The full extent of what the ongoing transformation in the global economy portends for the pharmaceutical industry in the short and long terms can only be conjectural, the expansion of healthcare markets that the digital revolution occasioned, for example, hardly foreseen a decade ago. The broader manifestations of this transformation as on the phenomenal growth of the economies of countries such as China and India, labor mobility, public services commoditization, consumer empowerment, and trade/competition regulation, among many others, would no doubt influence developments in global markets, including their control and overall operations, creating immense prospects and challenges in, some would contend, equal measure.
Given that 50 percent of the world's population lives in
How should the firm for example conduct its marketing efforts considering the commotion over direct-to-customer (DTC) in the
Indeed, some have suggested that they would, and the industry should acquiesce to this tendency, promote self-regulation in the industry3. If indeed, they did, how would this affect the industry’s approach to marketing, and how it does business in general, and would such say stringent self-modulation influence its operations in just particular jurisdictions, or globally? Would this, specifically regarding marketing for example, not amount to the industry short-changing itself given the looming intensity of competition with the biotechnology industry for example, which incidentally, is also starting to embark on aggressive DTC marketing?
The soaring costs of prescription medications that many would argue pitched the public against the pharmaceutical industry, if not also government, in some cases, and the latter’s renewed commitment to fighting fraud, provide in part, the backdrop for the current tumultuous regulatory milieu, in countries such as the U.S4. However, should, and could the pharmaceutical industry afford to continue to take the spanking for a complexity seemingly ever more so, in particular given the its potential to compromise the industry’s ability to survive let alone thrive?
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