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Pharmaceutical Industry Needs to Speed Up Transformation to Meet Changing Market Dynamics, According to Ernst & Young Report
Date:11/13/2008

enging time."

Executive insights from the report include:

- Improving new product flow is the top priority among pharmaceutical executives. Seventy two percent of executives indicate that the "thinness" of their pipelines is a chief concern. Other top pressure points include producing and sustaining products of value in today's demanding marketplace (47%), pressures of global regulatory authorities (44%), and the redefinition of the customer and rise of payors (36%).

- Pharmaceutical executives are exploring more strategic and sustainable approaches to create lasting cost advantages. They aim to rely less on cost-cutting campaigns that ignore or imperil long-term growth plans. Only 40% of executives ranked optimizing costs as their most important initiative, compared to a similar study in 2007 in which 92% of executives ranked cost reduction as their number one initiative.

- Industry leaders are searching for new ways to transform business models to drive innovation and better demonstrate the value of their products. Sixty-six percent of interviewees ranked reinvigorating R&D as the most important strategic initiative underway in their organizations, and 40% ranked expanding into new markets and becoming more customer-centric as primary areas of focus.

Although the strategic changes should be transformative in making the business much more effective, most pharmaceutical executives are not fully advancing more radical business model shifts, according to the survey results in Progressions. For example, there is little focus on developing complementary alternative businesses in the "health-care" arena to compete with other sectors (e.g. food, financial services, consumer products) that are targeting the pharmaceutical industry's customer base. The majority of companies continue to exclusively pursue a product only business model at the expense of advancing service based offerings that could expand customer relationships. Furthermore,
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SOURCE Ernst & Young
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