Pharmafuture

After two intensive days, I’m at the DIA Marketing Pharmaceuticals in a Time of Change conference, I’m back in the office and reflecting on lessons learned. The overwhelming sentiment this year was that “time of change” was a serious understatement.

Continuing medical education is undergoing revolutionary change unprecedented in the history of the field due to intense environmental and political pressure. Numerous companies will or have voluntarily or involuntarily exited the field and consolidation can be expected to continue until a new equilibrium is reached.

Overall the pharmaceutical industry is being buffeted by the same political and economic changes that are affecting other industries. Because the pharmaceutical industry had already been preparing for change (due to loss of cash cow products) and because healthcare products are necessities the industry is likely to fare somewhat better than others.

However, regulations on both the state and federal level are changing rapidly requiring companies to invest money and manpower in keeping on top of current requirements. In addition, technological changes are altering long held marketing strategies forcing companies to wade into untested waters just at the time the regulations are in flux and legal penalties are high for transgressions.

This year won’t be for the faint of heart but for those who enjoy challenges, there will be an abundance to choose from.