LONDON–(BUSINESS WIRE)–#CompetitiveIntelligence–A well-known market intelligence company, Infiniti Research, has announced the completion of their recent article on the pharmaceutical industry challenges to watch out for in 2019. In this blog, industry thought leaders from Infiniti Research gives an overview of the current scenario in the pharmaceutical industry and also discusses the key pharmaceutical industry challenges that companies can expect this year.
The pharmaceutical industry has been experiencing several critical challenges over the past couple of years, and this year is going to be no different. Apart from increasing costs and government regulations, pharma companies are also under the constant scrutiny of health insurers, consumers, and the government to improve transparency and accountability.
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Pharmaceutical industry challenges 2019
Patent cliffs
Patent cliff refers to the expiry of drug patents and the consequent drop in the sales of the product which previously held a large market share. These patent cliffs allow competitors to produce and patent a similar brand name drug. This will soon be one of the key pharmaceutical industry challenges affecting prescription drug sales worldwide.
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Foreign counterfeit drugs
There is an increasing flow of foreign counterfeit drugs into America. To avoid this, it is essential to ensure that these drugs meet the U.S. quality standards while adhering to the local regulations overseas. It is also essential to block all illegal trafficking of counterfeit medications.
US drug prices
Rising drug costs is one of the key issues persisting in the US. The price freezes in 2018 was a result of constant pressure from patients, politicians, and other regulatory bodies. Despite this, several companies hiked their prices even further during early 2019. One of the key pharmaceutical industry challenges in the US right now is to control drug prices and provide more accessible and affordable healthcare to the Americans.
Shift to patient-centric healthcare
The advent of technology has made the patients more informed and they are now likely to play an active role in any treatment plan prescribed by their doctor. While patient-centric healthcare provides several opportunities, it can also add on to the current pharmaceutical industry challenges. As healthcare consumerism rises, pharma companies must find ways to provide real-world research backup claims to justify their products and prices.
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About Infiniti Research
Established in 2003, Infiniti Research is a leading market intelligence company providing smart solutions to address your business challenges. Infiniti Research studies markets in more than 100 countries to help analyze competitive activity, see beyond market disruptions, and develop intelligent business strategies. To know more, visit: https://www.infinitiresearch.com/about-us
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