IMS Health Predicts 5 to 6 Percent Growth for Global Pharmaceutical Market in 2008

IMS, a consulting and business intelligence firm for the Pharmaceutical and Healthcare industries, recently released their Annual Forecast for the Pharmaceutical industry. You can see the Press Release that details some of the findings in the report here. The reports states that 2008 will mark an important point in the history of the industry:
”In several respects, 2008 marks an important inflection point for the global pharmaceutical market,” says Murray Aitken, senior vice president, Healthcare Insight, IMS. “For the first time, the seven largest markets will contribute just half of overall pharmaceutical market growth, while seven emerging markets will contribute nearly 25 percent of growth worldwide. And, as the impact of established pharmaceuticals losing patent protection accelerates, we will see a decline for the first time in the size of the $370 - 380 billion audited market for primary care-driven drugs. In the coming year, biopharmaceutical and generics companies will more aggressively adjust their business models to manage through these inflections, capturing new opportunities in this changing market environment.”
The Pharmaceutical industry is experiencing a dynamic period. Stability is no longer a given.
The key players are changing. The old strategies for managing your career no longer apply. For example, simply joining a company in Big Pharma no longer guarantees a long stable career. Going forward, employees in the Pharmaceutical Industry will need to be more proactive in managing their careers. They will need to be more aware of the changes that are occurring in the industry. And, equally important, they will need to be aware of how those changes will impact their jobs and careers. If nothing else, the future will prove to be exciting.