Research and Development of Pharmaceuticals Industry

The pharmaceutical industry is plagued with several challenges ranging from environmental issues, loss of revenue owing to patent expirations, increasing demand for cost effective healthcare systems and challenging regulatory requirements. 

 

The R&D wing of pharmaceutical industry is concerned with finding new innovative drug to fight major diseases. However increasing stiff competition between pharma companies and growing regulatory requirement has resulted in low R&D productivity. R&D Pharmaceutical Industry cannot sustain sufficient innovation without a dramatic increase in R&D productivity to replace the loss of revenues due to patent expirations for its products.

Research and Development offers a sustainable long-term competitive advantage, which is a vital component for coming up with new therapeutic interventions. Companies are more engrossed in developing Novel Drug Delivery Systems, Generic Drug Products, Active Pharmaceutical Ingredients (APIs), and New Drug Development Processes.The focus of R&D is on quality product development, while ensuring safety and efficacy of drugs.

Importance of Pharmaceutical Research and Development(R&D):

• Discovery of quality drugs.

• Cost-effective drug manufacturing.

• Improved health care.

Rising drug prices continue to be one of the most substantial issues for the pharma industry, as affordable health care remains a top priority for governments worldwide. The pharma sector is one such sector where the products are seldom purchased by consumer taste and preference, therefore market forces do not influence prices except for generic drugs. The increasing cost of R&D for new molecules, as well as increasing health care budgets, growing regulations and mounting governmental pressure to reduce drug prices have encouraged companies to increase their generic manufacturing business.

Research and development is the crucial to the future of pharma industry. The hard-hitting competition has emphasized that Pharma Companies continue to invest in R&D as changing lifestyle’s and increased focus on reimbursability and affordability make it crucial for the R&D teams to take an innovative approach to coming up with new drugs.