Health and Medicines

Archive for the ‘Pharmaceuticals’ Category

The pharmaceutical industry is challenged with information integration and mapping across the various business processes. This information challenge, along with other issues such as weak product development pipelines, growing generics competition, and rising R&D and regulatory compliance costs are compelling pharmaceutical companies to look for alternatives to remain competitive, maintain profit margins, and enhance market share. Implementation of Business Intelligence (BI) enables the business processes to access more accurate and real-time information, with an ultimate goal of increased efficiency and reduced corporate costs.

This report provides an overview of the BI market in the pharmaceutical sector, including its size and growth, followed by the current trends of BI technologies and adoption of BI tools across key pharmaceutical processes. It gives an insight into the various key players in the BI market, analyzing them based on their product offerings and growth strategies. In addition to the BI supply side, this report assesses the state of the BI market from the demand side perspective. Demand side analysis investigates the uptake of BI in the pharmaceutical sector, investments in current BI use, and planned future use.

Key features of this report

• Analysis of the BI market in the pharmaceutical sector in terms of size and growth rate.
• Evaluation of the drivers behind the increased spending on BI solutions by Big Pharma companies.
• Key challenges in developing a data warehouse that delivers BI capabilities for the pharmaceutical industry.
• Demand side analysis of the uptake of BI in the pharmaceutical sector, investment in current BI use, and planned future use.
• Insight into the activities, views, and strategies of the major BI vendors.

Scope of this report

• Understand the BI needs across major pharmaceutical industry processes and the benefits that entail from BI implementation.
• Understand the uptake of BI in the pharmaceutical sector by organization size and by geographic location.
• Identify the organizational priorities of life science companies and how BI can improve the quality of decision making.
• Benchmark your performance against the major BI vendors based on knowledge of their product offerings and growth strategies.

Key Market Issues

• The data intensive nature of the pharmaceutical industry makes BI deployment more challenging than other industries.
• Data availability at different time periods, frequent changes in the legislation, and growing consolidation in the pharmaceutical industry makes the BI adoption process particularly challenging.
• Reduction of knowledge process service costs is a pressing priority for most pharmaceutical companies.
• BI vendors need to work with the pharmaceutical companies to identify areas or patterns where the costs can be reduced and educate the pharmaceutical companies about the advantages of moving towards adopting easy to use and prepackaged pharma-specific BI solutions.

Key findings from this report

• The BI market in the pharmaceutical industry was worth around 5m in 2009, and is forecast to grow to 5m by 2012.
• Besides achieving operational excellence, pharmaceutical companies are investing in BI implementation in technical areas, such as to improving research and clinical performance, resource management, sales force tracking and regulatory compliance reporting.
• Business Insights’ survey of the pharmaceutical sector found that 67% of the respondents currently use BI tools.
• Of current users, 71% have indicated that launching new products and services in existing markets is likely to influence their decision over whether to increasingly use BI tools and services in 2010–11.
• Approximately 49% of respondents confirmed their intention to reduce SG&A costs in 2010–11.

Key questions answered

• What is the market size and growth rate over the period 2006-2012 for BI spending in pharmaceutical sector?
• What are the major drivers for increased BI adoption in the pharmaceutical sector?
• What are the key challenges that make BI adoption difficult for the industry?
• What does the current BI vendor landscape look like?
• How will the emerging advanced analytics capabilities and industry/process-specific offerings determine which vendors remain dominant in the future?

Investing In Finland’s Pharmaceutical Industry

According to local sources, the pharmaceutical industry will be the next sector in Finland’s economy to show strong growth. Both the number of companies operating in the pharmaceutical sector and the number of professionals employed in the industry are expected to double in the next ten years. Specifically, the number of companies operating in Finland’s pharmaceutical industry and associated sectors is expected to increase from its current total of approximately 50 to a total of 140 companies by 2010. By the same year, current forecasts indicate that the number of experts and professionals employed in the industry will more than double to a total of 14,000. In the same period, sales by the industry are expected to rise to €3,500 million-approximately ,200 million. Major part of this sum will be coming from outside Finland. In addition to medicine-related sales, the Finnish pharmaceutical sector is expected to generate significant sales volume through the provision of product development and manufacturing services.

