forecast pharmaceutical industry

Pharma companies’ focus on the consumer may reflect gains in information symmetry between manufacturers and plans. Increased investment in and deployment of home-based health technologies are creating new opportunities for biopharma companies to create value. The survey was conducted in March and April of 2020. Pharmaceutical drug discovery and development processes suffer from declining success rates and a stagnant pipeline. This represents an average decline of 0.83% per year. Leaders can incentivize the organization to take informed risks, learn quickly from failures, and rapidly scale successes. At Deloitte, her research focuses on perspectives that allow clients to anticipate, prepare for, and respond to what’s coming next. DTTL (also referred to as "Deloitte Global") does not provide services to clients. Pharmaceutical Contract Packaging Market Analysis. Pharma companies are up against a fresh set of challenges even as the pandemic has spurred adoption of technologies and other innovations to support virtual work and other functions. **Preis der gedruckten Ausgabe (Gebundenes Buch) eBook bestellen. The global pharmaceutical packaging market size was valued at USD 98.58 billion in 2019 and is anticipated to expand at a CAGR of 8.5% over the forecast period. While COVID-19 has fueled investments in digital R&D and customer engagement, it has also accelerated the transformation of health care delivery. In addition, the US Food and Drug Administration (FDA) has, in partnership with the biopharma industry, introduced many regulatory changes around approving COVID-19-related treatment research. We need to grow our reachability to a larger extent.”, “Need to adapt to market changes with respect to customer needs.”, “Our major concerns would include security issues because of intervention of technologies like IoT, managing the epidemic going on right now and finding a cure, and working on customized treatments based on previous data available.”, “Our top strategic priority would be to start more and more R&D initiatives globally so we have a good hold in each market for research.”, “Overall productivity by digital partnering and advancements in technology is key. We asked respondents to consider five areas that align with our future of health perspective for biopharma companies, with a focus on R&D, since that is one of their long-term strategic priorities (see sidebar, “The five areas”). This involves research and marketing of drugs for COVID-19.”, “Looking for new and potential markets to maximize revenue. One is a survey of 60 biopharma company leaders —primarily middle-sized companies in terms of revenue. (For details on the survey methodology, see sidebar, “Methodology.”) COVID-19 has presented challenges to many aspects of pharma companies, but the focus on new technologies and data and value creation remains. Forecasting for the Pharmaceutical Industry is a definitive guide for forecasters as well as the multitude of decision makers and executives who rely on forecasts in their decision making. The top pharmaceutical products for the subsequent year are expected to be Keytruda, Humira, and Eliquis, respectively. In terms of their preparedness for these, the largest gap appeared in the area of customized treatments (only 13% felt they are very prepared). In addition, the US Food and Drug Administration (FDA) has, in partnership with the biopharma industry, introduced many regulatory changes around … Despite this urgency, bets should be selective and strategic; companies should prepare for risk but not let it hold them back. Even as many of these companies are focusing on therapies and vaccines for the pandemic, leaders should think strategically about their investments—in terms of therapeutic area, digital technologies, and talent—in order to thrive in the future. AmerisourceBergen Corp. Becton, Dickinson and Co. Berlin Packaging. These are challenging times for pharma companies as economic, supply chain, and other forms of uncertainties abound. Survey respondents included individuals in the following roles: chief executive officer (CEO), chief operating officer (COO), chief commercial officer (CCO), and EVPs/VPs business/corporate development of 60 biopharma companies (~60% companies with revenue more than US$1 billion and less than US$5 billion). Emerging ecosystems may accelerate this trend; it is critical for pharma companies to arm themselves with data so that they can continue to have a seat at the table. Now, through real-world evidence, health systems and health plans may know even more about how well drugs work in patients than pharma companies do. 28,95 € Statt 126,99 €** 28,95 € inkl. View in article, Edwin Elmhirst and Lisa Urquhart, “Big pharma sports smallest late-stage pipeline for a decade,” Evaluate Vantage, June 17, 2020. Amid unprecedented uncertainty and change across the industry, stakeholders are looking for new ways to transform the journey of care. View in article, Milken Institute, “COVID-19 treatment and vaccine tracker,” July 27, 2020. Evolving technologies, including blockchain, can help facilitate data interoperability, so that patient data can be more easily used for holistic and longitudinal analysis of health outcomes. Contract research organizations (CROs) are more popular because they offer cost-effective solutions to firms seeking to … In general, respondents rated customized treatments and nonpharmacological interventions as having the biggest impact on the life sciences industry in the next 10 years (figure 5). Even though it seems like a lot has changed around us in the last few months, our analysis of investor call transcripts and a survey conducted during the pandemic suggest that many of these statements are still true. WestRock Co. Related Reports on Materials Include: Blister Packaging Market … Leaders of pharma companies are in the midst of unprecedented change. Survey responses indicate that the focus of digital investments for biopharma companies will remain on gaining insights into the execution of business strategies—inclusive of understanding and adapting to changes in customer behavior (28%), improving the efficiency of the R&D process (25%), and fast-tracking products to market (15%) (figure 3). Devices, apps, and other services have the potential to engage consumers and support them in becoming more active in owning their own health care information and be a part of their care plan. In doing this, large pharma companies can think and act more like their nimble small pharma counterparts. In the past, pharma companies knew the most about their products. Discover Deloitte and learn more about our people and culture. Forecasting for the Pharmaceutical Industry (eBook, PDF) Models for New Product and In-Market Forecasting and How to Use Them. We have received your request and your information will be with you shortly. She is based out of the Rosslyn office in Arlington, VA. Jeff Ford, principal, Deloitte Consulting, has led numerous engagements with life sciences clients to overcome challenges related to growth and innovation. Deloitte’s US Life Sciences and Health Care practice helps clients transform uncertainty into possibility and rapid change into lasting progress. View in article, Ryan Myers, Margaret Anderson, and Casey Korba, Striving to become more patient-centric in life sciences, Deloitte Insights, January 30, 2020. Simply select text and choose how to share it: Biopharma leaders prioritize R&D, technological transformation, and global market presence Alex Blair is a senior manager with Deloitte Consulting. Initiatives are being taken to improve access to innovative products, but cost containment remains high on payers’ agendas in all countries, and will contribute to a gradual slowing in annual growth rates … When asked about the top issues that will have the greatest impact on their company in the next year, pharma company leaders ranked the following challenges as their biggest concerns: Changes in consumer attitudes and behavior: Consumers are changing their attitudes and behaviors in numerous ways—from increased use of technology and willingness to share data, to their interest in using tools to make decisions about prescriptions and care.5 Survey responses aligned with Deloitte’s vision of the future of health centered on the consumer—80% of respondents chose changes in consumer attitudes and behavior as an issue that will have the greatest impact on their company (figure 1). Als Download kaufen-77%. Sjur Hofton contributed to the planning and survey development, helped to interpret the interview findings, and edited the paper. One way that companies are addressing this strategic priority is through explicit patient-centric strategies. This process of predicting the future is crucial to many aspects of the company - from next month's … The second is a text analysis of investor statements from the largest pharma companies in the last quarter of 2019 and the first quarter of 2020. Social login not available on Microsoft Edge browser at this time. Through her research, she helps inform Deloitte’s health care and life sciences clients about emerging trends, challenges, and opportunities. Pharmaceutical Contract Packaging Market Forecast. He regularly works with corporate leadership to identify new market opportunities, build new organizational models for growth, and transition between business models. An aging population and rising life expectancy have contributed to a strong demand for treatment which would be a major driver of potential trends in the pharmaceutical industry in the country over the forecast period. This article focuses only on the results for biopharma companies; insights on the results for medtech companies can be found here. See something interesting? Companies Mentioned. Please note that Inpharmation literature and case study materials constitute Inpharmation intellectual property and are intended for the pharmaceutical industry. Additionally, here’s what our analysis found: The data comes from two different sources. Pharma leaders are particularly attuned to managing risks, sometimes at the expense of innovating the model to address market evolution. This process of predicting the future is crucial to many aspects of the company - from next month's production schedule, to market estimates for drugs in the next decade. Artificial intelligence (AI) and machine-learning approaches are raising expectations that therapy discovery and development may not only be more innovative, but also more time- and cost-effective. View in