The Pharmaceutical industry plays a significant role in developing medications and vaccines that reduce the incidence of diseases, treat diseases, and overall enhance the quality of life of the general population.
Today, the industry’s main contributions towards these advancements are centred around technology developments that allow research programs to achieve these ambitious goals quicker and more effectively than ever before.
With the Pharmaceutical industry’s revenue totalling $1.27trn in 2020, it comes as no surprise that the commercial opportunities behind this pillar of human betterment are vast. With both lives and money on the line, the stakes are high in this competitive, research driven environment.
Recent global shifts like the COVID-19 pandemic have focused the public eye even more so on the pharmaceutical industry. COVID-19 as a case in point has raised awareness for the consumers’ need for quick and effective vaccine development, but not all consumer needs are so obvious. Identifying consumer needs is the first of many important steps along the journey of creating a blockbuster drug.
Beyond identifying the consumer need, a rigorous market assessment needs to take place.
Disease patterns, political turmoil, economic stability, as well as market size/segmentation and operating conditions are just a few of the key factors to think about when assessing the marketplace.
Having a strong leadership team with experience in these areas is vital for any pharmaceutical company’s survival.
Beyond the market assessment, a competitive analysis then needs completing before addressing compliance and regulatory concerns, which are all regionally specific and different – this poses more complications for a drug’s global access to the general population.
Once approvals are gained, a drug then needs taking to market. This is once again a very complex system that requires prior experience in successfully doing just that; realizing the commercial benefits of a long and arduous development program through building sales channels, both directly and indirectly – nationally and internationally. Sometimes this entire journey fails, and smaller companies remain on standby to acquire the license for a drug to bring it back to life. Whether you’re a global top ten on the long development journey, or a smaller player ensuring the benefits to the general population are not lost, you will need the best and brightest to make sure you succeed at every step of your journey.
And so, it is no secret that thriving in the Pharmaceutical industry relies heavily on employing the right talent. At New Era, we have over 20 years’ of combined experience in finding highly skilled and experience professionals within niche areas of the market – get in touch with us today to find out how we can help solve this strategic puzzle by hiring the best people.
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