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26 Nov 2012

Pharma industry to thrive after 2020

A new report by PwC has highlighted the challenges faced by pharmaceutical companies if they are to succeed beyond 2020.

The pharmaceutical industry will face significant challenges over the next few years but should thrive after 2020, a new report has claimed.

PricewaterhouseCoopers' (PwC) latest report, entitled 'Pharma 2020: From vision to decision', says that challenges include rising customer expectations, poor scientific productivity and cultural barriers.

Pharmaceutical companies will have to offer greater value without charging more to succeed in such a climate, or alternatively remove costs from elsewhere to compensate for charging higher prices, the report states.

Mike Swanick, global pharmaceutical and life sciences leader at PwC, said that the industry is "at a crossroads".
"In established markets, budgets are constrained and all stakeholders want real solutions and cures. Pharma companies must now deliver 'real' value to payers and patients to prove their worth and to rebuild trust in the sector."

However, those companies that respond well to the need for change face an "optimistic" future, Mr Swanick added.

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