Document summary
The pharmaceutical industry is undergoing a period of profound change. Market trends indicate lower margins per product due to patent expirations, austerity measures among western countries and public policy requiring the industry to justify rising drug prices. Simultaneously, a stronger business focus on emerging markets raises new challenges for the industry. Furthermore, the pharmaceutical industry’s continuous involvement in scandals over corruption, product safety, aggressive marketing, political lobbying and a general lack of transparency have resulted in a dramatic erosion of public trust in recent years. The industry is responding to these challenges, albeit in some respects too slowly, by taking a more customer-centric approach that aims for integrated healthcare solutions, and targeting consumers at the middle and bottom of the income pyramid.