New report highlights pharma industry issues and trends
During a briefing in New York today, Ernst & Young senior partner and pharmaceutical sector leader Carolyn Buck Luce told reporters, "Companies are grappling with how they ensure the integrity of their supply chain, mitigate regulatory risks through greater transparency, and ultimately, how they can build awareness of the value and positive role they play in improving people's lives and reducing the cost of disease."
These findings were detailed in Progressions 2005 -- a compilation of more than 40 articles from pharma industry thought leaders from around the world on a range of topics.
Among the report's main findings was that the industry has stepped up its efforts to curb counterfeiting and unauthorized drug appropriation.
Jeff Steinberg, pharmaceutical leader, business risk services at Ernst & Young said, "According to the FDA, in 2004, counterfeit drugs represented ten percent of the global market and a $32 billion dollar industry. We are seeing growing concern among those in the pharmaceutical supply chain and particularly the drug manufacturers, for whom the stakes are highest in terms of potential damage to brand, reputation and financial performance."
Other issues affecting the pharmaceutical marketplace, according to the report, included an increased industry focus on the global regulatory environment and industry efforts to prove the benefits it delivers outweigh the risks.
"The industry is focusing on public perception," said Buck Luce, "by trying to show how the benefits outweigh the risks in a 'prove-it' environment."
More information on the study can be found at www.ey.com.