According to a research report by The Business Research Company, the global pharmaceuticals market was worth $934.8 billion in 2017. This will continue to rise, reaching an incredible $1,170 billion by 2021.
Those who work within the field of pharmaceuticals are well aware of the fragmented and fluctuating nature of the industry. This growing industry is trying to adapt to an ever-changing world in terms of communication, but it is experiencing some roadblocks along the way. We look at some of the most notable challenges facing pharmaceutical marketing today.
Macro Challenges for Pharma Marketing
The pharmaceutical industry’s steady growth curve began to slow in 2017. This is partially due to some of the unique challenges that have unfolded in the past few years. R&D, which is at the core of pharmaceutical ROI, has seen its effectiveness and productivity diminishing. On top of this, the pharmaceutical landscape itself is changing.
Stagnation: The single largest pharmaceutical market globally is the United States, which is at the heart of the industry’s overall performance. According to the QuintilesIMS report, the United States market will witness a growth of just 9% in 2021, compared to 12% in 2015.
Policy reform: Whenever there is a policy reform, pharmaceutical companies have to scramble to comply. This not only impacts how drugs are sold but also these business’s marketing efforts.
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Topics: Industry Trends