A key component of any company is sales. The product or service must be sold in order for the business to continue running their business. Pharmaceutical companies are not immune to this requirement. It is for this reason that they run advertisements online, on the radio, on billboards, and on television. But it is not only individuals with conditions and diseases that they need to expose their product to. Pharmaceutical companies also need to convince doctors that their drugs work and could be beneficial to patients. It is for this reason that pharmaceutical representatives are sent out into the field, to speak with doctors and hospitals, and showcase the newest drug developments.
What is driving pharma to the cloud? Sure, it is value-driven, geared to consumers, specifically patients, who take active roles in their healthcare and want information at their fingertips instead of waiting for it to trickle down through the maze of doctors, tests and procedures. And yes, it's driven by constantly changing healthcare regulations, finances, digital initiation and integration. It's also driven by individual companies that want more efficient ways to gather, disseminate and manage their patient data. Will public clouds be too risky? Will private clouds be safe? What about a hybrid of the two? While you're analyzing the unique risks and benefits that migrating to the cloud might bring to your organization, consider that network availability, performance and security are key players in those driving forces that help enterprises choose a cloud infrastructure.
According to an EvaluatePharma study, two-thirds of all drug launches failed to meet prelaunch expectations in sales their first year on the market. More importantly, of the one-third that did meet their year-one target, 65 percent continued market growth in year two, and 53 percent exceeded goals for year-three. The group that missed their target upon launch continued to lag in years two and three. And you thought getting FDA approval was the tough part.
Every industry is changing at a more and 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 just 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.
Every industry is changing at a more and 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 just a few of the pharma industry trends that will shape the future of pharma industry over the next ten years:
The healthcare industry has undergone tremendous reform over the last decade, and the life sciences and pharmaceutical industries have felt the effects of those growing pains too. The U.S. alone holds over 45 percent of the global pharmaceutical market, making it imperative to stay ahead of trends and requirements. Increasing competition, as well as new legislation, has required pharmaceutical companies to take a look at streamlining operations, increasing productivity and making data more readily available.
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