Changing Pharma market dynamics, though rapid and constant, don’t have to be a mystery. Identifying trends in the pharma industry is a vital indicator as to what we can expect to change, and what needs to be adjusted when launching a new product.
3 Pharma Market Trends That Shouldn’t Go Under Your Radar
We can’t expect to understand the long term impact of everything going on now in pharma. But looking at the market today, there are a few very strong shifts in perception and technology that aim to change the face of the industry in the future.
Power shifting from prescribers to payers, the influence of generics, the changing relationship between pharma representatives and influencers and the rise of digital data, all indicate 3 major trends in the industry:
Patients becoming the real decision-makers
Past linkage between drug launch success and promotion to prescribers now hardly exists; the power to determine a drug’s chances of success now lies in the hands of the payer, who’s able to use knowledge as a tool to:
1. Reduce pricing.
2. Change drugs’ assessment to be based on value rather than existing standard of care.
New sources of information
Sales representatives, in some case, cease to be the main source of information on new launches for doctors due to government regulations and a changing medical culture. At the same time, pharmaceuticals face new challenges of data measurement and management with the rise of digital information as a powerful provider of knowledge.
A shift to specialty pharma
Small molecule genericisation is shifting the world’s leading products to become mainly specialist and biologic, with an emphasis on oncology, autoimmune diseases, etc., and a move towards orphan and ultra-orphan drug launches.
Make sense of it all
These global trends have created a highly complex market, making them worth noticing when launching a new product in this environment. But what’s more, they tell you to adjust your basic assumptions, your methodologies and your tools to handle this new reality.
- Base your sales strategy on more than just skilled reps- have them equipped with the most up-to-date relevant data.
- Ruthlessly focus your marketing strategy on demonstration of value.
- Establish a faithful relationship with your end-customers. i.e. the patients.
- Build a powerful data base with real-time analysis capabilities and actionable, ready-to-use data insights.