Six Major Risks Facing Pharmaceutical Manufacturers In 2021

source: trendnews247
18

In this article, Shannon Flynn outlines six of the key risks threatening pharmaceutical manufacturers’ recovery from COVID-19 in 2021. After one of the most chaotic years on record, pharmaceutical manufacturers are on track for recovery in 2021. However, despite recovering consumer confidence — and the end of the pandemic being in sight — the pharmaceutical industry still faces significant risk. The COVID-19 pandemic exposed weaknesses in the industry’s global supply chain and while consumer confidence is recovering, it is nowhere near normal levels just yet. Businesses in the sector are likely to face a number of major risks through the end of the year, six of which — including lower-than-average consumer confidence, pharmaceutical fraud, patent cliffs and growing customer expectations – are outlined below. 1. Reduced demand for prescription medicine 2. Growing competition from generic pharmaceuticals 3. Pharmaceutical fraud 4. Rising consumer expectations and difficulties managing brand health 5. Data breaches and other cybersecurity threats 6. Supply chain disruptions

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