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Reports 19 Jun 2007

Pharma Futures 2

Prescription for Long-Term Value

By Sophia Tickell

Pharma Futures is a pension-fund led dialogue between the pharmaceutical industry and its investors. Pharma Futures 2 – published by pension funds, ABP, OPERS and USS – outlines the findings of a 12-month dialogue, facilitated by SustainAbility, between leading industry executives and major institutional investors on how the pharma sector can better deliver long-term value to shareholders and consumers.

Pharma Futures discussed the challenges of successfully managing productivity, the changing payer landscape and the growth in importance of the emerging markets. The project reviewed the market environment into which the drugs in early stage development today will be launched. Specifically it reviewed these three trends, their social consequences and the means by which industry and investors might respond to them in such a way as to meet both shareholder and societal needs. Critically, Pharma Futures also discussed the means by which the industry communicates its strategies to manage these challenges to investors and how investors in turn signal what it is they want to know.

Pharma Futures discussions concluded that the industry faces seven core challenges relating to these trends that the investment community will need to understand:

  • Make a transition to more targeted portfolios
  • Restructure the R&D functions strategically
  • Select the right balance in research priorities
  • Price innovation sustainably
  • Become a trusted partner in defining value for money
  • Work within system constraints
  • Respond appropriately to demands for more equitable and extensive access to medicines
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