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The Anchor Point
Pharma need to build
In order to look towards the future, it is often necessary to first
“
understand the past. There are wheels within wheels – cycles of
in flexibility and
prosperity and times of hardship. The Pharma Futurology
adaptability so that they can
series has looked at what lies ahead for the life sciences
be ready for change and even
industry, and has determined that the predominant healthcare
system in 10–20 years’ time will be a heavily interconnected
anticipate it.
‘ecosystem’ in which all of the component organisms –
including patients, doctors, regulators, payors and
pharmaceutical firms – will be in close communication and
collaboration to provide a smart, fast and efficient health
service. Advances in information and communications
technology and a greater understanding of the workings of
both healthy and diseased states will drive the change from
within the pharmaceutical industry, while regulatory,
economic and social pressures will mould it from the outside.
There is no yellow-brick road to lead us there, however. It could
be said that this is a tale of two cities: “It was the best of times, it
was the worst of times…” While there is a lot of promise lying
ahead, there are great challenges to overcome in the present:
immense pressures on healthcare providers to contain spiralling
healthcare costs; dwindling numbers of innovative new
pharmaceutical therapies, despite record levels of R&D spend;
weakening share prices; high patient expectations but low public
support for pharma; and ever higher regulatory hurdles to
overcome. These are familiar facts, outlined in greater detail in
many previous publications (including Pharma Futurology –
Joined-up Healthcare), and for this reason they may have lost
their power to shock. However, they are not the full story, and
more recent, unforeseen circumstances only serve to further
entrench the industry, with each additional difficulty making it
more critical for pharma to free themselves from these challenges
and create room to manoeuvre. Pharma need to build in
flexibility and adaptability so that they can be ready for change
and even anticipate it. In this way they can realise the value and
opportunities presented and enjoy the extended rewards.
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