Why market challenges require collaboration
Inez Cornell, Marketing Manager at Radleys believes that to address changing patients needs and new therapeutic areas we need industry collaboration
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Pharmaceutical companies have started to embrace a more collaborative way of working as part of a movement to help overcome some of the challenges the industry is facing. Expiring patents and a tight regulatory environment are just some of the issues that are hoped to be resolved through forming partnerships across the industry, and even with competitors.
Radleys believe collaborative working is likely to play an important role in the pharmaceutical industry for years to come because of a number of trends which are emerging:
Technology is opening up new opportunities
Technology is slowly being introduced and utilized within healthcare and is revolutionizing the pharma industry. When it comes to utilizing technology and staying ahead of digital trends, the care industry is not necessarily well-recognized for this. However, with everything becoming increasingly more automated and digitized, care homes, hospitals and other care-related establishments need to be adopting the latest technological advancements or risk being left behind.
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From software solutions that help out with administrative work, to smart home capabilities which can enhance staff productivity, to robotic technology which has proven results in increasing health; there are many advancements which should be considered - as well as the potential collaborations that could help streamline operations.
There is also scope for more pharmaceutical and technology partnerships to develop products which will help to realize the vision of delivering personalized medicine. Partnering with technology companies to enhance productivity using automation is just one way the pharmaceutical sector can avoid wasting money on pursuing research into treatments that later turn out not to be viable.
Software solutions have allowed for the digitization of records including care plans, residents’ medical records, and staff employment and management records. This has led to the optimization of operational and administrative processes in the UK care industry Systems such as eMar have played a large role in reducing the pressure on staff within care homes by providing a faster and more efficient way of recording resident information .
Efficiency and productivity will be improved by partnering with relevant software companies, as will an enhanced quality of care to clients.
Prioritization of tackling complex diseases
The rise of conditions like diabetes and Alzheimers, alongside staff shortages is putting a huge amount of pressure on the UK health system, so tackling these should definitely be a priority.
Alzheimer’s disease affects more than half a million people in the UK, and dementia and Alzheimer’s disease is the leading cause of death in Britain. There are 850,000 people with dementia in the UK, with numbers set to rise to over 1 million by 2025. The Prime Minister's 2020 Challenge on Dementia laid out a series of plans to help tackle the crisis. They set out the ambitious aim to find a cure by 2025, however finding treatments for brain diseases is incredibly complex and cannot be done without the help and insights of other industries.
It was not that long ago, that pharma giants were nothing less than fierce competitors, but the need for a shift has been identified. This led to the collaborations of pharma companies as this is important for sharing knowledge between experts. The UK has already won major Innovative Medicine Initiative grants to support multinational academic-pharma partnerships, which is definitely a step in the right direction.
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Patient’s needs are changing
Times are changing and patients are no longer content with going with the status-quo when it comes to healthcare; they demand more personalized health plans that are shaped around their own individual needs. Consumers have shown that they want new therapies that are better than anything on the market, and the pharmaceutical companies must have the real-world research to back up such claims. This movement has been identified by the pharma industry, as well as by healthcare providers such as the NHS.
Through collaborations between pharma organizations, healthcare providers and patients, a more streamlined focus on the outcomes that matter to patients can be made possible. According to research by the drug development company Covance, 84% of senior decision-makers in the field of clinical development agree that pharmaceutical companies must incorporate the patient voice in drug development more effectively.
Traditionally, pharmaceutical companies may not have embraced collaborative working, but now it is more of a necessity that is expected to become common. Despite providing rewards such as the ability to align decisions with patients' wants, needs, and preferences, patient-centric care can also provide challenges for the pharmaceutical industry. The main challenge for 2019 will be focused around the potential of the direct consumer becoming the pharmaceutical company’s most strategic partner. This will involve determining how to leverage the power of health technology, and how to shift focus from partnerships with the medical community to partnerships directly with the consumer.
There has been a shift towards consumerism within the pharma industry in recent years with pharmaceutical advertisements and it is expected that as a trend this is only going to grow. It will strengthen and position drug companies, giving them more opportunities to reach the consumer through wearables and other devices.
The next few years will prove to be a crucial year for the pharmaceutical industry for many reasons, but in particular, to foster a relationship with the public, and establish relevant and valuable collaborations with other industries.
