The ongoing COVID-19 pandemic has sparked an unprecedented crisis for governments, healthcare providers, and industries across the world. Biopharmaceutical companies were especially affected, as they were left struggling to develop solutions that will ultimately help diagnose and treat those suffering from COVID-19. As the virus swept through different countries, unprecedented action became necessary. Pharmaceutical companies around the world joined forces to prove that true innovation is possible when the global scientific community comes together in a spirit of collaboration and trust. However, with new variants of the virus still emerging, the fight is far from over. The industry needs to step up again and create new innovative solutions to fight the new variants of the virus, as well as many other diseases along the way.
Using New Science might prove to be the best way of dealing with the new issues about to emerge during the COVID-19 pandemic, on top of the usual demands from the healthcare industry. It involves new mechanisms and the use of new technologies to meet the needs of patients in ways previously not attainable. That may require an adjustment of the strategies needed to develop innovative treatments, but also lead to better access to treatments at more affordable prices. With the biopharma industry now facing compressive disruption that might jeopardize conventional approaches, New Science seems to be the safest bet.
From Compressive Disruption to Innovation
According to a recent Accenture report, multiple signs now show that the biopharma industry is dealing with compressive disruption that may come as a threat to conventional approaches. Unlike normal disruptions that businesses normally face when a new competitor enters the market, for instance, compressive disruption takes place at a much slower pace. This can be linked to innovations on the market, as well as macroeconomic factors and other transformations that may cause profit to drop over the course of years. The COVID-19 pandemic, a crisis that demands both innovation and access to it, may be one of the factors that will exacerbate this compressive disruption. However, many other signs, such as decline in future value as a percentage of enterprise value from 2015-2018, were already easy to spot.
Given the context, pharmaceutical companies around the world relied on New Science to offer a more accurate, productive way to treat and care for people in ways previously not achievable. This new approach opens up new possibilities to drive growth across multiple therapeutic areas, while also promoting innovation. With the help of technology, new treatments can now be developed and delivered to the patients that need them the most. However, New Science is not only boosting innovation but also fueling growth, as 54% of sales between 2017 and 2022 are now expected to be driven by it, according to the report.
Pharmaceutical Strategy Around the World
Although pharmaceutical companies seem to be relying on New Science and innovation to boost sales during this global pandemic, some countries around the world also see the pandemic as the perfect moment to develop new pharmaceutical strategies. Members of the European Parliament are discussing the new Pharmaceutical Strategy for Europe, a proposal that seems to encourage companies to invest more of their profits in research and development (R&D). The new strategy seems to focus on the discovery and development of new treatments inside the European Union (EU), including new antibiotics and potential cures for rare diseases. The project is also designed to prevent medical supplies shortages, like the ones the EU was forced to face during the first few weeks of the COVID-19 crisis. However, the debate was not only centered around R&D, as some members of the European Parliament remarked that pharmaceutical companies should also become more transparent.
Transparency is also a problem on the US market, with many Americans saying they trust their healthcare providers more than health insurance companies, technology companies, and pharmaceutical companies. According to a new survey, just 15% of the people questioned claimed to trust pharmaceutical companies more now than they did before the start of the pandemic. Even though many companies are developing and delivering vaccines and treatments across the country, while also adopting New Science, people are still hesitant in trusting them. According to the study, many people will develop more trust in the biopharma industry if the companies on the market will become more transparent about R&D, as well as the effectiveness and possible side effects of their treatments.
New Science is probably the best way of providing people with better treatments, as well as more accessibility to those treatments. However, when it comes to growth, pharmaceutical companies may need to link New Science with better communication and more transparency. The US is the largest market for biopharmaceuticals, accounting for more than 30% of the global market, and that means it is often seen as being responsible for putting the industry on the right track. Only time may tell if New Science and transparency will be enough to boost the market.