According to an EvaluatePharma study, two-thirds of all drug launches failed to meet pre-launch expectations in sales their first year on the market.
More importantly, for one-third of the drugs that met their year-one target, 65 percent continued market growth in year two, and 53 percent exceeded goals for year-three.
Every industry is changing at a more rapid pace. Products and services are becoming increasingly commercialized. Technology is playing a progressively bigger role in research and development, marketing and advertising, and sales and distribution.
The pharmaceutical sector is one that has felt this transformation in research and development over the past few years and will start to feel it in the other divisions over the next decade.
Here are a few of the trends that will shape the pharmaceutical industry over the next ten years:
Expiring patterns and growing pressure from authorities to reduce drug prices are testing pharma industry. Digital transformation is the avenue which will help companies succeed in mitigating these challenges. Digital transformation provides keys to unlocking the patient access and interaction challenges. Prescribers are finding various avenues to find the information which in turn is reducing the face time reps get with the prescribers.
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