Pharmaceutical spending cuts are lurking around the world and drug companies are increasingly becoming aware of the need to demonstrate the real value of their new products. But many are worried because they fear they won't be able to do it.
It is one of the main findings of a report by the Economist Intelligence Unit, sponsored by Quintiles. The analysis, called 'The Challenge Value', is based on the results of a survey of 399 executives, and states that the situation is "further complicated by a shift in the balance of power between industry stakeholders, each of whom can require different tests to be convinced of the value of a product".
The report argues that this new challenge "is not just a temporary symptom of current economic conditions, but an issue that will have long-term repercussions."
Many industries "have little confidence in the industry's ability to respond to the value challenge." In fact, only half of respondents say the industry is adapting well to the growing demand for proof of value. Respondents 68% assure that this growing demand has had an impact on their business models: 85% has made at least one change in strategy for this reason, 82% in R&D and 78% in commercial plans.
Barbara Di Chiara – February 10, 2012 – PharmaKronos
