By any standard, the pharmaceutical industry's history has been a successful one. In addition to its profits and shareholder dividends, it has been seen by investors as relatively low risk and, largely, counter-cyclical to stock market trends. However, that important contribution appears to be petering out, with significant global implications for employees, shareholders, governments and patients. This is not just caused by the economic crisis. Long before this, several distinct but related streams of evidence emerged that now point to the stalling of the pharmaceutical industry. The Future of Pharma examines the causes of the industry's potential decline and offers a convincing and rigorous analysis of the options open to it. What emerges is a landscape defined, on the one hand, by the changing marketplace of mass-market consumers, institutional healthcare systems and wealthy individuals; and on the other by the alternate sources of commercial value - innovative therapies; super-efficient processes, supply chains and operations; and closer customer relations and increasingly tailored health services. The challenges to the pharmaceutical industry now and in the medium and long-term are very significant. Brian Smith's highly readable research findings are a wake-up call and a first step forward for anyone concerned with the future of the industry; whether executive, customer, policymaker or investor.
Professor Brian D. Smith began his career as a research chemist in a pharmaceutical R&D lab and then spent 20 years in technical and marketing roles before becoming an academic, author and adviser. Working at OUBS and SDA Bocconi, two of Europe's leading business schools, his research focuses on strategy creation and implementation in pharmaceutical and medical technology markets. Brian also runs a specialist consultancy that advises many of the world's largest companies in this sector. He is editor of the Journal of Medical Marketing, has written and co-written three major books and published many practitioner articles all of which can be seen at www.pragmedic.com
Contents: Foreword, Andreas Fibig; Foreword, G. Steven Burrill; Part I A Stalling Industry: Whither pharma? The world's most important industry at a fork in the road; Universal acid: a way to understand the complex, adaptive pharmaceutical industry. Part II A Co-Evolving Industry: An evolving social environment; An evolving technological environment; The evolution of the pharmaceutical industry; The speciation of pharma: the new business models that will transform the industry. Part III A Changed Industry: Sex, forced moves and good tricks: what new capabilities will be needed to survive and thrive in the future of pharma?; Flat, focused tribes: organizational structures in the future of pharma; Gales of creative destruction: the turmoil ahead of the pharmaceutical industry. Epilogue: unanswered questions and speculative answers; Appendices; Index.