TAILIEUCHUNG - Rebuilding Big Pharma’s Business Model

Given its speed, lower costs and powerful targeting abilities, the online world represents a highly cost-effective media platform for reaching customers and potential customers. Marketers are taking advantage of these opportunities to expand their business, devoting a steadily growing portion of their budgets to online marketing initiatives. In a survey1 of marketing executives, eMarketer finds that while offline media spends, including newspapers, magazines, television and radio, steadily decrease, Internet marketing spends are increasing 20 to 30 percent each year. The fastest growing segment of those online marketing dollars goes to paid search marketing. In fact, between 2001 and 2012, spending on. | THE BUSINESS MEDICINE REPORT As Published In WINDHOVER INFORMATION INC. Vol. 21 No. 10 NOVMEBER 2003 Posted with permission from Windhover Information Inc. NOVMEBER 2003 REBUILDING BIG PHARMA S BUSINESS MODEL Rebuilding Big Pharma s Business Model The blockbuster business model that underpinned Big Pharma s success is now irreparably broken. The industry needs a new approach. By Jim Gilbert Preston Henske and Ashish Singh While the business climate for pharma companies has changed dramatically in the past five years the pharma business model has not kept pace. Declining R D productivity rising costs of commercialization increasing payor influence and shorter exclusivity periods have driven up the average cost per successful launch to billion and reduced average expected returns on new investment to the unsustainable level of 5 . Mergers conceived to build scale will not improve returns. Pharmaceutical companies need new business models to restore healthy financial results. Four inter-related building blocks can provide the new foundation focusing R D efforts and commercial capabilities making use of product and capability partnerships providing customer solutions not just therapeutics and creating a business unit based organization model instead of a functional one. Companies need to find a combination of these building blocks that makes best use of their strengths improves returns and manages risk. Breaking out of the blockbuster mentality the quest for larger and larger opportunities in whatever disease areas they may occur will require planned experimentation aggressive use of partnerships and eventually a far-reaching transformation in the way most pharma companies organize to compete. The pharmaceutical industry is a prisoner of its past successes. While the business environ ment for pharma companies has changed dramatically in the past five years the pharma business model that served the industry well over the past decades has

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