Change is the only constant in the new normal, something that applies as much to life sciences now as to other markets more readily associated with disruption, such as retail and banking. But the pharmaceutical industry is not known for its adaptability, so how will it weather the choppy conditions currently characterising the market - and can technology ease the strain?
Here are five growing trends that are likely to challenge business as usual, unless companies take pre-emptive measures.
Merger and acquisition activity is buoyant at the moment, with little sign of this changing any time soon. PwC calculated that 101 transactions were announced in the pharma and life sciences sector in Q4 2016, worth $34.4 billion.
The need to align content and label assets, update company information and standardise on key wording, registered symbols and logos according to the controlling organisation’s style guide, is clearly an important part of blending portfolios. It is critical to upholding brand image, stabilising compliance efforts and maximising process efficiency - not to mention market opportunity.
Yet checking content assets manually against an approved master and verifying that they meet the rebranding criteria is a laborious task – one that increases exponentially with each SKU (variation of product). Automating this process using technology that can compare and accurately spot and highlight anomalies - at high speed across huge batches of content assets - can reduce the time taken by as much as 85 per cent. This can have a tangible impact on speed to market with products under new ownership: keeping stock moving and providing valuable savings.
OTC/generic drugs growth
The growing global over-the-counter (OTC) drugs market, and increasing emphasis on generic medications, is another driver of upheaval for the pharma industry with an impact on the way manufacturers must manage efficiency and the accuracy and consistency of marketing and patient safety information.
This article is taken from PharmExec.com April 10, 2017
Read article online: http://www.pharmexec.com/life-sciences-shifting-sands-5-trends-threaten-status-quo