Pharmacy Industry News: ‘New career avenues are being created in the pharmaceutical industry’
‘New career avenues are being created in the pharmaceutical industry’
The pharmaceutical industry is more than just about manufacturing pills. It is a knowledge—driven industry, shifting gears as it addresses new challenges. Manish Gupta, Chief Executive Officer, Indegene Lifesystems elaborates on the news skill sets required by pharma professionals to face up to these challenges
What are the top three challenges facing the global pharma industry?
With a large number of drugs nearing patent expiry and pipelines getting weaker with fewer blockbuster molecules, major pharma companies will lose about 15 per cent to 40 per cent of their revenues. It is expected that around $ 81.5 billion worth of branded products will go off-patent by 2015. This impending patent cliff is translating to an even higher pressure on pharma companies to reduce costs in developed markets in the next couple of years.
The other significant trend is the importance of emerging markets, which is growing in size due to demographics and rising income levels. The rules of the game in emerging markets are different from developed markets, and global pharma companies are trying to suitably align their strategies and organisations.
Finally, there is increasing pressure from regulators and payors. The focus is no longer only on safety but also on patient outcomes. This pressure will increase further as developed countries try to bring down their health care costs and drive accountability to all critical stakeholders.
How is the pharma industry responding to each of these?
As far as cost pressures are concerned, the pharma industry is very aggressively rationalising cost structures across board. Layoffs, reorganisations, shutting down of facilities, outsourcing/offshoring, and new commercial models are among the many changes being implemented. We believe that offshoring and new commercial models will gain significant traction in the next few years.
The growth rates for most of the major pharma companies in emerging markets are significantly higher than those in developed markets where pharma companies execute several different and interesting strategies and initiatives that include launch of new patented products/generics, tighter integration with global headquarters, and more empowerment to regional market teams.
We also see companies setting up teams and strategies to work with and add value to payors and patients.
What kind of individual skill sets are now required by the pharma industry to meet these challenges?
To meet these challenges, pharma companies need varied and specialised talent. This has paved the way for talented professionals from clinical, pharmacological, pharma, marketing, and legal disciplines.
What kind of career opportunities can medical graduates hope for with a pharma company?
Medical graduates can aspire for multiple opportunities with pharma and services companies like Indegene. Some of these include medical writing (covering regulatory, publication or content development for physicians, patients, and sales force), programme management or client servicing for global companies, and Medical Service Liaisons (MSLs) with the focus on scientific selling. Given the fact that global pharma companies will launch new products in India, there will be a huge demand for MSLs. Medico marketing involving work in/with the marketing teams of pharma companies in brand management and medical affairs, involving work in/with the medical affairs team of pharma companies in the areas of publications, scientific communication, medical information management, etc are two other areas of opportunity as well.
What kind of career opportunities can a law graduate hope for with a pharma company?
It takes multidisciplinary teams with a variety of skills to develop and market effective and safe drugs. Pharma companies are seeking to hire graduates with supplementary knowledge relevant to the pharma industry, like professionals from law or patent or IPR understanding in addition to the requisite domain knowledge. Relevant understanding of the allied subjects in addition to core clinical/pharmaceutical knowledge will be key differentiators. Law graduates can also look at KPOs in addition to pharma companies.
What kind of jobs areas are pharma companies recruiting for? What kind of skills sets are most in demand?
Pharma companies in India are expanding their sales force and medical affairs teams. However, in the developed markets, there is a rapid reduction in sales force as companies are realigning themselves to the new landscape. With the increased role of regulators and payors in these developed markets, new career avenues are being created in areas like health economics and outcome research, market access, and account management.
Rationalisation of jobs in developed markets has led companies like Indegene to expand and provide services to global pharma companies. Jobs are being created across board in Indegene for skills like medical writing, medical affairs, tele-detailing, digital marketing, medical information management, analytics and information research, technology, graphics design, medical editing, other creative capabilities, and a host of other skills. A platform like Indegene not only enables people to engage with major pharma companies across different geographies but also across different functions.
What kind of changes are required in pharmacy and medical syllabi to meet the evolving needs of the pharma industry?
Unlike in the West, India does not have specialised medical writing and communication courses. In fact, for the most part, medical writing and communication is not a part of the current pharma and medical syllabi in India.
