The industry started feeling the pinch of belt-tightening almost a decade ago, slowly at first. But today’s pressures must feel like a vise grip. Being squeezed from all sides, life-sciences companies are having to counter multiple challenges of tremendous magnitude: increased regulatory scrutiny, the need to control costs, generic competition, pricing pressures, and reputation management, to name just a few. Historically slow to change course, but with a world of new obstacles to navigate, the industry will need to transform itself into a more nimble, forward-thinking, patient-centric entity.
Corporate Challenges Addressed From the Top
A review of the top 30 (by revenue) pharmaceutical/biotechnology companies’ annual reports for 2008 show that industry leaders are taking the challenges seriously, and they have begun to institute new practices and changes to business models that will ensure the future of their products. These strategies include global market expansion, an increased focus on the consumer, reduction in costs through outsourcing, investment in…