Life Sciences: An Industry Striving to Meet Ever Changing Global Markets
The InterSearch Life Sciences & Healthcare Practice Group is glad to share an article commenting the latest developments and trends in the industry worldwide.
“Life Sciences has been a well consolidated practice at InterSearch worldwide for many years. Our widespread industry knowledge enables our consultants to introduce top talent all over the globe. In 2016, InterSearch Ww partner firms have concluded 200+ assignments within Life Sciences & Healthcare sector for more than 100 company clients in Europe, Asia Pacific and Americas Regions”
According to Micheál Coughlan, Managing Partner of InterSearch Ireland and Head of the InterSearch Life Sciences & Healthcare Practice Group
“as a result of expanding growth and favourable market trends, the global life sciences industry is faced with new and challenging demands. For the biopharmaceutical industry to be better placed and prepared to face future challenges, it is imperative that they apply holistic strategies in ensuring they have the right combination of talent. The burden of developing, adapting and managing adjustment lies within individual companies and their willingness and ability to identify, engage and retain the right talent.”
The article approaches hot items how the industry will have to work much harder to be profitable, collaborate with healthcare payers and providers, and improve patient compliance due to fast changes as:
- evolving marketplace in political and economic uncertainty, cost and pricing pressures, increased demand for innovation and value – which drives competitiveness, more focus on consumer engagement, and an ever-changing regulatory and risk environment
- moving from traditional product development and marketing models to more patient centred approaches
- developing a new approach to market due to digitalization: A growing affluent population more able and willing to afford healthcare services and product combined with increasing access to internet connectivity, and will need clear and detailed information
- pay-for-performance – having a strong impact on R&D
- role of emerging markets, where pharmaceutical sales are forecast to expand at double digit rates. Despite their impressive potential, developing countries pose immense challenges and risks for multinational pharmaceutical companies
On a strategical perspective:
Will they be able to enter the realm of health management to look at prevention rather than treatment due to the fact that prevention is considered more cost-effective by government institutions?
Will they develop even stronger collaborations with academia and other stakeholders in Research and Development in order to access facilities and a broad spectrum of relevant talents?