industry, not only with tech companies, such as Amazon, making further inroads into the sector but also more consolidations”. Ford holds an MBA and an MPH (public health) from UC Berkeley. Even though it seems like a lot has changed around us in the last few months, our analysis of investor call transcripts and a survey conducted during the pandemic suggest that many of these statements are still true. The objective was to understand which areas, according to them, will have the biggest impact in the next 10 years. Adoption of Artificial Intelligence (AI) by pharma and biotech Survey responses indicate that the focus of digital investments for biopharma companies will remain on gaining insights into the execution of business strategies—inclusive of understanding and adapting to changes in customer behavior (28%), improving the efficiency of the R&D process (25%), and fast-tracking products to market (15%) (figure 3). Precision medicine involves treating a patient according to his or her disease-causing genetic mutations instead of a disease label such as “melanoma” or “pancreatic cancer.” It’s been a massive paradigm shift. Findings from our analysis of transcripts from investor calls for 38 biopharma companies found that between  Q4 2019 and Q1 2020, statements continue to focus on consumers and profit (figure 2). Some companies have said that the pandemic has forced them to provide immediate attention to existing priorities (e.g., R&D, digital transformation, cyber). Companies could be well served to take advantage of this momentum to incorporate digital technologies into the patient experience, either in clinical trials or via digital medicines and therapeutics. © 2021. Despite opposition from many pharmaceutical companies, biosimilars are beginning to emerge as a powerful future entity in the world of biologics. Now, through real-world evidence, health systems and health plans may know even more about how well drugs work in patients than pharma companies do. A transformational change in R&D productivity is required to reverse this trend. Earlier this year, in our annual global outlook for the life sciences industry, we said: “The life sciences sector is at an inflection point. info@pharmarg.com, Tel: (610) 924-9092 So, if drug A costs $1000 and drug B costs $200, and the patient’s coinsurance rate is 10% of any cost larger than the reference price, the patient would end up paying $80 a month. 1 Yonge Street, Suite 1801 to receive more business insights, analysis, and perspectives from Deloitte Insights, Telecommunications, Media & Entertainment, Deloitte’s vision of the future of health, Covid-19 pandemic could forever change biopharma, Big pharma sports smallest late-stage pipeline for a decade. What Does a Pharmaceutical Consultant Do. M&A, leveraging digital (including AI) for transforming business, refocusing on therapeutic area strategy, and balancing new opportunity with risk are also being considered important in the next five years. Amid unprecedented uncertainty and change across the industry, stakeholders are looking for new ways to transform the journey of care. To change the narrative, they may need to commit to a cultural shift that incentivizes deliberate risk-taking rather than maintaining the status quo. Based on the Pharmaceutical industrial chain, this report mainly elaborates the definition, types, applications and major players of Pharmaceutical market in details. From a talent perspective, conquering the next frontier will likely require new talent and organizational structures to effectively play in the world of today and tomorrow simultaneously. Companies believe that transforming functions using digital technologies will be of high strategic priority in the next five years. Seven Trends of the Pharmaceutical Industry in 2019 (1) References: Congressional investigation targets Pfizer, Novartis and J&J, among others. The authors would also like to thank Sonal Shah, Tom Fezza, Glenn Snyder, Jeffery Ellis, Pedro Arboleda, Bill Murray, Douglas Billings, Ramani Moses, Laura DeSimio, and the many others who contributed to the success of this project. Many have sought to address this challenge by creating digital teams located in Silicon Valley, with limited success. During 2019, regulators, pharma, physicians and software engineers will continue to adjust to the new realities of precision medicine. Increased investment in and deployment of home-based health technologies are creating new opportunities for biopharma companies to create value. As the world continues to fight the ongoing pandemic, people across the globe are hopefully looking at the pharmaceutical industry for the development of the vaccine and better outbreak control. View in article, Ryan Myers, Margaret Anderson, and Casey Korba, Striving to become more patient-centric in life sciences, Deloitte Insights, January 30, 2020. The UK pharmaceutical industry plays host to a wide variety of industry events, spread over each calendar year. Although executives did not prioritize talent issues, it is a given that a talent strategy will be needed to fully leverage new technologies and be a digitally enabled company, either through recruitment or through partnerships. Through her research, she helps inform Deloitte’s health care and life sciences clients about emerging trends, challenges, and opportunities. Induced pluripotent stem cells (iPSC), CRISPR/Cas9 and other c… In the past, pharma companies knew the most about their products. In doing this, large pharma companies can think and act more like their nimble small pharma counterparts. Many companies have had no choice but to move many of their operations to a virtual and digitally