No immediate pain relief for the pharmaceutical industry

Abstract

Over many years, the pharmaceutical industry has developed a highly successful model for making new medicines. Currently, there are an estimated 13,000 prescription drugs on the market. However, the model that has served the sector so well for so long is now breaking down. Lack of productivity in the laboratory, the imminent expiry of patents for numerous best selling products, intense competition and a more demanding marketplace, are all signs of a need for a new approach to drug discovery. Consequently, some pharmaceutical executives may feel that they are managing a previously prestigous team, which now find themselves in the relegation zone, and cannot continue under the same model. This article suggests that radical transformation of the business at every level is the only key to long-term success.