Talent Attraction and Retention:
Despite increases in skilled migration, attracting and retaining the right talent remains a significant challenge. Employers are finding it difficult to compete for top talent, and high employee turnover rates are costly and disruptive12.
The pharmaceutical industry has seen a surge in competition due to the rise of generic and biosimilar drugs, challenging established companies to innovate and diversify their product lines. Global market expansion, particularly in emerging economies, is also intensifying competition. Companies entering these new markets must adapt to diverse regulatory and consumer landscapes, complicating their global strategies.
Technological advancements, especially in artificial intelligence and big data analytics, are leveling the playing field in drug development, allowing smaller firms to compete with larger corporations. The shift towards personalized medicine is creating unique opportunities for specialized companies, fostering new niches within the industry and changing the market dynamic.
In response, strategic partnerships and collaborations are becoming more prevalent as companies seek to pool resources, share risks, and leverage each other’s strengths to improve efficiency and cost-effectiveness in drug development. Patient awareness and advocacy are also influencing the industry, with a growing demand for advanced, effective treatments. This patient-driven shift is shaping the competitive landscape, urging pharmaceutical companies to focus more on innovative and patient-centric solutions.
Additionally, President Biden’s new policy allows the government to seize patents of medicines developed with government funding if their prices are deemed excessively high. This policy enables the government to grant licenses to third parties for drugs developed using federal funds if the original patent holders do not offer them at reasonable prices. This move aims to address the high costs of certain drugs and marks a significant shift in the government’s approach to drug pricing and patent rights.
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