The road ahead for Pharma Industry

Shinjini Saha, INN/Gwalior, @infodeaofficial

The biopharmaceutical industry is playing a vital role in both innovation and access to medicine through intensive research and development, partnerships, patient access programs, and through contributions to good governance.

Firstly, it is a high technology sector that invents and develops life-saving and life-enhancing medicines, reinvesting more of its net sales back into innovative research than any other industry.

The new medicines and vaccines springing from the work of scientists over decades created a legacy from which every one of us benefits today.

Effective medication and vaccines do more than prevent and treat diseases, and patients are not the only ones who are helped by new developments. When new medicine improves the health of people, the economy benefits with a healthy workforce.

Having the right medicines is just one step in improving public health. A shared goal in the global health community, including the industry, is to ensure the patients across the world receive the medicines they need to live longer and healthier lives.

Expanding access to healthcare and medication can be complicated and challenging, particularly in low and middle-income countries, and requires a structured, collaborative effort that ensures health systems use resources effectively and efficiently.

Ensuring that patients receive the correct medication at the appropriate time and from a convenient location, requires a complex ‘value chain’.

As a solution, a holistic approach to access to medicines should be adopted and enforced the competent international and domestic health authorities. National procurement and supply systems for medications are often inefficient, or poorly calibrated to meet current needs.

As a result, scarce resources are wasted, the introduction of vital new medicines gets delayed, and stock-outs may occur, presenting a significant barrier to health.

In developing countries, the effect of globalization on pharmaceutical sector has resulted in a decrease in exportation and domestic production, accompanied by an increase in the importation of pharmaceuticals and a rise in prices and expenditures.

As an example of a developing country, India has been facing the long-standing and increasing pressure of global regulations placed on its pharmaceutical sector. This situation has led to an increasing dependency on multinational companies and a gradual deterioration of an already weakened domestic pharmaceutical industry.

The power of social media tools and the impact that they can have not only on brand perception and, energetically, on sales, as well as the increasing interest of the regulators in social media is resulting in this shift. Also, tools and technology and the growth of the data sciences industry have proven to be powerful enablers.

As patient centricity becomes the cynosure of attention, the need to capture their views becomes necessary. Social media brings in a pragmatic component to clinical trials, supporting the world of evidence-based medicine.

There is a whole spectrum of social media services is leveraged by pharma and healthcare, ranging across listening and analytics, marketing, and engagement. Companies are designing geography-based social media strategies based on the audience that they are targeting.

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