There is much opportunity for innovating in
the pharmaceutical industry. There
is in fact infinite of it. One of
the most important ways that the industry needs innovation in is the way it
looks at and treats disease. For
much of the disease that is rampant in today’s world cannot be solved by
injections or by a specific pill.
One can no longer just treat the symptoms the underlying causes must
also be addressed. The best
example of this is obesity, there is no wonder pill that will solve it yet and
there may well never be one. The
industry needs to convince people to live healthily and profit from that
instead of spending billions on drugs that don’t always work.
In more traditional sense there is always
room for innovating many things in the industry. One of them would be thinking of new and cheaper ways to
make the drugs that are being used.
This would create huge profits for the industry. In the same fashion innovating the
materials used in drugs, improving them, making them more effective, removing
side effects. These are all vital
innovations that will help the industry.
Another example of possible innovations is
that the industry could focus on more personalized care. This would create brand awareness and
foster great customer loyalty. If
that one company has insured your survival several times and helped you get in
shape it stands to reason you will continue to use their services even if the
other company may be cheaper. In
this world brand loyalty is becoming more and more vital.
http://www.forbes.com/sites/jump/2012/08/08/three-imperatives-to-transform-innovation-in-pharma/2/
Matt, I like that your your blog post as well as the way you present your blog. It was a very informational blog post, it seemed like you covered most parts of the innovation in the pharmaceuticals industry. It was interesting to see that the industry could focus more on personalized care. All in all, was a good post
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