30-Jul-12 8:00 AM CST

A Change in Pharmaceutical Business Strategies

In today’s rollercoaster economy developing countries and generic drug firms are making a big difference in the pharmaceutical industry and boosting sales. Global Data, a healthcare industry analyst, states in a recent press release that due to tight budgets, rise of emerging economies, and the ‘patent cliff’ that pharmaceutical companies are rethinking their business strategies. One of the many business tactics they are taking includes looking outside developed markets to increase sales growth. Generic sales growth has also increased along with uncertain regulatory environments.

Global Data also reports that the top five generic drug companies generated $31 billion in revenue in 2011 and an 11.3% increase over the previous year. Teva Pharmaceuticals is the largest drug company on the block. Revenue for Teva was $10.1 billion in 2011. Sandoz Pharmaceuticals is the generic counterpart of Novartis and recorded $9.4 billion in revenue in 2011. Revenue growth increased for Novartis when they purchased eye care leader Alcon for 12.9 million. Rounding out the list is Mylan Pharmaceuticals which is the third largest drug maker with revenue of 5.5 billion in 2011. Global Data reports that Mylan’s position in the top five drug makers list would be eventually surpassed by Watson Pharmaceuticals.

As a pharmacy technician it is necessary to be familiar with the big drug companies and what medications they produce and market. The pharmacy field is ever-changing and keeping up with those changes will help make you a better technician all around.

Sources:

1. Global Data Press Release. “Developing Countries and Generic Drug Firms Shaking Up the Pharma Industry.” Global Data. Web. 24 July 2012.

2. Harper, Matthew. “The Best Drug Companies of the Past 15 Years.” Forbes. Web. 9 Feb 2012.