Pharmaceutical companies’ experts support that the Finnish pharmaceutical sector is based on high-level know-how and this will bring foreign capital to Finland very soon. Companies will also be coming to Finland to exploit the product development expertise. In fact, the Finish pharmaceutical sector’s growth is mainly supported by Finland’s position as one of the leading high-technology locations in the world. In fact, the strong growth of the Finnish pharmaceutical sector offers excellent opportunities for U.S. companies and venture capitalists to cooperate with Finnish companies in joint ventures and partnerships.

One of the biggest contributors for a foreign investment to take place is the target country’s workforce, which is based not only on the skilled, but also on the number of available workers. Pharmaceutical companies tend to look at the talent, but it is definitely an employee’s market out there. That is not a problem in Finland, because the national unemployment rate is still high. A second major factor is presence of other pharmaceutical companies. If a location is right for one company, it probably offers the same advantages to others. Recruiting new employees with R&D or manufacturing skills, for instance, is easier if there is already a large base of pharmaceutical or biotech workers right in the neighborhood. Because the pharmaceutical industry has close ties with the medical community, it is common for R&D and manufacturing companies to locate close to major medical centers. On the other hand, pharmaceutical and biotech companies developing products for food crops or livestock generally prefer communities in farming areas. The reason so many large pharmaceutical companies and smaller biotech start-ups are expanding or locating in Finnish is because they are offered what they are looking for. With a strong supply of highly skilled labor, a significant incentive package, a favorable wage differential and sophisticated communications and transportation systems, Finland is bound to attract pharmaceutical companies during the next decades.

Making the Switch to a Pharmaceutical Sales Career

The pharmaceutical industry is one of the most lucrative business sectors as evidenced by its 0 billion global industry revenue in 2004. As such, many careers have been developed to cater to the varying needs of the industry. One good example of such a career option is pharmaceutical sales, which is believed to be one of the most sought-after careers in the job market today.

The reason behind this trend is that pharmaceutical sales offers extraordinary salary potential, which may go as high as six-figures annually. Other amazing perks are special bonuses, a company car, trainings in exotic locations, flexible work hours, as well as unlimited opportunities for career growth.

Needless to say, many people who already have a career in sales are slowly but surely transitioning into pharmaceutical sales. If you’re one of those people who are ready to take your sales career to the next level, there are a variety ways to do just that.

For starters, educating yourself about the pharmaceutical industry is an important first step. Learn about various pharmaceutical companies, especially the biggest and most successful ones and how the entire industry is doing. It’s also important to keep yourself updated on industry trends.

In addition, equip yourself so that potential employers may notice you. As mentioned earlier, pharmaceutical sales positions are so in demand these days that you have to truly stand out among other hopefuls. To address this concern, there are online companies today, which through their websites are offering products and services that aim to help prospective pharmaceutical sales reps – with or without sales experience – to land a job in the field.

Such products and services may include how-to e-Books and other information materials, resume writing and evaluation services so that your resume is specific to and targeted towards the pharmaceutical sales industry, and more. They also offer interview coaching, which may include doing mock interviews to help you develop the confidence and to ensure that you know the right things to say.

It would also be a good idea to begin establishing networks with other pharmaceutical industry professionals, particularly in your area. The reason behind this is that job openings are oftentimes filled through referrals from existing pharmaceutical sales reps and that pharmaceutical companies rarely post job ads, except for those which are relatively harder to fill. As such, you definitely would want to be in that loop.

Lastly, different companies have different requirements – some require their pharmaceutical sales reps to at least have a bachelor’s degree, others may require an MBA. But in the end, having a smooth transition to pharmaceutical sales boils down to having the right attitude. For instance, one should have an aptitude for science so that learning would be a breeze. More than having the sales or the medical background, equally important is displaying your outstanding interpersonal communication skills. An aspiring pharmaceutical sales rep should be able to relate to different types of people.

Also, an aspiring pharmaceutical sales rep should be an aggressive, motivated and driven self-starter with high achievement goals. This is especially important once you’ve actually got the job. Otherwise, it would be very difficult to succeed. Needless to say, pharmaceutical sales is one career option where the saying “you reap what you sow” is very, very true.

Pharmaceutical Grade Fish Oil

Omega 3 fish oil is a health and nutritional supplement that can have dynamic effects on your health and overall mood and vitality. However, now that the secret is out, there are more brands than ever to choose from. In addition to the myriad of different forms (capsules, powders, pills, etc.) available, some supplements claim to be “pharmaceutical grade.” What does this mean, exactly?