enabled environment, ranging from trials to sales and other strategic and operational functions. The promise of cell and gene therapies is being delivered to patients; rare diseases, previously believed to be incurable, are on the precipice of real cures. This pricing methodology is a system where the patient’s coinsurance depends on the price of the drug itself, as well as the price of alternative medications or therapies. The current COVID-19 crisis will bring more challenges into the picture and is likely to impact our goals in many areas.”, “We are not prepared for meeting rising customer expectations. More than half (52%) selected transforming business functions. View in article, Greg Reh and Mike Standing, Survey finds biopharma companies lag in digital transformation: It is time for a sea change in strategy, Deloitte Insights, October 4, 2018. Over 233 treatments are currently under consideration, and 161 vaccines are in development as of June 2020.2 While the pandemic has created opportunities for the biopharma industry to demonstrate the industry’s value, it also has led to potential short- and long-term challenges.3. While these challenges continue to disrupt the industry, the pandemic has also propelled multiple partnerships to develop a COVID-19 vaccine. EFPIA Key Data | 2019 4 65.2% 9.3% Pharmerging comprises 21 6.3% 17.7 % Pharmerging Japan Europe (Top 5) Rest of the World USA 1.5% MAIN TRENDS The research-based pharmaceutical industry can play a critical role in restoring Europe to growth and As 2019 comes to a close, what were the top news stories shaping the pharmaceutical industry globally? Between 2019 and 2024, worldwide prescription drug sales are projected to have a positive CAGR of 6.9 percent with sales expected to reach US$1.18 trillion. Biopharma companies will likely keep an eye on these developments and revisit their strategies accordingly. Reaching out to users through online medicine delivery portals for over the counter drugs is the future for us.”, “Major issues could be getting funding for R&D, chances of success during regulatory approvals, and ability to keep up with innovation.”, “There is lack of sufficient money to invest in R&D, affording more operational facilities and their maintenance, and reduced supply of raw materials and resources due to the pandemic.”. As expected, the word “vaccine” gained prominence between the two periods. Mega mergers represented a leading theme for the pharmaceutical industry in 2019 and on top of the list was the $74-billion acquisition of Celgene by Bristol-Myers Squibb. This paper looks ahead to a 2030 scenario to examine the trends revolutionizing the sector; trends that we expect to have dramatic impacts. The focus of emerging markets is inclining towards health issues affecting their people. Biopharma companies have been racing to discover effective treatments and vaccines for COVID-19. Mergers & Acquisitions 2018 was a significant year for pharma deals with the biggest M&A deal of 2018 the $64 billion Takeda take-over of Shire (which closed on the 7th of January 2019). Once regarded as costly gimmicks, artificial intelligence (AI) applications are rapidly becoming prime drivers of efficiency for forward-thinking pharma companies. Copy a customized link that shows your highlighted text. Our top priority right now would be to be more available on social platforms in order to reach our customers. She holds 11 years of experience in consulting, strategy, and business research in the life sciences and health care industries. This article focuses only on the results for biopharma companies; insights on the results for medtech companies can be found here. A 2019 Deloitte study points out that while biopharma companies made significant R&D investments to innovate in the last 10 years, the returns declined significantly during that same period—from 10.1% to 1.8%. The Deloitte Center for Health Solutions set out to understand these organizations’ strategic priorities, and learned that maintaining and expanding R&D, technological transformation, and their global market presence are their immediate focus areas. Get the Deloitte Insights app. View in article, Deloitte, Deal breaker: Cyber risk in life sciences M&A, 2018. Findings from a new survey and analysis of investor calls in the first half of 2020, Change in consumer behavior prompting a change in strategic thinking, Strategic priorities include R&D, establishing presence in global markets, and transformation of functions using digital and information technologies, Digital maturity: Investments rise, but many aren’t there yet, The future of health for biopharma companies in the decade ahead, “Considering the pandemic, the world is witnessing, strategies for drug development is our focus. The outlook on the pharmaceutical industry is negative, mainly due to continued pricing pressure on both branded and generic pharmaceuticals and the possibility of major debt-financed acquisitions at big pharma and biotech to address product pipelines. Additionally, here’s what our analysis found: The data comes from two different sources. Find out more at https://www2.deloitte.com/us/en/industries/life-sciences-and-health-care.html. Alok Ranjan and Shruti Panda led the text analysis efforts and Madhushree Wagh interpreted the findings. Evolving technologies, including blockchain, can help facilitate data interoperability, so that patient data can be more easily used for holistic and longitudinal analysis of health outcomes. But China is not the only source of innovation and growth; many companies are focusing on growth in the EU region and other parts of the global economy, sometimes through direct market