5 Big Pharma Articles For Which You’ll Thank Us Later
Outlooks, Trends, Reports, Global surveys…
This week’s compile is about the state of the industry and predictions for the year to come and those to follow…
Well, 2015 promises to be mostly sunny with some impressive growths:
Global spending on medicines is expected to grow to nearly $1.3 trillion by 2018 with an increase of about 30% over the 2013 level. The United States remains the largest market, representing one-third of the global total with a compound annual growth of 5-8 % through 2018.
Specialty therapies continue to develop with Oncology spending reaching $100Bn globally by 2018, an absolute growth of $30-40 billion. In a nearby pasture, Wearables, a word hardly pronounced a few years ago, will jump from 0.1 million units in 2014 to 26 million units in 2016. By 2015, more than 500 million people will use mobile health applications and 31 percent of MDs use mobile to communicate with patients.
On the cloudy side, 36% of millenials treated at home in the past year and 28% self-diagnosed before going to the doctor. Control in healthcare has shifted from providers to customers and… a new role is born: Health Data Concierge.
1. IMS Health Study Forecasts Global Spending on Medicines to Increase 30 Percent by 2018, to $1.3 Trillion
By IMS Institute for Healthcare informatics, published on IMS Health
More specialty drug innovation, greater patient access to medicines and reduced impact from patent expiries will be the primary drivers of an increase in global medicine spending of up to 30 percent by 2018. The increase in annual spending will spike this year when absolute growth will be about $70 billion, up from $44 billion in 2013 and $26 billion in 2012, according to the IMS research. Review the report’s findings to discover what the outlook on use of medicines is and where the market is headed.
2. From Dinosaur to Digital
By Nick de Cent, published on EyeforPharma
Today’s commercial landscape is all about engagement across the customer spectrum and creating genuine value, as opposed to simply supplying a product. Accordingly, pharma strategists recognize that the old-school approach of pushing information at stakeholders is no longer effective; the days of giant sales organizations slugging it out to achieve revenue, reach and frequency seem positively prehistoric. Pharma has woken up to find itself in the digital age. Learn how smart technology is transforming pharma sales.
3. Report: Smart Clothing, mHealth Wearables on Track for Big Growth
By Judy Mottl, published on FierceMobile Healthcare
An increasing desire to track health issues and activity and share data with physicians will drive mHealth wearables adoption, according to a new Gartner research report. The report, cites today’s five main fitness wearables as smart wristbands, sports watches, other fitness monitors, heart rate monitor chest straps and smart garments. Read on to see where is the wearable bandwagons headed.
4. Majority Of Pharma Still Outsourcing Big Data Collection
By Suzanne Hodsden, published on Outsourced Pharma
Despite the growth of Big Data as an in-house specialty for the pharmaceutical industry, drug companies are still relying on the expertise of outside vendors. A recently published report found that 69 percent of pharma companies outsource their big data initiatives. Conceptually, big data collection has been at work in e-commerce for years. Dominic Meyer of GfK explains that companies such as Amazon, Facebook, Google have been collecting and analyzing data to monitor consumer behavior and steer advertising whereas large scale attempts to gain insights from big pharma only recently started.
5. How to Navigate Big Data in Healthcare
By Kenneth Corbin, published on CIO.com
“We have a lot of people who are traditional data scientists who are “freaked out about big data,” says John Mattison, chief medical information officer (CMIO) at Kaiser Permanente. “When I say ‘freaked out,’ that’s an understatement,” he adds. Speaking recently at a health-tech conference, Mattison touted the potential for big data to improve patient outcomes and population health, while at the same time warning that without proper governance models, interoperability standards and developer platforms, the flood of medical information being collected and stored could become unmanageable. Discover why a Health Data Concierge is needed.