Partnerships necessary but not sufficient
Partnerships although long an important strategy for pharmaceutical companies are becoming even more central to pharmas future success as the industry struggles with indentifying a new commercial model and attempts to address the dire economic conditions facing global business today. In fact, according to Lehman Brothers, pharmas dependence on partners for externally acquired products accounts for an estimated 38% of total sales on average in the industry.
But are strong commercial partnerships alone enough to cure what ails pharma? The answer is probably not. Restoring societal trust and rebuilding pharmas reputation with patients and the rest of the industrys stakeholders will be critical to its future success. It will be imperative for pharma companies to place customers, rather than its products, at the center of the industrys strategy.
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