entry, or out-licensing.13. In our survey, we posed several open-ended questions to our respondents, to understand their strategic priorities in their own words. Only 8% of them said they fit this description, while 55% believe they are close to getting there. Certain services may not be available to attest clients under the rules and regulations of public accounting. These are challenging times for pharma companies as economic, supply chain, and other forms of uncertainties abound. Although criticism of the pharmaceutical industry is common, both publicly and in political circles, the reality is developing and successfully selling drugs is incredibly expensive and difficult. When asked about the top strategic priorities for the next five years, 63% of respondents rated R&D compared to only 43% of respondents who consider R&D as a current top priority (figure 4). In 2019-20, exports grew to US$20.5 billion. Greg Reh, 2020 Global life sciences outlook, Deloitte Insights, January 10, 2020. A transformational change in R&D productivity is required to reverse this trend. info@pharmarg.com. [($1000-$200) x.1] 24 out of the 32 countries that belong to the EU use reference pricing in combination with other pricing regulations or by itself. Pharmaceutical Industry Trends for 2019 Trend #1: Sales growth is slowing Given the ever more daunting market access challenges to pharmaceuticals in established or developed territories, such as the US and Europe, it is hardly surprising these markets are reaching some degree of saturation. © 2016 PHARMA RESOURCE GROUP, INC. All Rights Reserved. These innovation hubs can test new roles, technologies, policies, and strategies in an environment where failure is likely no worse than the status quo. RELATED: "Hot" Research Areas in Drug Discovery - 2019 . View in article, US Food and Drug Administration, “FDA continues to accelerate development of novel therapies for COVID-19,” news release, March 31, 2020. The public debate about drug prices in the United States has subsided while the focus has shifted to the pandemic and the development of vaccines and therapies, along with their associated costs. There are fewer large project schemes coming through the pipeline. This study would not have been possible without our survey participants. Pharma companies’ focus on the consumer may reflect gains in information symmetry between manufacturers and plans. At Deloitte, her research focuses on perspectives that allow clients to anticipate, prepare for, and respond to what’s coming next. Additionally, globally, social unrest around racism issues is increasingly calling on leaders to develop, implement, and sustain new initiatives. Drawing new types of talent in high demand across industries, including engineers and designers, to inform digital investments has been a challenge within pharma. Biosimilars have the potential to significantly reduce the financial burden that many brand-name drugs place on insurance entities and consumers. We also analyzed investor call transcripts from 38 of the largest (by revenue) biopharma companies for Q4 2019 and Q1 2020. has been removed, An Article Titled Biopharma leaders prioritize R&D, technological transformation, and global market presence G… This involves research and marketing of drugs for COVID-19.”, “Looking for new and potential markets to maximize revenue. DTTL (also referred to as "Deloitte Global") does not provide services to clients. Life sciences companies are prime targets for cyberattacks due to high revenues, extensive spend on R&D and operations, sensitive intellectual property, trade secrets, and reliance on technology.7 In 2017, a major cyberattack affected manufacturing and other operations of a large pharmaceutical company, costing US$1.3 million in losses.8, Adequate returns on innovation: More than half of respondents cited adequate return on innovation as an issue. R&D for the pharmaceutical industry is moving towards a more value-based, less is more model. Pharma Resource Group Inc. We need to grow our reachability to a larger extent.”, “Need to adapt to market changes with respect to customer needs.”, “Our major concerns would include security issues because of intervention of technologies like IoT, managing the epidemic going on right now and finding a cure, and working on customized treatments based on previous data available.”, “Our top strategic priority would be to start more and more R&D initiatives globally so we have a good hold in each market for research.”, “Overall productivity by digital partnering and advancements in technology is key. 7 biopharma trends to watch in 2019. Toll Free: 888-991-1774, Pharma Resource Group Canada Inc. Despite concerns about a trade war between the US and China, it is not a surprise that China is still viewed as a huge market opportunity for the pharmaceutical industry. He works with corporate leadership to identify market opportunities, build sustainable capabilities, and transform business and organizational models for growth. 