Pharmaceutical companies facing major patent losses are employing various strategies to defend their profits and navigate the challenges posed by the expiration of key patents. With the looming threat of generic competition, companies are turning to intellectual property lawsuits, patent extensions, and a focus on other products to mitigate the impact on their revenue streams. However, these defensive measures can only buy time, and the real key to success lies in launching new drugs effectively to fill the revenue gap left by expiring patents.
According to Eduardo Schur, lead for US health sciences and wellness commercial strategy and R&D at EY, the success rate of new drug launches is crucial for pharmaceutical companies to offset revenue shortfalls. Unfortunately, up to 67% of drug debuts fail to meet sales targets, highlighting the need for a shift in marketing strategies to improve launch success rates.
Three major drugs facing patent expiration this year include Johnson & Johnson’s Stelara, Amgen’s Prolia, and Regeneron’s Eylea. These companies are implementing various strategies to soften the blow of generic competition and maintain their market share. Johnson & Johnson is focusing on the growth of other immunology drugs like Tremfya, while Amgen is expanding its biosimilar portfolio and venturing into rare diseases through acquisitions. Regeneron, on the other hand, has introduced a high-dose version of Eylea to delay biosimilar competition and maintain its position in the market.
To survive the revenue crunch caused by patent expirations, pharmaceutical companies need to revise their outdated launch playbook. The changing dynamics of healthcare providers and increased payer scrutiny require companies to make a scientific and value-driven case for their products. Tailored messaging and account-driven marketing are becoming increasingly important in engaging healthcare systems and providers. The use of digital assets and new tools is also essential in adapting to the evolving marketing landscape.
The urgency of this marketing transformation is underscored by the potential revenue losses estimated at $230 billion by 2030. With more products set to launch in the next five years than in the past decade combined, pharmaceutical companies must adapt quickly to ensure the success of their innovations. Failure to do so risks falling short of their full potential in an increasingly competitive market.
In conclusion, the pharmaceutical industry is facing significant challenges due to major patent losses, but companies can navigate these challenges by adopting new marketing strategies and focusing on effective drug launches. By embracing digital tools and tailored messaging, pharmaceutical companies can position themselves for success in the evolving healthcare landscape. The COVID-19 pandemic has brought about unprecedented challenges for individuals, communities, and nations across the globe. As the virus continues to spread, governments and health organizations are working tirelessly to contain its impact and protect the health and well-being of their populations.
One of the most effective measures to slow the spread of the virus is through vaccination. Vaccines have been developed at an unprecedented pace, with several countries already rolling out vaccination campaigns to protect their citizens from COVID-19. However, vaccine distribution has been uneven, with some countries struggling to secure enough doses for their populations.
In order to ensure fair and equitable access to vaccines, the World Health Organization (WHO) has launched the COVAX initiative. COVAX is a global initiative that aims to accelerate the development and production of COVID-19 vaccines and ensure equitable access for all countries, regardless of their income level.
Through COVAX, countries can pool their resources to secure doses of vaccines for their populations. This helps to prevent wealthier nations from hoarding vaccines and leaving poorer countries without access to this life-saving intervention. By working together through COVAX, countries can ensure that vaccines are distributed based on need rather than wealth.
In addition to providing vaccines to countries in need, COVAX also supports the development of vaccine distribution and delivery systems. This includes providing training and resources to health workers, ensuring that vaccines are stored and transported safely, and monitoring the impact of vaccination campaigns to ensure that they are reaching those who need it most.
Despite the challenges of vaccine distribution, COVAX has made significant progress in securing doses of vaccines for countries around the world. As of now, over 180 countries have signed up to participate in the initiative, with the goal of delivering 2 billion doses of vaccines by the end of 2021.
While the rollout of vaccines through COVAX is a crucial step in the fight against COVID-19, it is important to remember that vaccination alone is not enough to end the pandemic. Public health measures, such as wearing masks, practicing social distancing, and washing hands regularly, are still necessary to prevent the spread of the virus.
As we continue to navigate the challenges of the COVID-19 pandemic, it is crucial that countries work together to ensure that vaccines are distributed equitably and that all populations have access to this life-saving intervention. By supporting initiatives like COVAX, we can move one step closer to ending the pandemic and protecting the health and well-being of people around the world.
