A year in review: What's in store for 2024?

As we approach the end of 2023, it's time to reflect on the significant developments and challenges that have shaped the pharmaceutical industry throughout the past 12 months. From ongoing innovation and advancements in drug discovery to the evolving regulatory landscape and the promise of AI-assisted technology in healthcare, it has certainly been a year to remember.

For us at Pharmanovia, it’s also been a year of progress. We have made several new acquisitions and in-licensing. We’ve licensed in or acquired iconic brands across our four core therapy areas – neurology, endocrinology, oncology and cardiovascular and within this, signed three new chemical entities as well as signing our first major digital therapeutics partnership. We’ve broadened our product portfolio and expanded our footprint across many global markets.

Additionally, we've made significant strides toward our sustainability goals, receiving approval from the Science Based Targets initiative (SBTi) for our net-zero emissions targets. This initiative aligns closely with our commitment to improving our environmental, sustainability, and governance (ESG) processes, which are integral to our business.

I am immensely proud of our Pharmanovia team, which consistently challenges traditional approaches and strive to find innovative ways to make a positive impact on patient outcomes. On a personal note, a particular highlight for me has been seeing the success of our apprenticeship and graduate programmes, which aim to encourage talent from diverse backgrounds to consider rewarding careers within the industry.

While reflecting on learnings and successes is essential for growth, it’s important to also look forward to what’s to come.

Here’s a snapshot of some of my thoughts on the year ahead:

?·?????? Geopolitical Challenges Persist: Although I look back on this year as a success for Pharmanovia, it is of course against a backdrop of political challenges and global unrest. Rising costs and economic uncertainty, affecting every industry, are likely to persist into the next year. Remaining vigilant and adopting an agile mindset will be crucial to navigate these uncertain times successfully.

?·?????? Greater focus on supply chain resilience: This is linked to the challenges I mention above, and it’s a trend we’re starting to see more of within the industry. At Phamanovia, we’ve embraced a dual-sourcing strategy for a while now, which has allowed our supply chains to have greater flexibility when it comes to ensuring a diverse market reliance with closer-to-market supply. ?

?·?????? Healthcare spend continues to decline, stifling innovation: Multiple patent losses in late 2023 and into the next year will lead to a decline in healthcare spending. Smaller companies, particularly those heavily reliant on patent-protected products, are likely to face a funding crunch, hindering their ability to develop new treatments. That’s why adopting a partnership mindset is critical, and I find it interesting that several of the big pharma companies are now restocking their pipelines via partnerships with APAC based developers.

·?????? VAMs to take centre stage: With significant potential and relatively low investment, value added medicines (VAMs) are poised to play a more prominent role in healthcare. I recently took on the role of Chair of the Medicines for Europe’s Value-Added Medicine Group, a team dedicated to working with leaders, policymakers and regulators to protect the vital work we and others are doing to ensure established treatment options continue to thrive through incremental improvements. ??

?While we can’t predict everything, what is certain about next year is we’re going to continue to find ways to best serve healthcare professionals and their patients and I want to say a big thank you to all our partners, healthcare professionals and above all the amazing team at Pharmanovia whose commitment to finding new ways to meet unmet needs is tireless.