Pharmaceutical Firms Finally Realizing They Need To Innovate Beyond Pills
from the squeezed-those-monopolies-dry dept
The key, as always, is to recognize the real market that the business is in. For too long, pharmaceutical firms have believed they're in the pill making business -- rather than the "saving lives" business (even if they use the "saving lives" claim to get an emotional response when trying to push for legislation in their favor). The good news, though, is that it appears that some pharma firms are finally recognizing this. As Against Monopoly points out, the Economist notes that pharmaceutical firms are finally starting to experiment with new business models that go "beyond the pill." They're changing how they market and sell pills as well as starting to look into other areas of healthcare as well, from biotech to medical devices. The other interesting thing is that they're starting to look at interesting ways to drastically reduce the costs and time of clinical trials using technology. While this won't change their reliance on patents, it is a step in the right direction. With that diversification underway, it will hopefully be easier to show them additional new business models that can help them become more innovative, creating new opportunities to profit, without having to rely on artificial scarcity.