What are the Pharmaceutical Companies Problems?

Last Updated at: July 14, 2020
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What are the Pharmaceutical Companie’s Problems

The pharmaceutical industry has a successful history, spanning several decades, during which it has helped countless people. Around the world, the market share of pharmaceutical companies has grown. It isn’t just in the developed world, but pharma news in India is significant as well, due to the industry has become quite popular here. However, in recent times we have seen the Pharmaceutical Companies problems come out to the surface. So, what are the issues faced by the pharma industry? Here’s a look at some of the biggest Pharma news from India, and how we can solve problems associated with medicine production. 

  1. What are the problems in the pharmaceutical industry?

  2. Why are pharmaceuticals down?

  3. How is Indian Pharma doing?

  4. How can the pharmaceutical industry be improved? 

What are the problems in the pharmaceutical industry?

  1. Developing new medicines

With the industry already having extensively found cures, it is becoming more challenging to combat diseases. Incurable diseases like Alzheimer’s and cancer still find ways to beat top researchers and scientists. 

2. Rising Customer Expectations

The more successes come the way of pharmaceutical companies, problems start to pile up. Customers now want more offers, better medicines and lower-priced drugs. The pharma industry is facing competitive commercial strife, with consumers becoming more and more aware and ruthless. Patients want better treatments, therapies and medicines, at more affordable prices. 

3. Dropping Scientific Productivity

The last ten years have seen consistency with regards to drug research, which is quite disheartening. Most of the Big Pharma players are not being able to come out with productive research that leads to blockbuster drugs. For medicine production to rise out of such a slump, we will need significant gains in terms of scientific productivity.

4. Management and Marketing

The vicious and competitive circle of marketing and management is another great worry for the industry. Such a culture which focuses on profit maximisation does not complement research and scientific discovery. 

5. Educated Payers

More than ever before, consumers now have the option to make informed decisions. While in the past, it was difficult to compare and collect data, the internet has made that easy, resulting in consumers who know what they want. These people also go through pharma company stats and demand better pricing, resulting in further issues for the industry.

6. Tricky IP Rights

Developing countries still struggle to enforce intellectual property rights and patent protection. Several markets also give preferential treatment to generic drug manufacturers, making things more difficult for companies who focus on research.

7. Risk of Self-Medication

More and more people now seem to think they know more than doctors. Studies show that self-medication through Google is at an all-time high, leading to an insurgence of OTC drugs. 

Get legal advise 

Why are pharmaceuticals down?

Within the first six months of this year, pharmaceutical companies stocks and market shares have fallen by over 8%. The unprecedented COVID-19 pandemic has brought to light the world’s dependency on the pharma companies. Therefore, while stock prices might be down, for now, there is a high expectation that it will soar shortly. Soon, it will be these same companies who deliver us medicines that will rid us of this pandemic. Diseases do not care much about the economy, and hence, we will see a revival shortly. Also, though AbbVie, Novartis and Pfizer have also seen a 20 – 30% decline in value, they are still worth between $100 billion and $200 billion. Hence, though the COVID-19 might have impacted their results, the shutdown on their R&D will help them cut costs. Therefore, in the long run, through sales, they will recoup, leading to better performance. 

How is Indian pharma doing?

India is rapidly growing to become a significant player in global pharmaceuticals. It is the world’s largest generic drug manufacturer, producing 20% of the worldwide requirement. Furthermore, India also supplies almost 62% of the world’s vaccines and is the third-largest drug manufacturer in terms of volume. Though it comes in at number ten, with regards to capacity, it produces almost 10% of the world’s total medicine production volume. In many ways, Indian pharma can be seen as doing quite well for itself, as it is the source of over 60,000 generic drugs. With over 3000 pharma companies and 10,500 medicine production facilities, India seems well on her way to becoming a Pharma Giant.

How can the pharmaceutical industry in India be improved?

  • Set up better research facilities and focus on encouraging more scientific research within the country.
  • Break the dependency that Indian Pharma has on Chinese products and biomolecules. Set up medicine production and bulk manufacturing plants within the country to fasten this process.
  • Draft more research-friendly and pharma-friendly guidelines, and encourage States to set up incubators and plants. 
  • Establish more testing centres to enable the faster completion of clinical trials. 
  • Create a better-skilled workforce from institutions through high-quality education programmes.

In case you need any help with patent registration in India, reach out to us at VakilSearch, and we will be happy to provide all the help you require along the way. 

