How Big Pharma Must Adapt to the Changing World in Which We Live / LS Law

6th July 2022

The pharma industry has been going through a transformation of late. The healthcare environment has evolved at speed meaning pharma companies have had to redefine how they deliver patient outcomes and ensure they provide economic value for stakeholders. Advances in technology and globalisation have revolutionised the sector but one of the key changes is the public’s involvement in the drugs they are being prescribed.

Patients have a much stronger voice today than they had in the past. They are well informed as they have better access to information and they expect a more personalised approach to treatment. As the world continues to evolve in a post-covid world, the pharma industry needs to learn how to adapt or risk getting left behind.

Here’s how.

One Size Doesn’t Fit All Anymore

For most of medical history doctors have taken a one size fits all approach aimed at the average patient, yet of course every patient is different and while this has worked for more basic things such as broken limbs or colds and flu, more complex diseases require a less straightforward approach.

The Human Genome Project, an international scientific research project with the goal of determining the base pairs that make up human DNA and of identifying, mapping and sequencing all of the genes of the human genome from both a physical and a functional standpoint, has been a turning point for medicine. There is a wealth of information now available to doctors and researchers that big pharma companies really need to tap into if they want to remain competitive. And of course a change in mindset is also required.

Precision Medicine

For big pharma companies to get ahead they need to start adopting precision medicine. Precision medicine considers a person’s genes, environment and lifestyle to predict which treatment will be most effective. The defining feature of this practice of medicine is the focus on genomic data to design the specific treatment paths, this is the study of how a person will respond to a drug based on their genetic makeup.

By 2025 it is predicted that the precision medicine market will be worth over $85bn dollars, but pharma companies have a long way to go in understanding and adopting this new approach to healthcare early predictions suggest.

Better Patient Communication

The shift in the way companies bring their products to market needs to reflect how patients are taking a greater role in their health. Big pharma companies need to adopt a design-led, solutions-based approach to communications with patients. This means taking a scientific approach to creating clear, rational processes built on discovery, definition, development, and delivery in every aspect of healthcare.

Scientists can use this as a basis for clearer communications, helping to share their expertise with patients and healthcare companies effectively. Research shows that helping to create a more informed patient can improve outcomes and ultimately, quality of life.

Treatment Pathways

Finally, it is no longer enough to just communicate the value of a drug, big pharma companies must critically shape and optimise patient pathways if they wish to enter new markets. Most big pharma companies have traditionally done everything from research and development through to commercialisation themselves. But this model no longer works for many organisations. If they are to prosper, they need to switch from selling medicines to managing outcomes. Even the largest pharmaceutical companies will have to collaborate with other organisations to develop effective new medicines more economically, help patients manage their health and ensure that the products and services they provide really make a difference.

Blogs

How Big Pharma Must Adapt to the Changing World in Which We Live

One Size Doesn’t Fit All Anymore

Precision Medicine

Better Patient Communication

Treatment Pathways