1. Discover Deloitte and learn more about our people and culture. In terms of their preparedness for these, the largest gap appeared in the area of customized treatments (only 13% felt they are very prepared). A podcast by our professionals who share a sneak peek at life inside Deloitte. Pharma outlook 2019: positive factors. They need an organization that will thrive in today’s market while simultaneously preparing for the next market disruption.Most pharma companies have business models that are focused on certain geographies and customers. Biosimilars are different from generics in the sense that they are not identical copies of the brand name drug; rather, there may be slight differences in certain sugar molecules that lie on the surface of large protein molecule drugs. Those that are at concept stage are taking much longer in general to progress, with many being placed on-hold. The US dominates the pharma market and trends, both in demand and drug development. The emerging markets have increased spending power and are launching more and more new pharmaceutical products globally. Comprehensive audit, advisory, consulting, and tax capabilities can deliver value at every step, from insight to strategy to action. The Pharmaceutical Market revenue was xx.xx Million USD in 2014, grew to xx.xx Million USD in 2018, and will reach xx.xx Million USD in 2023, with a CAGR of x.x% during 2019-2023. Rather than focusing on geography, shifting the mission of these individuals to disrupt the status quo from within can be a strong recruitment driver. Leaders of pharma companies are in the midst of unprecedented change. When a patent expires on a costly brand-name drug, other companies can copy said drug and sell it for a significantly reduced rate as a generic. View in article, David Betts and Leslie Korenda, A consumer-centered future of health, Deloitte Insights, 2019. In 2017, the US Food and Drug Administration (FDA) approved the first drug (Keytruda) based on a genetic mutation rather than tumor type, closely followed by Vitrakvi. Nine next generation biotherapeutics (NGB) have been launched already. View in article, Milken Institute, “COVID-19 treatment and vaccine tracker,” July 27, 2020. The F… Fax: (610) 924-9339 Most important is selecting the right technologies and integrating them.”, “It is the time of digital presence. Pharma Marketing Trends Expected to Evolve in 2019. Pharma leaders are particularly attuned to managing risks, sometimes at the expense of innovating the model to address market evolution. COVID-19 may have accelerated investment trends for pharma companies. From a huge splash of artificial intelligence to automated machine systems, from interactive responsive UI to voice assistants, from data accuracy to high quality management systems, from eDetailing to e-services – and that isn’t the whole list of what has been achieved in recent years. We provide our clients with strategic and tactical solutions that are scientifically based and built upon three distinct characteristics: Expertise, Knowledge and Execution. With the upcoming election and pressure on state and federal budgets, the issue could well rise in prominence later this year. Her recent research has focused on the future of health, drug pricing policies, and digital technology innovation. Even as many of these companies are focusing on therapies and vaccines for the pandemic, leaders should think strategically about their investments—in terms of therapeutic area, digital technologies, and talent—in order to thrive in the future. Nine pharma trends for 2020. Rather than search for marginal improvements to safety or drug efficacy, market competition is forcing companies to take a new approach to their R&D departments. The reports also enumerate the numerous challenges that the X-ray Food & Pharmaceutical Inspection Equipment market is projected to encounter in addition to the effect of these challenges on the industry trends. View in article, Through text analysis, we do not have insight into strategic execution issues since these typically are not the focus of analyst calls or top of mind in our unstructured comments but are equally important for success. Pharmaceutical trends and changes in financing will continue to drive the market in 2019. In 2018, the pharmaceutical industry spent 3.79 billion U.S. Share of U.S. adults paying attention to commercials in 2019; Share of U.S. adults paying attention to commercials in 2019… Pharma Resource Group is a comprehensive provider of Biotech, Pharmaceutical, Nutraceutical, and OTC consulting and solutions. Meaningful and powerful healthcare transformation is what pharmaceutical companies are now striving for, as innovation can entail a reduction in expensive hospital stays and an improvement in the therapeutic benefits and cost offsets of western medicine. PwC believes that seven major trends are reshaping the marketplace: Global market presence continues to be a top focus area for companies, with close to 60% of respondents rating it as a high priority. Therefore, Biosimilars may have the same clinical effect as a brand-name drug, but differ slightly in chemical composition. As an example of the shift towards value-based R&D, Novartis dropped nearly 20% of its 430 pharma development programs, with the company stating that it is searching for something more “transformative”. While COVID-19 has forced biopharma companies to focus on immediate priorities, findings from a new survey indicate strategizing for tomorrow may be key to thrive in the future. While this was true even before COVID-19, the pandemic and the ensuing economic downturn have brought about a sea change in the way organizations look at the road ahead. View in article, Mike DeLone, “Covid-19 pandemic could forever change biopharma,” blog, Deloitte, April 7, 2020. This may include immunotherapies, gene therapies, and other innovative treatments for a slew of intractable diseases. Biopharma companies and regulators are exploring opportunities to work together to streamline the drug development and review processes, which could lead to the emergence of new business models. View in article, Jeff Morgan et al., RWE focus is shifting to R&D, early investments begin to pay off, Deloitte Insights, June 11, 2020. He is currently on faculty at the Haas School of Business, where he teaches health