Pharma IQ Publishes Big Pharma Global Recession Report - 44.4% Fear Redundancy in 2012
Published: Feb 10, 2012
LONDON, February 10, 2012 /PRNewswire/ --
Industry wide economic climate study reveals bleak outlook for Pharmaceutical Industry in new report from Pharma-IQ.com
In the wake of high profile staff cuts at multinational global pharmaceutical and biotech companies, leading industry network Pharma IQ conducted a large scale study into job stability and future prospects for the industry in 2012.
The results of the study have now been published in a 13 page special report entitled "Big Pharma Global Recession Report".
Among the finding of the study which surveyed hundreds of professionals is the fact that 44.4% of those surveyed are concerned their role being made redundant in the next twelve months.
It was also revealed that the US and Europe are the two regions identified by the survey respondents as being hit harder specifically with regards to the pharmaceutical industry by the global economic crisis.
The report however concludes that the Asian pharmaceutical market appears to be the least affected region by the global economic crisis with only 7.3 percent of survey participants identifying it as the region that had been hit the hardest.
"With the growth in the pharmaceutical market in Asia and increasing demands of regulatory authorities for ethnic-specific data, we can definitely expect an increase in early stage clinical research conducted in Asia. More countries in the region will jump on the bandwagon, to position themselves to attract more early stage clinical trials into their countries," said Dr. Melvin Toh, VP of Pharmaceutical Development, CK Life Sciences International.
Other outcomes from the report include increasing outsourcing and offshoring, renewed scrutiny on sales ROI and net reaction in R&D spend.
"All companies must remain profitable to survive and the pharmaceutical industry is no different. As economic landscapes change, pharmaceutical companies must find new models for growth and profitability in 2012 and beyond," said Andrea Charles, Editor, Pharma IQ.
The full report can be viewed exclusively at Pharma-IQ.com
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SOURCE Pharma IQ