The Future Of The Pharmacy Industry
Yisa Bray
Yisa Bray: In the past, many pharmaceutical firms (pharmacies) prioritized other business pressures over operations strategy. This has started to alter Pharmacists must carefully reevaluate their long-term decisions in sourcing, production, and supply chain in light of factors like the COVID-19 pandemic, inflation, geopolitics, new therapeutic modalities, and new ways of working
As pharmacies emerge from two years of intense firefighting, Under this novel and demanding circumstances, pharma success will depend on business success
The current stress on continuous development, including cost savings, quality assurance, and constant delivery readiness, may need to give way for operational leaders to longer-term external challenges
The pharmaceutical business is dealing with numerous difficult trends (Exhibit 1) The need for COVID-19 vaccines and treatments has never been greater, and this has increased pressure on the business
The world of products is also evolving quickly. The drug research pipeline now includes new modalities at a rate of 21 percent, which is the fastest rate of growth ever recorded in the industry This shift is likely to lead to increased technological fragmentation, novel supply networks, and unique product life cycles-Yisa Bray
Trends That Affect Pharma.
Pharma has been impacted by both these industry-specific trends as well as more general worldwide trends, like supply chain pressures Despite the high levels of inventory and longstanding dual sourcing in the pharmaceutical industry, the likelihood of supply chain disruptions still entails a potential loss of 25% of EBITA over ten years
Regional pressures on manufacturing networks may increase as a result of greater government involvement and protectionist trade policies Just 10% of the current vaccine trade would need to be regionalized in one particular region, which would require governments to invest approximately $100 million in this endeavor
