“Challenge of Change: The Changing Landscape of the Pharma Industry”
The pharmaceutical industry is not only changing, but the pace of change is accelerating. Pharma needs to co-evolve with a healthcare system that also needs reinvention, according to Dr. Nozhat Choudry, who recently spoke at a Science to Business Network (S2BN) event in Toronto. Choudry, who has worked at various bio-pharmaceutical and medical device companies for the past 10 years, spent an evening with the S2BN sharing her insights on the changing landscape of the pharmaceutical industry.
Dr. Choudry provided a whirlwind tour of her experience within an industry that has endured remarkable change over the past 10 years and outlined some key trends including the impact of real world data, how the biotechnology industry has impacted the future of health care and how patient-centric care is becoming a aligning principle around which many industry players are aligning around.
Relentless economic forces and technological advances have also driven the need to adapt. For instance, Choudry highlights that global market growth is trending downwards and that developed markets of Europe and North America are expanding at rates below 3%, while emerging markets are posting double-digit growth. Patent expiries for brand name products have caused record levels of revenue losses, while the generic sector continues to expand, both globally and in Canada. Patent expiries have costed the industry approximately $240 billion dollars.
Taking stock, Dr. Choudry suggests that over the next decade, our health system will be re-invented as downward cost pressure will intensify as healthcare systems struggle to balance rising demand with flat or declining budgets. Moreover, the number and types of users of medical data and information will continue to balloon rapidly towards 2020. Thus, the goals of the radical change that is already underway will be to improve quality, care and outcomes while keeping costs in check to enhance patient access to optimal medical treatment. Aligning to these new realities, improved patient care and outcomes must be a central motivation of the pharma industry and will need to be executed by engaging and partnering with a broader range of healthcare stakeholders and enhancing clinical research in Canada.