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Life Sciences Industry Outlook
+ Case studies of Spire's work in Life Sciences
Expenditure on global healthcare is growing faster than GDP and population, driven by the rising expectations of consumers. High research costs and growing demand for comprehensive product portfolios continue to fuel the consolidation of the healthcare industry. The challenge of balancing expectations around quality and innovation with the need for cost containment is becoming more and more intense – and is being felt by governments and private firms alike.
Clinical research will be increasingly driven by returns on investment. As many of the world’s largest pharmaceuticals makers confront an impending “patent cliff”, a shift from technology-centric research towards shorter term product-oriented innovations is taking place, which will enable major pharmaceutical players to compensate for patents due to expire over the next five years.
Generic drug makers stand to gain from the same development. When Thailand issued compulsory drug licenses on patented drugs in 2006, the generic drug industry received a boost. Generics are popular with consumers and state procurement bodies, especially in the current economic downturn. However branded drugs have shown an ability to hold their own in specific categories such as analgesics, attesting to the relevance of marketing strategy in the pharma space.
In the longer term, the healthcare sector will see increasing efforts to integrate traditional medicines from places like China and India with the practice of modern medicine. Some aspects of Traditional Chinese Medicine (TCM) have gained increased acceptance from the medical community, with more practitioners seeing the potential benefits of alternative treatment.
Meanwhile, the harnessing of information technology to improve service quality, delivery and efficiency is continuing apace, helping to drive telemedicine, medical tourism and outsourcing. The digitization of medical records and processes is still at a relatively early stage in the emerging world, with much room for growth.
In today's highly-competitive environment, drug makers, medical device manufacturers and healthcare service providers need to weigh the threats and opportunities that arise from the advancement of medical science, the globalization of the practice of medicine as well as the age-old conflicting demands that are continually generated for better quality at affordable costs.
Spire’s life sciences expertise
Spire has assisted healthcare service providers as well as manufacturers and distributors of pharmaceuticals (both prescription and OTC), health supplements, medical devices and medical disposables. Our work in the life sciences space has addressed products ranging from diagnostic equipment, OTC drugs, diagnostic reagents and surgical gowns & drapes to biotechnology and healthcare services provided in public institutions and at home.
Case Studies:
To request more information on our research and consulting services in the life sciences industry, please contact either our country offices or email info@spireresearch.com.
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