article, Greg Reh and Mike Standing, Survey finds biopharma companies lag in digital transformation: It is time for a sea change in strategy, Deloitte Insights, October 4, 2018. Data-driven approaches have the potential to create value across manufacturing, the supply chain, and the entire health care ecosystem.”1. This stems from several … To deliver maximum forecast insights, Inpharmation champions “Evidence-based forecasting”. We have approaches for each stage of your pharmaceutical product’s lifecycle. Merck cyberattack’s $1.3 billion question: Was it an act of war? FedEx Corp. SCHOTT AG . Many have sought to address this challenge by creating digital teams located in Silicon Valley, with limited success. FDA continues to accelerate development of novel therapies for COVID-19, Opportunities in China’s pharmaceutical market, Medtech leaders prioritize technology and consumers, RWE focus is shifting to R&D, early investments begin to payoff. Email a customized link that shows your highlighted text. © 2021. The current COVID-19 crisis will bring more challenges into the picture and is likely to impact our goals in many areas.”, “We are not prepared for meeting rising customer expectations. Go straight to smart. FMI has forecast CMOs/ CROs to account for the leading market share through the course of the forecast period. She holds a BS in public health, and MPH in practice and policy from the University of Maryland. Both the survey and the second round of investor statements were sourced during March and April 2020, at the peak of the COVID-19 pandemic. These innovation hubs can test new roles, technologies, policies, and strategies in an environment where failure is likely no worse than the status quo. Inpharmation runs Europe’s leading pharmaceutical pricing for market access executive training courses. Forecasting for the Pharmaceutical Industry is a definitive guide for forecasters as well as the multitude of decision makers and executives who rely on forecasts in their decision making. Other challenges include the global economic volatility, and uncertainty regarding trade and supply chain regulation and sourcing going forward. The Deloitte Center for Health Solutions surveyed pharma and medtech companies to understand their strategic priorities, risks, and challenges. MwSt. Please see www.deloitte.com/about to learn more about our global network of member firms. Biopharma companies and regulators are exploring opportunities to work together to streamline the drug development and review processes, which could lead to the emergence of new business models. Alternatively, you can email us at moc/noitamrahpni//ofni. Find out more at https://www2.deloitte.com/us/en/industries/life-sciences-and-health-care.html. Blair holds an MBA in Healthcare Management from The Wharton School, University of Pennsylvania, and a BS and MEng from Cornell University. has been removed, An Article Titled Biopharma leaders prioritize R&D, technological transformation, and global market presence We also analyzed investor call transcripts from 38 of the largest (by revenue) biopharma companies for Q4 2019 and Q1 2020. In virtually every decision, a pharmaceutical executive considers some type of forecast. Inpharmation is under no obligation to distribute these materials to non-pharmaceutical industry employees or competitors. Jessica Overman, Deloitte Services LP, is a senior research analyst with the Deloitte Center for Health Solutions. But while this work on therapeutics and a vaccine is on companies’ to-do list, some of them said that the pandemic has compelled them to focus on immediate and existing priorities (e.g., R&D, digital transformation, cyber) across therapeutic areas and functions. Pharma companies face a range of policy and regulatory issues—activity that affects the pace at which drugs come to market, supply chain and safety, tax, and pricing polices limiting payment rates. The pharmaceutical forecaster … Many companies have had no choice but to move many of their operations to a virtual and digitally enabled environment, ranging from trials to sales and other strategic and operational functions. While these challenges continue to disrupt the industry, the pandemic has also propelled multiple partnerships to develop a COVID-19 vaccine. Life sciences companies are prime targets for cyberattacks due to high revenues, extensive spend on R&D and operations, sensitive intellectual property, trade secrets, and reliance on technology.7 In 2017, a major cyberattack affected manufacturing and other operations of a large pharmaceutical company, costing US$1.3 million in losses.8, Adequate returns on innovation: More than half of respondents cited adequate return on innovation as an issue. In the near future, this could bring a shift in the application of real-world evidence with the highest impact being in R&D, including supporting regulatory filings and augmenting clinical trials.14. The life sciences and health care industries outlook, Deloitte, Deal breaker: Cyber in. Include the Global economic volatility, and evolve a portfolio of partnerships non-pharmaceutical industry employees competitors. Edge browser at this time Humira, and other forms of uncertainties abound to the project helped! 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