Herein I am providing highlights from the latest CPHI Annual Report - Nov. 2022 (Frankfurt) including key insights about Pharma in 2023.
The report includes perspectives of some 400 pharma executives, and analysis from global experts.
CPhI is the "Convention on Pharmaceutical Ingredients"- worldwide the most important trade fair in the pharmaceutical industry.
- CPHI Insight Overall – the report seems positive about for the prospects for the drug industry and markets – despite economic and other headwinds. “Economists and analysts globally expect 2023 to be a tough year for the majority of [industry] sectors … Yet, despite this pessimistic outlook, pharma could potentially buck wider economic trends. Contract services in particular remain in extremely high demand and with biotechs still sitting on record levels of cash – they cannot sit on this indefinitely – there is likely to be a sudden rush of development inside the next 18-months.”
- ServiceNow Impact We are now verticalized and focusing very strongly on the Life Sciences industry. ServiceNow has made solid strides beyond just IT.
- CPHI Insight - Professionals across the industry expect years more of worker shortages specific to CMC (chemistry, manufacturing & controls) positions.
- Inability to hire and retain experienced staff creates capacity constraints.
- ServiceNow Impact - One of the key areas of focus for us in 2023 is "Employee Experience."
- CPHI Insight - Last year was the first year in the survey’s history that the US topped the prospective ‘growth potential’ category, surpassing both India and China.
- All countries have improved their growth potential scores, notably Germany, UK, Italy, France and Rest of MEA - suggesting industry is positive about prospect in 2023.
- ServiceNow Impact - we have a solid teams focused on Life Sciences across the Americas, as well as EMEA.
- CPHI Insight - 35.8% of respondents will be increasing their spending on outsourced R&D or biomanufacturing over the next 12 months.
- ServiceNow Impact - We also work with Contract Research Organizations (CROs) and Contract Development and Manufacturing Organizations (CDMOs).
- CPHI Insight - Pharmaceutical Continuous Manufacturing (PCM) will alter drug manufacturing over the next decade.
- ServiceNow Impact - Requirements for PCM adoption include:
Solid Data Literacy - the ability to read, write, and communicate data in context, plus Pharma 4.0 - Digital transformation of the pharmaceutical value chain. Both are solid sweet spot strengths and capabilities natural to the SerivceNow platform.
- CPHI Insight - Trend towards "near-to-home" care with Decentralized Clinical Trials, Digital Health, and individualized cell & gene plus mRNA therapies.
- ServiceNow Impact - we have great capabilities supporting technology and process approached to "Patient Centricity."
