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.
The pharma industry is undergoing a transformation that is largely being driven by innovation. Innovation not just in products, but also in the way business is conducted, resources are mobilized, and the benefits that the end user experiences. Holistic innovation is what Pharma 3.0 is about, says an EY research.
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