Specifically, pharmaceutical grade is the highest quality label for the ingredients present in a dietary supplement. When choosing ingredients for a supplement for their product, a company can choose from three categories: feed grade, food grade and pharmaceutical grade. Feed grade means that the ingredients are fit for animal consumption. These ingredients should only be used for domestic and captive animals, like the ones at your local zoo. Your pet’s veterinarian should probably be the only one who reads this on a supplement label. This leaves us with food grade and pharmaceutical grade ingredients for the nutritional supplements available at your local health store. While food grade and pharmaceutical grade are both fit for human consumption, it is important to distinguish the two.

The difference between food grade and pharmaceutical grade usually comes down to potency and purity. However, with the help of some clever wording and marketing, some companies can make their products appear to be as potent and pure as pharmaceutical grade when they actually are not. The only way to truly tell if the product you are buying is pharmaceutical grade is if it is certified so by the United States Pharmacopeia. The United States Pharmacopeia, or USP, assures a quality standard for ingredients that would be necessary for distribution in hospitals and pharmacies. In addition to maintaining a standard for the purity of the raw ingredients, the USP also ensures that they are obtained from a reliable source. Generally, this means checking that they are rotated on a consistent basis.

Due to these factors, the benefits from using pharmaceutical grade supplements are more than simply getting more bang for your buck. Since food grade supplements can claim to be “ultra concentrated,” they may seem to be the way to go for those who are searching for a deal. However, be warned that even the “Supplement Facts” label on the back of the bottle does not always paint the whole picture. Finally, since the standards vary from country to country due to trade regulations, the only way to be sure about a supplements purity and potency is if it is certified by the USP.

If you do your homework, the benefits of buying pharmaceutical grade supplements vastly outweigh the costs. Indeed, considering the ever changing climate of the health care industry, it may end up being the most cost effective choice in the long run. Since only pharmaceutical grade supplements can be guaranteed of their purity, they may just find their way into your next health insurance plan. With all of its benefits, omega 3 fish oil should find its way into your shopping cart as well.

Networking Your Way to a Pharmaceutical Sales Job

Surfing the net for a pharmaceutical sales job is tiresome and looking at classified job ads can be tedious and well boring. But what about business networking? No, it’s not as tedious as it sounds. In fact, it can be fun and interesting because you get to meet lots of people that are in the pharmaceutical sales profession and get the chance to hear about great job opportunities even before they are advertised!

To engage in networking, you must first identify venues to attend. First off, ‘stick close to home’. List down all the people you know who either have a pharmaceutical sales career or knows somebody who is into the industry. Friends, family, former colleagues, neighbors, teachers, classmates… it doesn’t matter. Get the list started and start calling!

Another great idea is to list yourself up in one (or more) of the many pharmaceutical sales seminars or conventions that are often hosted by pharmaceutical firms or their marketing arms. You can also initiate informational interviews by contacting several pharmaceutical sales professionals and asking for an interview.

Now that the ‘stage is set’. Keep in mind the following networking tips.

* Have a good memory for names and don’t forget to always have a business card in hand.

* Just before you end a conversation, ask for referrals or suggestions about other people you should talk to.

* When in an informational interview, always prepare a good resume just incase the interviewee asks for one.

* Be organized. Manage your network by getting all their contact information and keeping a record in your desktop or online address book.

* Never take your network for granted. Always let them know what your current status is and don’t forget to always thank them when they do something nice and helpful to you.

* Re-establish old contacts and continue making new ones. You never really know what might turn up from which contact.

Important Thoughts about Pharmaceutical Networking

Being in pharmaceutical sales is fulfilling because you get to know different people everyday and you get that feeling of accomplishment every time you make a successful sale. The rewards are high and the perks are addicting. It’s never too late to start learning how to network your way into the pharmaceutical sales world. Don’t forget that the human resources department does not make the final decision when it comes to hiring you or someone else. Make friends with the pharmaceutical sales people and gather as much information as you can to prepare you.

Bear in mind that honesty and integrity matters as well. Pharmaceutical networking is about building relationships and you do not want to appear phony to your contacts or future employers.

Further, networking is a two-way street so never hesitate to do a favor or two yourself for someone because you never really know what that person can do for you later on.