Health and wellness are a major part of life.
These sectors relate to the development, manufacture, and marketing of medicines. The global revenue of the pharmaceutical industry is more than $1 trillion. Almost half of this figure comes from two countries: the US and Canada. It is by far the most profitable industry of all. The primary and generic pharmaceutical companies lead the way in the industry.
Some of the breakthroughs in the industry are coming from specialty pharma companies. Some of these companies have fewer employees than a single department in one of the larger firms. These small establishments are making an immense impact on patients. They concentrate on therapeutic areas and niche markets. These companies are showing how a targeted approach can get results. Some companies focus wholly on one disease. Others treat ailments that affect only a minority of the population.
The US pharmaceutical market dominates the rest of the world. The US is an innovator and a booster in the field of medical research and development. Their R&D benefits the international pharmaceutical industry. Still, one of the top conditions affecting US patients is diabetes. Oncology and autoimmune diseases are also the focus of much research in the US. Pfizer, Johnson & Johnson, and Merck & Co. are the largest companies on the US market.
Pharmaceutical Market Trends
Public Relations (PR) and Advertising are powerful for Pharma companies. One of the most prominent is the consumer as customer. Biotech stories are starting to proliferate. One such story involves the use of gene therapy to regrow the skin of a little boy. As drugs get personalized, stories such as these are capturing imaginations. They are also piquing people’s interest in the sector.
Patient stories can be powerful. Negative publicity can also be influential. One pharma company made headline news for charging $1,000 per day to treat hepatitis, creating a slew of negative publicity. It’s a brave – and complex new world for biotech and pharmaceutical companies.
There are several challenges in the pharmaceutical industry. These include policy reforms. For example, healthcare officials are likely to overhaul the Affordable Care Act soon. Another problem is the impact of new technologies. Industry players are still doubtful about the effects of these technologies. It is unclear how they will affect drug development and commercialization. Gene therapy and Gene editing are also gaining more headlines on opportunities and challenges in those sectors.
Global Pharma Opportunities
Pharmaceutical sales are largest in the US and Europe. Developed markets for pharmaceuticals comprise the United States and Western Europe. Canada, Japan, and Australia are also part of this market. The United States sells approximately 33%, Western Europe, 22%, and China, 10%. Japan accounts for 9% Latin America, 7%, and Russia, 4%. South Korea, India, Indonesia, and Australia are below 3%.
Pharma Influencer Marketing
One of the digital trends in pharma is influencer marketing. An influencer is one who is active in one or more of the social channels, with a large follower base. Pharma companies have been using influencers. These influencers have been reporting on their use of certain drugs and devices. They are also influencing people’s behavior in the area of disease prevention. Influencers can also encourage adherence to treatment protocols. Support groups can be highly influential in treatment and patient behavior.
One of the growth drivers of the pharmaceutical industry is the aging population in the US and in most advanced economies. Another growth factor is the increase in people living unhealthy lifestyles. These poor choices include lack of daily exercise and unhealthy eating habits.
The USA and Europe are leaders in pharmaceutical development and use. Other areas like India and China have seen growth in recent years in the life science markets. The cause of this growth is an increasing demand for devices and products. It is also because of substantial capital opportunities.
Pharmaceutical Market Research Solutions
SIS International Research has over 35 years experience in Market Research and Strategy Consulting in the Pharmaceutical industry. We conduct research with patients, caretakers, physicians, payors, influencers, regulators and other stakeholders.
- Focus Groups
- Online Insight Communities
- In-Depth Interviews
- Online Surveys
- Multi-country & International Market Research
- Market Entry, Sizing and Opportunity
- Strategic and Competitive Analysis