In part one of this blog post we discussed emerging trends in the pharmaceutical industry, such as the growing use of AI, increased interest in precision medicine, biologics, cloud technology etc.
We are back with part two to discuss more emerging trends in the pharmaceutical industry, and how The Brooks Group can help your brand utilize these trends to maximize profits and growth in 2021.
Discounts and Rebates
Overpriced medications have been the focus of much public ire in recent years, especially when the drugs are considered life-saving. For this reason, both lawmakers and governmental agencies have made it a goal to reduce the cost of drugs with discounts and rebates.
With the growing concern over the prices of life-saving drugs like insulin and epinephrine, it is likely that this pattern of drug price scrutiny will continue into 2021 and beyond. Brooks Group’s managed care training seminars help sales and account managers understand the future of the healthcare market and how it will impact drug pricing.
Over the past few years, there has been a growing body of research on the role genes play in disease resistance and susceptibility. This has created a rapidly growing interest in the fields of pharmacogenetics, epigenetics, and genomes.
In other words, pharmaceutical researchers are beginning to focus more on unique genetic factors when developing new treatments for cancers, viral infections, and other conditions. It is expected that genetics will be at the forefront of clinical research and development moving forward.
Focus on R&D
One of the key challenges for research-focused pharmaceutical companies is to make R&D a more efficient process. R&D efficiency is measured by the successful approval of New Molecular Entities (NMEs) and therapies versus the monetary investment required.
With the growing need for research, pharmaceutical companies are having to come up with novel ways to create meaningful R&D without hurting their bottom line. The rapid development of the COVID-19 vaccine has been a marvelous achievement of the biotech and pharma industries in 2020.
Note: The Brooks Group can provide pharma companies with market research to help explore how emerging technologies can improve their R&D efficiency.
Consumerization of the Patient
Now more than ever, patients are expecting more out of their pharmaceutical provider. Given the saturation of the pharmaceuticals market, patients have more control over the medications they choose to take. This means that pharmaceutical companies can no longer just provide medication, they have to take a more personalized, customer-centric approach to drug distribution and marketing.
Creating a more empathetic approach to drug marketing will help pharma companies set themselves apart from the competition.
Pharma companies can learn the right insights that will help them understand the needs of patients and personalize treatments with The Brooks Group’s market research offering for patient advocacy in the pharmaceutical industry.
Digital training is a great way to ensure that employees are properly utilizing new technologies. In the pharmaceutical industry, digital training ensures that employees are operating within the strict parameters of regulatory compliance. Additionally, this form of training maximizes employee efficiency.
The Brooks Groups’ digital training programs help ensure that employees are properly utilizing new technology to boost efficiency and reduce compliance violations. The Brooks Group can save organizations money by training personnel on-demand from anywhere.
The Brooks Group Can Help You Leverage These Trends
Understanding what the future has in store for the pharmaceutical industry will allow you to effectively manage your marketing and R&D strategies to keep up with emerging trends.
With The Brooks Group, you can count on expert training, market research, consulting, and instructional design services to help your pharmaceutical brand maximize its growth and profits.