The sector has experienced seismic change over the last 10 years and continues to grow at an impressive pace. Regulation is becoming more focussed to protect consumers as was the case with Medical Device Regulation (MDR 2017/745) the most disruptive changes to that industry in recent history.
Developing new medicines that can cure (or prevent) today’s incurable diseases.
Customer expectations are rising continuously.
Scientific productivity is lackluster and stagnant.
Management culture issues are slowing much needed changes.
Pharmo-economic performances of drugs is increasingly being scrutinized by healthcare payers.
The self medication sector is expanding rapidly.
Governments have started turning their focus to prevention instead of treatment of diseases.
Collaborative clusters in Pharmaceutical, Biotechnology, Medical Devices and Diagnostics have been a key element behind the remarkable growth of a sector that directly employs 50,000 people.
To thrive in this sector in the future, organisations will need to transform their businesses and in some cases completely rethink their place in a supply chain that has become, at times, adversarial but will, in the future, be led by those who collaborate openly.