Biggest Challenges Facing The Pharmaceutical Industry in 2023

The pharmaceutical industry has a bright future in 2023, with a stronger emphasis on high-quality production, affordable medication, and the use of innovation and technology.

However, some businesses (including major names) are still suffering the effects of the global pandemic as the current Covid-19 issue in China continues to make mainstream news and increasingly threatens to disrupt supply chains.

While companies are looking to ensure that 2023 is a positive step forward post-pandemic, let's take a look at some of the major challenges that the Pharma industry will face in 2023:

1.   Demand for a skilled workforce

The pharmaceutical industry requires a workforce that has significant knowledge, experience, and skills. Training the workforce helps to acquire the necessary skills to ensure, enhance and improve their participation in their daily tasks. This will also help to fill in any skills gaps that may be observed in the workforce.

2.   Supply chain disruption

Supply chains have witnessed unprecedented disruption all around the world, and this represents one of the major challenges facing the pharmaceutical industry.

ABS data from June 2022 shows that more than two in five businesses (41%) have faced supply chain disruptions, and the pharmaceutical industry was no exception.

Many pharma companies are looking to supply chain innovations and circular supply chain models to tackle these challenges and build business resilience.

3.   Clinical trials playing catch up

For pharmaceutical companies running clinical trials for anything other than COVID-19 vaccines, the pandemic caused huge interruptions. And although the primary effects of the pandemic are receding, we’re still feeling the impact as we move into 2023. Companies in the pharmaceutical industry are now looking to technologies such as AI and virtual platforms to either restart or recreate trials with less face-to-face interaction. However, this new technology comes at a cost — significantly lowering or even erasing profit margins.

4.   Data breaches and cybersecurity threats

As consumer data is becoming more valuable, the number of cyberattacks is also increasing, and Pharmaceutical companies are especially vulnerable to cybersecurity threats. As cyberattacks become a more serious threat to the industry, investment in cybersecurity will need to increase. Companies will also need to implement better cybersecurity policies in the office and for remote workers, or run the risk of a costly data breach.

5.   Pharmaceutical fraud

Pharmaceutical fraud remains a major challenge for the industry — and it was possibly even worse during COVID-19. For manufacturers, taking steps to prevent fraud and encouraging internal discussions about potentially fraudulent behavior will help prevent issues with healthcare fraud.

Conclusion:

While most industries have returned to business as usual post-pandemic, the pharmaceutical industry will face significant risks through the end of the year. Fragile global supply chains, increased incidences of fraud, and the rising number of cyberattacks will all pose challenges for the Pharma industry going forward. The companies that address these issues proactively will be the ones to have the competitive edge going forward.

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