We are acutely aware of our role in championing good business at Ferring. An increasingly challenged, globalised world with fast-evolving disease demographics means our industry has much work to do.
• Resource-constrained climate
In a world where resource-constrained governments seek to slow the rise in health care costs, pharmaceutical companies continue to face scrutiny related to the pricing and reimbursement of their products. Concern over pricing practices is widespread and remains an important issue on the political and campaign agendas globally.
• Demonstrate high product value
Companies are increasingly under pressure to demonstrate the value of their products and ensure their pricing practices are sustainable. Access to healthcare and treatment for disadvantaged populations will continue to be an important issue for the industry – and rightly so. And the needs of those disadvantaged are not just found in developing markets, but developed ones too.
• Shifting disease demographics
Changing disease demographics mean that the industry must evolve fast to keep up. One of the sector’s greatest challenges is that it relies heavily on R&D for innovation and product development which can take years to be market-ready. Innovation breakthroughs require talented researchers and scientists too. The industry must continually strive to attract and retain this talent.
• Reputation and ethics
The reputation of our industry rests on how we, as individual businesses, conduct ourselves. Business ethics, transparency, product quality & safety remain vital to companies’ license to operate. While the sector as a whole has seen record fines for violations over the years, it is learning some lessons. This only becomes more important with the advent of social media and increased regulatory oversight.
• Strength through collaboration
These are growing examples of collaborative efforts in the sector aimed at strengthening healthcare systems and infrastructures, harnessing the power of technology and technology transfer to countries that could benefit greatly - mobile health (mHealth), global vaccine programmes, partnerships in HIV/AIDS, malaria, women's health and much more. These partnerships can only grow in number as the industry recognises the limitations of individual company efforts.
Ultimately, we are proud to be part of an industry that has the capability of providing health solutions to all those who need them. This need comes with a duty of care which cannot be carried alone.
A sustainable, affordable healthcare requires many actors to play their part – scientists, doctors, healthcare workers, NGOs and governments. We look to them to guide and support our work, so that we may collectively build healthier communities of the future.