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Summary
We’ve all read the headlines. We’ve all been infected with the economic anxiety that runs rampant today. The turmoil has the potential to affect our personal and professional lives in untold ways. But, of course, that’s not the end of the story for Pharma.
The Pharmaceutical Industry has been suffering for years, falling under the weight of stagnant returns, bloated bureaucracy and increasing competition. Legal and regulatory agencies are getting stricter and have Pharma practices sighted and targeted. If there is ever a time to be frugal, now is it. That’s the feeling spreading across the Industry, and across the world, as companies scale back, reduce spending and wait out the worst.
But therein lays the problem. Without concerted effort, without devoting time, resources and people to creating more drugs, developing new markets and strengthening companies against competition, our major problems will remain. So what do we do? How can Pharma be frugal but still build business? In this article we examine the problems Pharma has been facing long before this recession, the solution of smart - not stiff - spending, and the secret weapon you can use to facilitate this frugal model.
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