In Europe especially, the global economic downturn has hurt many pharmaceutical companies who have struggled to be reimbursed for their medicines.
Reforms introduced by healthcare systems in desperate need of restructuring have contributed to persistent downward pricing pressures worldwide that have unfortunately coincided with a period during which patent expirations continue to wipe billions of dollars off balance sheets.
There has clearly been a cultural shift across the industry but we are at the start of a long process of rehabilitation. However, our contention is that the industry has not yet properly addressed one of the most pressing global challenges – the rapidly changing healthcare landscape.
This is partly understandable given the need to manage patent expirations and retool research and development (R&D) but it is now time to start to consider this important issue. The new healthcare ecosystems focus on value, and reward better outcomes at the same or lower costs.
The interests of the life sciences industry could converge with those of healthcare providers and payers in increasingly integrated delivery and financing models, provided the products and services are of sufficient merit.
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