 

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What are the Pharmaceutical Companies Problems?

154

The pharmaceutical industry has a successful history, spanning several decades, during which it has helped countless people. Around the world, the market share of pharmaceutical companies has grown. It isn’t just in the developed world, but pharma news in India is significant as well, due to the industry has become quite popular here. However, in recent times we have seen the Pharmaceutical Companies problems come out to the surface. So, what are the issues faced by the pharma industry? Here’s a look at some of the biggest Pharma news from India, and how we can solve problems associated with medicine production. 

  1. What are the problems in the pharmaceutical industry?

  2. Why are pharmaceuticals down?

  3. How is Indian Pharma doing?

  4. How can the pharmaceutical industry be improved? 

What are the problems in the pharmaceutical industry?

  1. Developing new medicines

With the industry already having extensively found cures, it is becoming more challenging to combat diseases. Incurable diseases like Alzheimer’s and cancer still find ways to beat top researchers and scientists. 

2. Rising Customer Expectations

The more successes come the way of pharmaceutical companies, problems start to pile up. Customers now want more offers, better medicines and lower-priced drugs. The pharma industry is facing competitive commercial strife, with consumers becoming more and more aware and ruthless. Patients want better treatments, therapies and medicines, at more affordable prices. 

3. Dropping Scientific Productivity

The last ten years have seen consistency with regards to drug research, which is quite disheartening. Most of the Big Pharma players are not being able to come out with productive research that leads to blockbuster drugs. For medicine production to rise out of such a slump, we will need significant gains in terms of scientific productivity.

4. Management and Marketing

The vicious and competitive circle of marketing and management is another great worry for the industry. Such a culture which focuses on profit maximisation does not complement research and scientific discovery. 

5. Educated Payers

More than ever before, consumers now have the option to make informed decisions. While in the past, it was difficult to compare and collect data, the internet has made that easy, resulting in consumers who know what they want. These people also go through pharma company stats and demand better pricing, resulting in further issues for the industry.

6. Tricky IP Rights

Developing countries still struggle to enforce intellectual property rights and patent protection. Several markets also give preferential treatment to generic drug manufacturers, making things more difficult for companies who focus on research.

7. Risk of Self-Medication

More and more people now seem to think they know more than doctors. Studies show that self-medication through Google is at an all-time high, leading to an insurgence of OTC drugs. 

Get legal advise 

Why are pharmaceuticals down?

Within the first six months of this year, pharmaceutical companies stocks and market shares have fallen by over 8%. The unprecedented COVID-19 pandemic has brought to light the world’s dependency on the pharma companies. Therefore, while stock prices might be down, for now, there is a high expectation that it will soar shortly. Soon, it will be these same companies who deliver us medicines that will rid us of this pandemic. Diseases do not care much about the economy, and hence, we will see a revival shortly. Also, though AbbVie, Novartis and Pfizer have also seen a 20 – 30% decline in value, they are still worth between $100 billion and $200 billion. Hence, though the COVID-19 might have impacted their results, the shutdown on their R&D will help them cut costs. Therefore, in the long run, through sales, they will recoup, leading to better performance. 

How is Indian pharma doing?

India is rapidly growing to become a significant player in global pharmaceuticals. It is the world’s largest generic drug manufacturer, producing 20% of the worldwide requirement. Furthermore, India also supplies almost 62% of the world’s vaccines and is the third-largest drug manufacturer in terms of volume. Though it comes in at number ten, with regards to capacity, it produces almost 10% of the world’s total medicine production volume. In many ways, Indian pharma can be seen as doing quite well for itself, as it is the source of over 60,000 generic drugs. With over 3000 pharma companies and 10,500 medicine production facilities, India seems well on her way to becoming a Pharma Giant.

How can the pharmaceutical industry in India be improved?

  • Set up better research facilities and focus on encouraging more scientific research within the country.
  • Break the dependency that Indian Pharma has on Chinese products and biomolecules. Set up medicine production and bulk manufacturing plants within the country to fasten this process.
  • Draft more research-friendly and pharma-friendly guidelines, and encourage States to set up incubators and plants. 
  • Establish more testing centres to enable the faster completion of clinical trials. 
  • Create a better-skilled workforce from institutions through high-quality education programmes.

In case you need any help with patent registration in India, reach out to us at VakilSearch, and we will be happy to provide all the help you require along the way. 

 

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