We are currently living in a period of huge scientific innovation with promises to improve human health. The Pharmaceutical industry has been on the rise over recent years on a global scale. Prior to the COVID-19 outbreak, the time taken to develop a new drug or vaccine could take 10+ years. COVID-19 acted as a catalyst by driving Pharma businesses to acquire new processes and methods that were not previously on the agenda. The implementation of this new way of working has been significant across the entire industry.
Pharma and how it’s been capitalised
The Pharma industry is responsible for the development, manufacturing and marketing of all drugs licensed for medication uses. The development stage plays an important role in innovating new products to match market demands. Collectively, the top 20 Pharmaceutical companies spend approximately $60 billion on drug development each year and the estimated average cost of bringing a drug to market is now $2.6 billion – which is a 140% increase over the last 10 years. Restructuring the R&D phases enables a faster process, allowing medicines to reach patients faster, reduce development costs and improve insights.
Factors such as COVID-19, inflation, geopolitics, and new ways of working have made it vital for pharmacos to carefully reconsider their long-term choices in sourcing, manufacturing, and supply chain. Artificial Intelligence (AI) is revolutionising the industry and this year there has been a major shift in the innovation model of the sector. It’s projected that 28% of companies will be using AI in the next two years.
Embrace the possibility of new ways of operating
Due to recent cases across the industry, we now have to be vigilant and innovative through the full life cycle of how drugs are commercialised. One response is an increase in collaboration - professionals must look to each other, communicate, and cooperate to be able to offer solutions.
If you are looking to find the best talent to join your business or are a Pharmaceutical professional who is looking to be a part of this exciting time of growth, please contact us at +44 (0)20 3854 7700.