Premium
Pharmaceutical Strategy and Innovation: An Academics Perspective
Author(s) -
Baxendale Ian R.,
Hayward John J.,
Ley Steven V.,
Tranmer Geoffrey K.
Publication year - 2007
Publication title -
chemmedchem
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 0.817
H-Index - 100
eISSN - 1860-7187
pISSN - 1860-7179
DOI - 10.1002/cmdc.200700008
Subject(s) - pharmaceutical industry , business , outsourcing , context (archaeology) , safer , marketing , productivity , profit (economics) , perspective (graphical) , industrial organization , economics , computer science , medicine , paleontology , computer security , macroeconomics , artificial intelligence , pharmacology , biology , microeconomics
Abstract The pharmaceutical industry is under increasing pressure on many fronts, from investors requiring larger returns to consumer groups and health authorities demanding cheaper and safer drugs. It is also feeling additional pressure from the infringement upon its profit margins by generic drug producers. Many companies are aggressively pursuing outsourcing contracts in an attempt to counter many of the financial pressures and streamline their operations. At the same time, the productivity of the pharmaceutical industry at its science base is being questioned in terms of the number of products and the timeframes required for each company to deliver them to market. This has generated uncertainties regarding the current corporate strategies that have been adopted and the levels of innovation being demonstrated. In this essay we discuss these topics in the context of the global pharmaceutical market, investigating the basis for many of these issues and highlighting the hurdles the industry needs to overcome, especially as they relate to the chemical sciences.