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Pharma 2023 Redefining the Roadmap Through a Commercial Lens

Background

From adapting to COVID-19’s new normal to creating value for patients and healthcare professionals (HCPs) to embracing technological advancements – the pharmaceutical landscape has indeed witnessed a lot in the past couple of years. Nevertheless, even in such challenging times, business continues to thrive, and as a result, it is currently on course to break the $1 trillion mark in 2023. Now is exactly the right time for pharmaceutical leaders to stay ahead of the game by revisiting their existing long-term operational and marketing strategies.

In the same way that every coin has two sides, this constantly shifting environment offers a wide range of opportunities as well as a multitude of global challenges. It is up to industry leaders to transform these challenges into potential opportunities by leveraging current industry trends and technology.

What can you expect in 2023?   

We’ve compiled some potential key challenges that our industry might face this year

Value Creation for Patients, Healthcare Professionals (HCPs), and Caregivers with Health Economics and Outcomes Research (HEOR) and Real-World Evidence and Data (RWE and RWD)

As the industry moves toward patient-centric care to develop a product's value story and provide business insights to make relevant decisions - it is crucial to place a higher emphasis on HEOR, RWE, and RWD. These contribute to addressing key concerns, including product safety issues, clinical trial design, cost justification, optimal formulary positioning, and brand adoption strategies. Having real-world data and evidence illustrates the actual situation your drug would face in the real world, allowing you to convince all stakeholders of the worth of your drug and successfully plead your case.

Collection, Management, and Analysis of Large Datasets with Agile, Comprehensive, and Integrated Data Management Solutions

There are numerous underlying challenges in this rapidly evolving sector that we often overlook, including drug quality control, constantly shifting HCP accounts, data silos, and data reliability. Mitigating these risks requires agile, comprehensive, and integrated data management solutions to help you navigate and manage data successfully while deriving precise insights to formulate an action plan that better serves your business requirements.
One such product is Vortex, a cloud-native commercial data & analytics platform that delivers the right data at the right time and the right place.

Mindset Shift Toward Prevention Rather Than Cure by Investing in R&D, Market Research, and Innovation

People today are active participants in their own care, thanks to easy access to health literacy. Pharmaceutical companies were driven by this change in patient attitudes to investigate the benefits and drawbacks of both new and existing medications for non-communicable and rare diseases. Invest in innovation by increasing your research and development efforts and opting for value-based market research approaches to create new treatments that patients can benefit from for the rest of their lives.

2023 is a Doorway to New Opportunities 

Are you ready to leverage new opportunities by tackling these challenges in 2023? Gauge how prepared your organization is by asking yourself the following questions:  

Do you know how the current trends will impact your business?
Do you have a cohesive, capable, and scalable team that recognizes and implements initiatives in a cross-functional environment?
Has your business's operating and commercial model proven adaptable enough to evolve when your business's demands change quickly?
Have you enhanced the employee experience and successfully transformed your operations workforce? 
Do you have a management structure in place that allows you to incorporate past tactics and lessons into present-day choices?
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