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Andrew Ellis
Organizational Management
Professor Tanya Rydell
March 22, 2021
Pharmaceutical Industry Outlook
Technology has transformed the pharmaceutical industry and will continue to do so in
surprising ways. Already pharmaceutical companies are working closely with technology
firms to produce medical devices and software that focus on prevention rather than
treatments of diseases and illnesses (Galvan 18).
This paper explores other changes on the horizon for the pharmaceutical industry.
Patients want access to augmented and virtual reality. Consumers respond well to
augmented and virtual reality technologies that provide information they are seeking
(Khan). Medical patients can use the technologies to see how a drug works in three
dimensions instead of reading a long list of warnings and indications. Lab workers can
safely monitor experiments with augmented reality equipment, bringing medicines to
market faster.
Personalized medicine means patients can receive customized therapy. Genomics is the
branch of molecular biology that deals with the structure, function, evolution, and
mapping of genomes. (A genome is a complete set of genes.) To keep pace with
advances in genomics, pharmaceuticals could provide personalized medical plans based
on patient genomes. The industry could start by providing customized background
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information about sensitivities to drugs and dosages, long an intractable problem for
medical professionals.
Using 3D printing can move medicines to market quickly. The first 3D-printed drug,
Spiritam, is a treatment for epilepsy (Howe). Because it dissolves quickly, patients can
metabolize it and receive the benefits of the treatment faster. The technology could also
give rise to custom-printed drugs, so that prescriptions become programs pharmacists
use to produce drugs on demand in the perfect dosage for the patient. 3D printing could
become a new method of drug manufacturing.
Body sensors give consumers the power of information. Sensors that monitor vital signs
are already being produced as separate medical devices or as apps to install on a phone
(Wagner). Combining this technology with artificial intelligence can reduce the length of
illnesses and save lives. People can provide accurate symptoms to medical professionals
and schedule office visits earlier than they would without the technology.
These improvements are exciting, but few pharmaceutical companies are giving them
the attention they deserve. However, because of expiring patents, declining drug prices,
and expanding competition, pharmaceutical companies are the position of having to
transform or fail.
The most significant challenge for the industry is productivity decline. Companies are
simply producing fewer medications, especially the blockbuster, breakthrough
pharmaceuticals that once fueled the industry. Companies have experimented with
various approaches to lost productivity, including restructuring, adaptive trials, and
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innovative management strategies. The answer most likely involves a holistic solution
that addresses research and development, process, strategy, and funding.
To be successful, companies will need to invest in developing medicines the market
wants to buy and adopt a more flexible approach to pricing. They should also develop
plans for marketing and selling specialist therapies, especially those that take advantage
of technology. Ultimately, companies must develop marketing and sales functions that
are fit for the future and knowledge-based commercial organizations.
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Works Cited
Galvan, Allison. "Big Pharma and Biotech: A Perfect Match." Biotechnology Today 6 December
2020: 18-20. Print.
Howe, Dana. "3D Printing for Everything." 3D News 6 May 2020: 10. Print.
Khan, Doug. Virtual Reality Makes a Difference in Medicine. 23 September 2020. Website. 4
March 2021.
Wagner, Dorothy. More than Fitness Monitors: Body Sensors Are the Future of Medicine. 17
January 2021. Website. 2 March 2021.
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