The pharmaceutical industry is known for its very rewarding, challenging, controversial, and competitive environment.
What are the most difficult aspects of working in this field in 2023?
“Big Pharma and Generic companies have been impacted by Covid, which has decreased the use of drugs in the past three years,” explains Alessandro Ricci, President of the American branch of the pharma giant Aurisco.
“Now we are in the process of finding the best response and we look forward to reacting. It is very hard to make general suggestions since we need to analyze specific situations. However, what works best in today’s world are companies that focus on small molecules, quality products, small but high-value markets,” the Italian entrepreneur suggests.
Presently, difficult products to make and very high technology are key in this business “Complex synthesis, synthetic biology, and synthesis of oligonucleotides are now the focus of all companies,” Mr. Ricci says.
“Looking at the market’s motion there is a global big investment in R&D that is bringing many finished dosage products to be commercial as soon as their patent expires. In the meantime, the whole cycle is actually increasing costs and timelines are becoming much longer,” adds the Roman businessman, who’s the reason for success of many popular medicines and of a few pharmaceutical companies in the United States.
What are the suggestions for entrepreneurs who aim at being successful in the pharmaceutical world in America?
“The USA is currently one of the most interesting and opportunity-rich markets, but it is also one of the most competitive and difficult,” Ricci says. “In order not to make mistakes, it is essential to have a well-defined strategy. The United States now offers enormous opportunities for companies and professionals who wish to expand their business. Entering a market as large as it is complex, however, requires a well-defined vision and preparation. These are elements that no one, not even the largest companies, can afford to underestimate or neglect.”
There is one element the US is lacking. “This country cannot support ambitious multi-year projects without the support of countries that can supply technologically the chemical and pharmaceutical fields. That’s where the role of Europe and Asia, always recognized for the high innovation and quality of their products, becomes paramount,” Mr. Ricci explains, also stressing the importance of effective communication.
“In the United States, investing in the right kind of marketing is essential to make your company known. It is necessary to devise a communication strategy suitable for a market that drives communication on a global level.”
According to Mr. Ricci, entrepreneurs have to share their vision, inspiring and motivating their team. They have to set a good example and show integrity. The best entrepreneurs are able to “make tough decisions quickly”.
Other essential abilities are “recognizing the success of others and knowing how to delegate”.
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