This is a significant gap that needs to be bridged. Such courses will enable different skills to come together. So, apart from domain and technical knowledge, individuals will get to understand the challenges and nuances involved in effectively communicating medical/scientific information to a broad range of target audience, including physicians, patients, sales force, regulators, and payors.
CVS Caremark Corporation Plans to Initiate “To Your Health”
CVS Caremark Corporation NYSE:CVS recently announced that company plans to bring its “To Your Health” free health screening program to Chicago, IL on Saturday, June 4.
The program is designed to provide free preventive health screenings for Chicago area residents at more than 80 events now through September as a way to help citizens determine their risk for chronic diseases and get them on a path to better health.
The program will ignition with “The Makeover Mile”, a one mile health walk led by medical and diet expert Dr. Ian Smith to fight obesity and persuade Americans to lead healthier lifestyles. The walk will start at 11:30 am at the University of Illinois at Chicago located at 901 West Roosevelt Road in Chicago.
CVS is basically a Drug Stores industry company and holds a portfolio of about 201,000 employees. Company’s stock price is increasing for the most recent quarter as CVS Caremark Corporation’s three consecutive months’ share growth is +15.10% with its relative strength index of 88. However on semiannual basis its last six consecutive months’ growth recorded +20.50% with relative strength index of 48.
The sales of company have increased 21.11% during last five consecutive years and resulted $98.53 billion for last consecutive twelve months. The company’s growth of its sales in recent quarter vs. year ago quarter recorded 8.90% which is below the Industry benchmark of 9.30% and below Standard and Poor’s benchmark of 12.10%.
The current stock price of company on June 02, 2011 increased 0.39% and settled to the closing price of $38.53. The company’s average volume is 12.74 million shares. Its fifty two week range was $26.84-$39.50. The total market capitalization remained $52.24 billion.
CVS current stock price is moving above its 52 week low by 45.01% and moving below from 52 week high price by 2.46%. CVS last month stock price volatility remained 1.49%. In its share capital CVS has 1.36 billion outstanding shares while company’s float is 1.35 billion shares. Ownership of company is 86.00% institutional while company’s beta coefficient is 0.78.
S N Desai, doyen pharmaceutical industry, passes away
S N Desai, IPA past president and a well known personality of the pharmaceutical industry, passed away on May 18, 2011 after a brief illness.
Born on 16th January 1926, S N Desai was a double graduate from the University of Mumbai and was the alumnus of the first batch of L M College of Pharmacy, Gujarat.
Over the past six decades, Desai’s initiative and contribution towards the betterment of the pharmaceutical industry standards has been immense, mainly monitoring multifunctional activities such as pharmaceutical operations, administration and project management with various companies like May & Baker, Pharmed, Geoffrey Manners, Zandu, Charak and Cadila. As a Consultant, he shared his expertise in the areas of technical audits, upgradation of facilities and development of MIS activities.
Desai’s tremendous zeal and enthusiasm got reflected in his active association with IPA till date. He was one of the senior most central executive council members with IPA for more than 55 years. He was the Treasurer of Maharashtra State Branch and subsequently took up the position of Jt. Secretary, secretary, vice president and president. During his tenure here, he was instrumental in organizing low budget workshops/ seminars and two Indian Pharmaceutical Congresses in Mumbai in 1956 and 1977. He was also actively associated with Indian Pharmaceutical Congress Association (IPCA) and was a Treasurer of IPCA for three years.
Desai has been a pillar of strength to IPA at National level. He was the treasurer, vice president and subsequently, president of IPA during the year 1996-98. During his president-ship, IPA took a very positive step towards establishment of four divisions, namely Industry, Regulatory, Education, and Community Pharmacy. The first ever convention of PDA – IPA was held under his president-ship. He played a key role as a Convener of IPA Golden Jubilee Celebrations under the president-ship of late Ramanbhai Patel.
For his outstanding contribution to the profession of pharmacy, Desai had been awarded IPA Fellowship in 1995, IPA – IRF Life Time Achievement award in 2003 and Acharya P C Ray Memorial award in 2009.
Desai was always eager to help young professionals. His sad demise is a big blow to the pharmacy community in general and IPA in particular who owes him gratitude for his noteworthy contribution in enhancing the status and standards of the profession.