Major scientific and technological advances together with demographic changes, increased healthcare needs of the aging population, and trade liberalization, have significantly influenced the way pharmaceutical companies operate.
The global pharmaceutical industry is growing steadily, with sales of prescription medicines reaching $1.1 trillion in 2015 . A number of factors have contributed to the accelerated growth of this industry, including advances in genetics and genomics, increased processing powers, introduction of new and more intelligent data management tools, and the sedentary lifestyle and increased healthcare needs of the global population. In addition, many historical barriers that kept leading pharmaceutical industries from entering untapped geographic margins have also been removed, bringing an era of unparalleled growth and business opportunities in global pharmaceutical trade.
While the industry has experienced unprecedented growth over the last decade, the commercial environment has also become more competitive and highly regulated. Healthcare payers are scrutinizing the value of medicines more closely and are demanding new therapies that are clinically more efficacious and economically better than the existing ones. As a result, pharmaceutical companies are facing immense pressure to invest more resources in research and development, while taking appropriate cost-containment measures to achieve their sales and revenue targets.
Developing new medicines has become an expensive business for the pharmaceutical industry. According to the Tufts Center for the Study of Drug Development, the cost of researching a new molecule, conducting clinical trials, and introducing it to the market is as high as $1.24-$1.32 billion. Apart from R&D costs, talent shortage is another critical factor that undermines the research and development of new medicines all across the globe. The pharmaceutical workforce lacks the experience and skills in two important disciplines of drug discovery and discipline, genomics and bioinformatics.
Put simply, the pharmaceutical industry has proven itself to be remarkably resilient, considering the many challenges it is currently facing. To overcome these challenges and stay profitable in an increasingly competitive market-place, senior executives of pharmaceutical companies must take some bold measures.
At Allen Austin, we understand that skilled human resource is the fundamental driver behind any innovation process. Being industry experts, we realize that securing the right talent across manufacturing, R&D, and leadership positions is a growing concern for pharmaceutical companies.
We design comprehensive executive search and leadership development programs that help companies recruit the finest candidates with the required experience and talent. The caliber of individuals we recruit is reflective of our commitment to help our clients build a more capable, skilled, and productive workforce that can drive that company’s success.
 Revenue of the worldwide pharmaceutical market from 2001 to 2015. https://www.statista.com/statistics/263102/pharmaceutical-market-worldwide-revenue-since-2001/