Challenging Days But Also Opportunities Ahead for Big Pharma
Early last year industry experts anticipated that 2012 would be challenging for the largest global pharmaceutical firms. . . a year of transition as they digested lost revenues due to the patent cliff, and adjusted to growing governmental scrutiny and regulation as well as a poor economic climate.
The pharmaceutical industry, according to First Word's Pharma Outlook Q1 2013 report, will continue to face many of the same challenges during 2013. Even though the FDA approved 39 new chemical entities during 2012, the highest number in 16 years, overcoming the sizeable revenue declines due to patent expirations and generic competition will be considerable. Furthermore, an evolving market landscape with new 'generic" competition from biosimilars and a growing demands from payers and providers to demonstrate value, creates additional hurdles.
During the next five years, pharmaceutical manufacturers are likely to overcome the patent cliff and other industry challenges with a broad range of new products.
By 2017, 50 products are expected to fuel industry growth and revenues by about $80 billion, with Oncology and Diabetes medications accounting for nearly half of this growth. Moreover, growth drivers are less likely to be based on revenue size and more on how targeted each product is.
These are only a few key insights from the Pharma Outlook Q1 2013 report. For more detailed data about the key growth driver products and their manufacturers, click HERE to access this insightful report.