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Pharmaceutical
With the world pharmaceutical market projected to double in the next ten years, this is an exciting and challenging time for those working in the field.
Research suggests that the growth of the pharmaceuticals market will continue at a rapid pace for the foreseeable future.
This growth presents both challenges and opportunities for those who work in pharmaceuticals. Worldwide sales will soon top US$1 trillion annually, with countries such as Brazil, China, India, Indonesia, Mexico, Russia and Turkey - the so called E7 countries - projected to account for around one fifth of global pharmaceutical sales.
The ability to react to these changing markets will increasingly determine success and failure for pharmaceutical companies - can you attract the right staff, is your business model robust, are you capable of acting quickly enough to meet both the challenges and pitfalls of dealing with new or changing markets?
All of this is taking place against the back drop of changing regulatory conditions, dramatically increasing costs, and calls for lower prices. Companies have to make key decisions about their product development strategy, look for new funding sources, and compete for talent in the jobs market.
Experts believe that the current business model used by most companies is likely to prove economically unsustainable and operationally unsuited to act quickly enough in the new market conditions. To produce the types of innovative treatments demanded by growing global markets will thus take a radical rethink by most companies if they are to survive and flourish in the next decade and beyond.
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