Business Development For The Pharmaceutical Industry

Today's pharmaceutical industry requires economic developers to seek out other industries, rather than traditional players, as they seek disruptive technologies that could be used to innovate, expand, and grow sales. For example, the use of additive manufacturing (AM) in the medical technology industry is increasing. AM offers the potential to transform the lives of medical devices by developing new, more efficient, and cost-effective manufacturing processes.

 

The medical technology industry already accounts for nearly 20 percent of the AM market, and the pharmaceutical industry has come a long way since the first drugstore opened in Baghdad in the 8th century.

 

The pharmaceutical industry itself has grown from humble beginnings to an industry estimated to be worth €614 billion worldwide in 2011. We have drugs that can treat diseases like cancer and AIDS, and we will be able to use drugs like Tylenol, Zoloft, Tysabri, Lactobacillus, Cymbalta, Dravet, Rifampicin and Learn - ref.

 

The person in this role must be a very energetic person who is able to develop in a fast and exciting team environment. He or she will sell to a large number of markets, including HEOR (market access to market management), and will also work in research and development, clinical trials, and clinical development.

 

Business Development (BD) has been systematized in large companies in which it has taken root. Customer relationships are closely monitored to ensure that the high level of engagement with the customer and the quality of the work of the business development team continues.

 

Smaller companies devote a concentration of resources to BD, which means that one or two people must cover all the activities required for a successful transaction. Depending on the design of the individual company, each function can be filled independently, but there are some intangible activities in which deductions and considerations are not sufficient to ensure success.

 

While some BD jobs, especially in large companies, require an MBA, these jobs are in the minority. If you are interested in a job in this sector, you can first search online ads for jobs that appeal to you. Many scientists who want to enter the business development sector make a mistake: they try to forego real professional experience in order to obtain an MBA.

 

As I said in my "Many Tools" column, as with any tool, you need to use your networking skills and talk to people to find out what the needs of the industry are and how your skills can help meet those needs. 

In a recent article on Forbes.com, strategy consultancy McKinsey observed that big data could help pharmaceutical companies reduce costs, improve patient safety, and extract data from the real world of healthcare providers. Looking for insights that could lead to the new blockbuster drugs that the industry so desperately needs, we may be holding more data than we could ever analyze.

 

More and more pharmaceutical companies see value in focusing on big data as part of their business development strategy. It helps to streamline and improve the operation of a company that, in isolation, cannot operate as well as an individual company.

 

The following describes how you can enter new and emerging markets through the use of big data as part of your business development strategy for the pharmaceutical industry.

 

This approach comprises five key measures that can be implemented through the use of big data as part of your corporate development strategy for the pharmaceutical industry. For example, we have worked with leading companies in our industry, such as Fresenius Kabi, to distribute our products in Morocco. Our aim was to offer a wide range of products to the various health systems, and it was important for us to build a strong partnership with the Government of Morocco and the health system in general, offering a wide range of medical products and services, as well as access to high-quality medical equipment.

 

The Moroccan Government has supported the pharmaceutical industry with an industrial plan aimed at boosting and accelerating our industrial presence in Morocco.

 

According to AMR, most pharmaceutical and biotech companies are now outsourcing production to other countries. The government grant has given RIM Pharma a boost and enabled the creation of an ecosystem. In addition, it has enabled us to finance our research and development activities and the development of new products and services.

 

However, experts warn that outsourcing the production of medicines and biotechnology products and services in India and other countries poses a high risk. A report by PA Consulting recommends that companies relocate only part of their research and development to lower-cost centers.

 

Business development professionals in small businesses may be involved in sales and marketing, but their daily activities are diverse, ranging from research and development to business development, sales, marketing, and product development. "They are also looking for new technologies and developing business opportunities for licensing and dealmaking, "says Brandon.