Tag: biopharmaceutical

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Opportunities and Challenges in the Global Biopharmaceutical Market

Biopharmaceuticals is currently at the core of the pharmaceutical sector. The opportunities in the global biopharmaceutical market are big and growing too rapidly. In fact, biopharmaceuticals generate global revenues over $150 billion, making up about 20 per cent of the total pharma market. It’s by far the fastest-growing part of the industry. Biopharma’s current annual growth rate is double that of conventional pharma, and the growth is expected to continue at that rate for the foreseeable future. However, the global pharmaceutical market is not entirely free of challenges and flaws. As biopharma companies move from the scientific frontier to the business mainstream, the companies in the global biopharmaceutical market will increasingly be forced to confront the same challenges of maintaining competitiveness by ensuring affordability, quality, and delivery performance.

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Opportunities in the biopharmaceutical industry

Biopharmaceutical products are known for their efficacy and safety. Furthermore, the ability of these products to address and cure previously untreatable conditions allows companies in the global pharmaceutical market to command high prices for new and innovative drugs. Despite the high prices, the strong demand for biopharma products are driving sales and profitability in this market. According to our pharma industry analysis, investments made in the global biopharmaceutical market has yielded better returns than the pharma industry average, prompting clinical trials to become unprecedently high. The success of the clinical pipeline will lead to a higher number of new molecule launches, rising from a handful a few years. Moreover, robust, low-cost genetic profiling will improve treatment outcomes and serve to accelerate and enhance the outcomes of clinical trials, helping to reduce the cost of drug development.

Challenges in the global biopharmaceutical market

Managing demand for improved access

The downward cost pressure is expected to intensify with healthcare systems increasingly attempting to balance the rising demand with the reducing budgets. Consequently, payers may also find it challenging to justify the annual treatment costs demanded for some biopharmaceutical products. Furthermore, governments in emerging markets understand the critical role that biopharma will play in boosting healthcare outcomes, and they are demanding alternative ways to fulfill the rising demand for these products.

Many of the next major opportunities for biotech will require companies to develop new and different technologies and operating models. Get in touch with our experts to know how we can help you stay updated with latest innovations and strategies for success in the global biopharmaceutical market.

Quality compliance and regulatory scrutiny

Companies in the global biopharmaceutical market are struggling to keep up with the rising demands of regulators, primarily the US Food and Drug Administration. In the last five years, the industry has been subject to an unprecedented number of warning letters, and scrutiny is unlikely to decrease. Furthermore, the rising relevance of global markets (beyond the United States, European Union, and Japan) is increasing the complexity of multiple quality standards and regulatory regimes. Compliance, robustness of processes, and efficiency are keys to success for companies in the global biopharmaceutical markets.

Complexity in supply chain operations

The complexity of supply chain operations of companies in the global biopharmaceutical market are bound to increase with the rise of new processes and technologies. Moreover, the current production programs are already stretching the industry as even several top biopharmaceutical companies are failing to deliver to the market.

Know more about how Infiniti can help overcome key challenges faced by companies in the global biopharmaceutical market.

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Top Trends Shaping the Asian Biopharma Industry

Some of the earlier events in Asia, such as China’s market access blockade, Japan’s spending controls, and deceleration in Southeast Asia and India have contributed towards a flat enthusiasm for the biopharmaceutical sector in Asia. However, certain recent trends have reignited the interest in biopharma in this region, with key implications for pharma executives.

Asia is popular for its dynamic markets and its rapid growth. Although over the past year the enthusiasm in the region for biopharma has been flat, several recent biopharma trends have turned the tables. This has brought about several market changes that make it essential for companies to reassess their strategy and go-to-market model. In this blog, biopharmaceutical industry experts at Infiniti Research discuss some of the recent biopharmaceutical industry trends in Asia and share perspectives on their implications for executives in biopharmaceutical companies.

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Key biopharma trends in Asia

CDFA reforms in full stride in China

The recent China Food and Drug Administration (CFDA) reforms are more optimistic fundamentals that aim to support industry growth through innovation. Over the past few years, the CDFA has made significant strides in terms of addressing critical gaps in the system. Furthermore, there have been several reforms published on the drug-registration policy. These policies have been designed to improve the registration process and to encourage companies in the biopharmaceutical industry to bring innovation to China. This includes therapies for addressing severe and rare diseases and fast tracking approval for therapies. As a result of these new drug approvals, a record number of approvals and new product launches were seen over the last couple of years. The biopharma industry in China is accelerating against the backdrop of the new CDFA reform.

