Pharmaceutical business: Risk management
Merck announced the results of a survey on risk management methods in the biopharmaceutical industry
Merck, a leading scientific and technological company, today released the results of a survey of 250 global biopharmaceutical companies' executives on how to manage new risks associated with the changing landscape of the biopharmaceutical industry. The survey, sponsored by Merck, was conducted by the Economist Intelligence Unit (EIU), a leading resource for economic and business resources, forecasting and analysis. The results of the study were presented on June 8 at the 2016 BIO International Convention in San Francisco (California).
"In response to the uncertainty and destabilization facing today's biopharmaceutical industry, Merck has moved beyond the old risk management models, introducing new strategies at early stages of development and accompanying them throughout the process up to commercialization," said Udit Batra, member of Merck's Executive Board and Chief Executive Officer Director of the Department of Biomedical Sciences.
The main results of the study:
- 48% of respondents are engaged in the development or plan to develop innovative drugs, including those intended for gene and cell therapy
- Biopharmaceutical companies plan to enter the market of South Korea, Indonesia and Taiwan in the next five years
- Uncertainty factors from the regulatory framework top the list of risks that, according to the heads of biopharmaceutical enterprises, can disrupt the implementation of their corporate strategy in the next five years (32 percent)
- 80% of respondents express great optimism about the stability of their company's activities in the field of bringing new medicines to the market in the next five years.
Manufacturers of the biopharmaceutical industry face unprecedented difficulties when entering markets in unfamiliar geographical regions, aggressively replenishing supply channels and expanding activities in innovative areas such as gene and cell therapy that require more comprehensive development and production.
The EIU study, described in the report The Changing Biopharma Risk Equation (The Changing Risk Equation of the biopharmaceutical industry), focuses on the study of various risks created by new growth strategies and ways to successfully "navigate" through previously unexplored territory.
The survey respondents were a global sample – 31% from Europe, 30% from North America, 29% from Asia and 10% from other countries of the world.
The answers reflected differences in views depending on the size of the enterprise: 50% of respondents represented companies with a turnover of less than $500 million, and the other 50% represented larger players.
To download the report, access additional content about the changing nature of the biopharmaceutical industry, and learn about how Merck can help companies overcome the challenges and changes of the industry, visit the gobeyondbiopharma website.
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08.06.2016