‘Innovation is panacea for all’- This aptly applies to lifesciences industry (Pharma/Biotech and medical device sectors constitute life sciences industry). This industry has grown steadily with continuous innovation and persistent efforts and infact; it is one of the most stable, least affected and consistent industries even in the current times of global economic turmoil.
Reasons behind transformation of the industry
Perhaps life sciences industry is undergoing one of the greatest transformations in the history, parallel to its continuous and largely uninterrupted expansion. The reasons behind the transformation are quite obvious, they include
- Scientific and technological advancements
- Growing healthcare costs
- More spent on Research & Development
- Increased regulatory constraints
- Long reviews, delayed approvals, drug / device costs and payer / reimbursement issues
Challenges that confront the industry are many fold: like, New developments and upgradation calls for skills upgradation of the personnel too. However it is not always possible to get the right person with upgraded skills. Here we in Life Source Consulatncy help.
Way outs / opportunities:
Even though challenges are umpteen, industry is moving ahead focusing on new horizons with great conviction and commitment.
- Focus on ‘Tailor made therapeutics’ and ‘Personalized medicine’
- Shift towards biologicals
- Convergence of medical device and drug related technologies
- Partnering with FDA / other regulatory agencies
- Growing focus on emerging markets
Some facts about life sciences industry:
- Global pharmaceutical industry was expected to grow by 4.5 – 5.5% exceeding $820bn in 2009
- Global biotech drug market was worth over $75bn in 2007 and expected to become $169bn by 2014.
- Global medical device market was worth over $330bn in 2008. The medical device market is about 50 percent of the world pharmaceutical market in terms of relative size, and is also growing faster than its drug counterpart.
- Faltering growth rates in developed markets and encouraging growth rates of 15-20% in emerging markets due to increased government, public and private healthcare funding.
India is one of the promising emerging markets with a market size of $13-14bn and is becoming increasingly active ground for all major MNCs. Apart from being an ace outsourcing destination, it has emerged as a leader in contract research & manufacturing services, collaborations, clinical research, BPO and KPO services. This has opened doors to global markets and created a whole new world of opportunities for enthusiastic aspirants with lifesciences / pharma backgrounds.