How Can We Address Some Of The Challenges Confronting Our Industry (E.G., Pricing, R&D Spending, Industry Image) And Gain A Competitive Advantage?
A: IN BIOPHARMA, we’ve always had to quickly assess, adapt, and persevere amid changing market forces. The inherent uncertainties associated with discovery, R&D, clinical trials, globalization, and regulatory actions are all parts of our industry’s robust risk assessment analyses. What has changed, though, is the pace of change. We are now compelled to more quickly rebalance our value proposition to reflect an evolving mix among healthcare costs, access to care, and outcomes.
Fortunately, today we have more information than ever before about disease states, patient populations, costs, and outcomes. Biopharma leaders are embracing tools like Big Data analytics and real-time research methods to find their new competitive advantage. We can no longer afford to study the changing marketplace from the shore; we must be in the boat adeptly navigating through the challenges confronting us.
Ron is the president of LifeCare Services, LLC. He founded the consultancy specializing in healthcare marketing, brand protection, and supply integrity after having spent 36 years as an executive at Johnson & Johnson.