Not long ago, PriceWaterhouseCoopers posed the question: Which path will you take?
According to PWC, by 2020 the current role of the pharma industry’s sales and marketing workforce will be replaced by a new model as the industry shifts from a mass-market to a target-market approach to increase revenue. They issued a report that highlights some fundamental dynamics that are reshaping the pharma marketplace:
- Chronic disease is soaring
- Healthcare policy makers and payers are increasingly mandating what doctors can prescribe
- Pay-for-performance is on the rise
- The boundaries between different forms of healthcare are blurring
- The markets of the developing world, where demand for medicines is likely to grow most rapidly over the next 13 years, are highly varied
- Governments are beginning to focus on prevention rather than treatment
- Regulators are becoming more risk-averse
PWC believes that, to be successful, companies will need to stop the aggressive marketing focusing only on the product of the current model and:
- Recognize the interdependence of the payer, provider, and pharmaceutical value chains
- Invest in developing medicines the market wants to buy
- Adopt a more flexible approach to pricing
- Develop plans for marketing and selling specialist therapies
- Manage multi-country launches and live licensing
- Form a web of alliances to offer supporting services
- Create cultures that are suitable for marketing specialist healthcare packages
- Develop marketing and sales functions that are fit for the future and a knowledge-based commercial organization
To download the full report, click here.
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