Price reforms in Japan

The Japanese ministry of health made a proposal in 2017 to overhaul the current drug pricing regulations. This reform will affect both the new drug pricing and in market pricing revisions across all drug categories including off-patent long-listed products, patented prescription drugs, and generics. This includes changes such as narrowing price maintenance premium (PMP) for patented products. The PMP will now be applicable only to selected drugs and full premium will be awarded only to a subset of companies. The scope of the premium will be limited to innovative drugs and the amount of premium will be matched to a company’s contribution to R&D.

Emerging fund pools in Southeast Asia and China

In China, there has been an upward trend in the expansion of reimbursement of innovative drugs. Furthermore, companies in the biopharma industry in China have also started to experiment with new models to improve patients’ access to medicines. China remains an important growth engine for companies. With these biopharma trends and changing outlook in China, the country remains a highly lucrative market and an important growth engine for companies in the biopharma industry.

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Digital and advanced analytics in healthcare

Although big data and other digital technologies have been constant buzzwords in the biopharma industry in Asia, now we are seeing their gradual uptake by several companies in the sector. Governments in Asian countries like China and Japan have introduced policies to promote the application of such advanced biopharma trends. Furthermore, even physicians and medical reps, especially in Japan, have already shifted away from pharmaceutical sales reps as their primary information source and use digital channel as their primary source. In China, for instance, studies show that doctors spend over two hours of their working day on an average online and have switched from computers to smartphones to support many of their professional activities. Consequently, digitalization is going to be one of the key biopharma trends that are going to revolutionize Asia.

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How to Rollout a Successful Biopharmaceutical Product Launch Plan

A product launch is no child’s play, a significant amount of planning and execution strategies are decided on before the actual product launch. A product’s performance during its launch often indicates how successful it will be during its life cycle. Take the example of the movie business; the opening weekend is the critical barometer to predict how popular the movie will turn out to be at the box office. That dynamic holds true in the biopharmaceutical industry as well. However, in the current market scenario, biopharmaceutical product launch is more challenging than ever before. Rising regulatory issues, growing stakeholder expectations, numerous market-access hurdles, and stiff competition are some of the critical hindrances coming in the way of biopharma companies. So how can players in the biopharmaceutical space overcome these hurdles and roll out a successful product launch plan?Request Free Proposal

Create a game plan

Managers need to think strategically if they aim at leading their team to victory in the case of a product launch. They must take into account market conditions, how much companies have spent to support a competing product, and the product’s positioning at a particular point in time. Considering only competitors’ past actions leaves managers unprepared to react to changes in rivals’ tactics. Instead, companies must plan for the “game” that lies ahead, predicting the successive moves that competitors might make in to tackle a new market entrant. War-gaming can prove to be a useful tool for identifying possible market disruptions, study the probability of various competitive actions, estimate their impact, and design an appropriate response.

Cross-functional market access team

Traditionally, winning in the marketplace has been achieved by having sales representatives continually communicating information about a product’s efficacy and safety directly to physicians. Today, biopharmaceutical companies need to effectively make the case for their product to a host of payers and health technology assessment (HTA) agencies, which are now operating in most markets. Though many companies have a market access team, it rarely includes individuals from different verticals across the organization. To have a constructive conversation with payers, companies must create a cross-functional market-access team comprised of individuals from various departments such as R&D, sales and marketing, and medical affairs. This team can get in touch with payers and HTA agencies and then keep them updated on the decisions made throughout the R&D process. The team should especially communicate the type of patient populations that are being targeted and the expected benefits. This will give payers and HTA agencies the opportunity to provide guidance on the kind of efficacy and safety data they would be looking for.

Innovative pricing

Price increases have been a significant driver of growth for pharmaceutical companies, accounting for 65% of the industry’s growth worldwide. Although the biopharmaceutical industry has relied heavily on price increases, it is not leveraging pricing as a tool for gaining competitive advantage. Biopharmaceutical companies should study innovative pricing strategies during product development and make pricing a core pillar of the product’s profile. Innovative pricing is often critical to gaining market access and receiving reimbursement.

Build stakeholder relationships

The ideal biopharmaceutical selling model focuses on a single channel: the physician. But this approach is no longer relevant in a world where myriad stakeholders exert significant influence over prescribing decisions. A consistent challenge is getting a comprehensive view of which stakeholders matter the most, who is connected to whom, and who influences the stakeholder network. Social-network analysis helps biopharma companies to identify which institutions or individuals – key opinion leaders, payers, HTA agencies, guideline committees, or physician and patient groups are the most influential across stakeholder groups.


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