care finance and commercialization of biotech to MBA students. Jessica Overman, Deloitte Services LP, is a senior research analyst with the Deloitte Center for Health Solutions. Text analysis of those responses found emphasis on words such as “business model,” “collaboration,” and “growth.” Consistent with other findings and the industry trend, leaders and analysts on the investor calls also spent a lot of time discussing “R&D.” Some of the other words that found a prominent mention were “competition,” “regulatory,” “counterfeit,” and of course, “coronavirus.”11. European Pharmaceutical Industry: Recent Trends and Statistics May 26, 2019 April 12, 2019 by iHealthcareAnalyst, Inc. If you fancy a trip to Paris, there’s the Pharmapack event in February, or a trip to Berlin will take you to Pharma Contract Manufacturing in March, but here’s a few UK events to look out for at the start of 2019: In 2018-19, India’s pharmaceuticals exports were worth US$19.3 billion, showing a growth of 10.72 percent year on year. PRG is a full-service pharmaceutical resource and services provider. Pharma companies face a range of policy and regulatory issues—activity that affects the pace at which drugs come to market, supply chain and safety, tax, and pricing polices limiting payment rates. This model can require a dedicated team to assess, deploy, and evolve a portfolio of partnerships. However, many brand-name patents (such as the blockbuster drug Humira) protect against biosimilar intrusions for financially competitive reasons. This represents an average decline of 0.83% per year. However, uncertainty remains regarding drug pricing in the world’s largest market, the United States. Respondents chose R&D, expanding their global market presence and transformation of functions using digital and information technology as the top three priorities. Here are some of the biggest 2019 pharma industry trends to look out for. These fast-industrializing emerging markets are experiences an average drug spending growth rate of 12.8% per period, more than twice the rate of average global growth. Thedigital revolution and the availability of newer and improved biotechnological technologies is going to change profoundly the way medicine is practiced. We also asked companies to tell us about their top strategic priorities—although these aligned with the top issues affecting the industry, there were a few differences in emphasis; these were more about the work of the company than broader concepts such as consumerism. Recently, President Trump proposed changes to Medicare costs that look eerily similar to external reference pricing that is employed by more socialized healthcare systems around the world. See Terms of Use for more information. A recent report found that the pandemic has decreased the number of novel late-stage assets, which already were declining in the last four years.4 The report also shows merger and acquisition activity to be slower in 2020 than other years. 1005 Pontiac Road, Unit 364 Bushra Naaz is a manager with the Deloitte Center for Health Solutions. As we wrote in an article on patient-centricity earlier this year, “companies should not only embrace [a patient-centric] approach, but prepare to participate in an emerging ecosystem where philanthropies dedicated to particular diseases, patient advocacy groups, health plans, health systems and physicians, regulators, competitors, and technology and wellness companies are all better connected so that the patient is at the center.”6, —EVP/VP business/corporate development, biopharma company, Cyber and advances in technology: The next most common issues cited were cybersecurity threats (70%) and advances in technology (68%). The report also covers vital aspect like the market concentration ratio for the estimated timeframe. We previously wrote about GSK as an example of a major player who had moved away from large-scale investment, which was exp… These results are consistent with the survey findings—consumer behavior is a top issue. Despite this, a large number of companies have new investment at an early concept stage all the way through to approaching procurement (full details available to subscribers to our project database). DTTL and each of its member firms are legally separate and independent entities. Pharma leaders should identify areas/customers where their current model is underperforming or failing and create innovation hubs to define the next evolution of the broader model. They were generous with their time and insights. Others who have previously entered the market through joint ventures with Chinese companies and research institutes are now ready to ramp up their growth in China through drug licensing and acquisitions. And are launching more and more new pharmaceutical products globally and pharmaceutical trends 2019 Subject: 2019 is a of! 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Marketing of drugs for COVID-19. ”, “ COVID-19 treatment and vaccine tracker, ” blog Deloitte. Drivers of efficiency for forward-thinking pharma companies ’ focus on the results for biopharma companies to create value my... Unprecedented uncertainty and change across the industry estimates exports to grow to US $ 20.5 billion browser for pharmaceutical. $ 19.3 billion, showing a growth of 10.72 percent year on.! Deloitte services LP, is a year gimmicks, artificial intelligence ( )... This, large pharma companies are always responding to rapid developments and revisit strategies. Past, pharma companies as economic, supply chain regulation and sourcing going forward federal! Company leaders —primarily middle-sized companies in terms of pharmaceutical drugs, pricing remains …...