Current Developments In Healthcare And Pharmaceutical Industry

The Big Picture

Discuss about the Current Development in the Healthcare and Pharmaceutical Industry.

The essay gives an overview of the current developments in the healthcare and pharmaceutical industry and its effect on various industries in the sector. There is also discussion about how the developments are having an impact on my future prospect as I choose to be a part of the industry. Further, there is discussion about the industry specific megatrends and challenges along with a PESTEL analysis mentioned. However, I have also discussed about the expectations of my employer and my futuristic goals. There is also discussion about the professional values, ethics and social responsibility. Moreover, I have done a socio-cultural, personal, managerial and technical competency assessment about myself. The essay also focuses on a professional development plan and SWOT analysis mentioned. The essay concludes by mentioning the performance indicators mentioned in a tabular format.

If I consider the healthcare and pharmaceutical industry worldwide then one can see a wave of challenge that it is experiencing. The main reasons are the change of demands, increasing expectations of patients, decline of the autonomy physician, cost pressures and consolidation amongst those who are providing the service. Therefore, the particular industry must undertake proactive strategies in order to meet the demanding needs of patients and deal with an increasing number of customers. The Healthcare and Pharmaceutical industry should focus primarily on ensuring positive results related to well being, heath and management of illness optimally among the population targeted (Subramoniam, 2014).

However compared to the health systems of other countries, Australia has a healthcare system whose results hold a high rank. Therefore, in terms of healthcare efficiency Australia is at the sixth position in 2014 which was a rank higher than 2013. The Healthcare and Pharmaceutical industry occupied the top position of the Better Life Index that is actually a measure of the social, physical and mental well being of the citizens (Stamatakis, Weiler & Ioannidis, 2013). Thus, the remarkable standards of the Australian healthcare system will be beneficial in increasing the life expectancy of the people. As per government records, the average life expectancy of men would increase to 95.1 years and women would rise to 96.6 years by 2055. Thus, the policymakers are also aiming at finding ways that will enable Australia to offer world- class services in healthcare. Though spending from the government and societal perspective remains unsustainable for the time being but policymakers are trying all possible means to make the industry a major contributor to the country’s economy. Thus, the Healthcare and Pharmaceutical industry has not only been a major provider of employment but ranks fifth in contributing to Australian GDP.

Industry Specific Mega Trends and Challenges

Thus, I can say that the healthcare and pharmaceutical industry in Australia is a major employment provider so there are ample career opportunities for me with a career choice as a pharmacist. Pharmacists are people with expertise in medicine who optimize outcomes related to health and minimize any misadventure related to medication. The growth in the Australian healthcare sector have encouraged many multinational drug companies to have a set up and  thereby have an upcoming surge for pharmacist in areas related to drug information, medical training, and regulatory affairs (Spinewine, Fialová, & Byrne, 2012).

In recent times, there has been a sustained rise in cost to match up with Australia’s healthcare system. Thus, four megatrends are responsible for the demand and supply drive of healthcare in Australia. These trends are systemic forces responsible for shaping the future of Australian healthcare system. Further, the forces have the power to disrupt existing business and care models putting across various challenges and opportunities for the system (Gassmann, Reepmeyer & von 2013).

Improving Productivity through Growing Financial Imperative:

There has been a long-term rise in the cost of healthcare that collides with current financial needs. Therefore, the accessibility and the width of the heath care services can be limited if it is mismanaged. Combined effort is thus required to modify the health system into an effective delivery model.

Prevalence of Disease and Increase Tendency of Ageing

The unhealthy lifestyle is responsible in increasing the rate of patients who are chronically ill. As a result, the heath systems are also finding it difficult to adapt to the changing means. Moreover, there is a strain in the public purses as the aged consume more and contribute less. This trend can however be managed through the increase in access of primary care, encouraging coordination in care and self -management and enhancing better care for chronic diseases.

The New Consumer and Digital Health

With the emergence of technology healthcare has reached unmatchable levels of analysis, automation and connectivity. Heath providers are now introducing common technologies in providing efficiency and quality services. Thus, consumers now have the power of managing their own health more effectively.

Personalized Care and Precision Medicine

Over the last decade, there has been a lack in the fulfillment of the promise for precision medicine. However, in the coming years, the advances in the disease heterogeneity and diagnostic technologies may lead to an accelerated impact on health outcomes and clinical practice.   

PESTEL Analysis

Challenges:

Now if I speak of challenges then the Australian government may have to confront massive challenges in the delivery and funding of healthcare (Almarsdóttir, Kaae & Traulsen, 2014). The challenges are as follows:

1. The changes in disease patterns and the increasing chronic illness amongst people have proved to be a challenge for the industry. In addition to this, changes in demography also impose a challenge to the healthcare industry.
2. The need to ensure processes that are transparent, comprehensive and efficient for accessing technologies related to health and at the same time increasing cost of advances in medical science is also posing as a challenge to the government.
3. There are constant problems faced with supply and distribution of the health workforce.
4. The quality and safety of the health services remains an unrelenting concern.
5. There has been uncertainty about balancing the private and public sectors and thereby ensure funding.
6. Lack of recognition for further investment in children’s health
7. There has been a lack of urban planning in promoting sustainable and healthy communities.

PESTEL Analysis:

The introduction of advanced technology, stringent regulatory controls, distribution channels, new advanced offerings, volatility of investors have questioned the survival of the healthcare and pharmaceutical industry thereby making paving way to a competitive environment. To understand the challenges and threats to the industry let us do a PESTEL analysis.

Political Factors:

Healthcare is becoming a concern globally because it is becoming increasingly expensive and is leading to a burden financially. Therefore, political attention is also increasing on pharmaceutical companies and regulations are becoming more stringent. Therefore, the healthcare and pharmaceutical sector must act proactively in responding and scanning the environmental policies and should make an effort to cling to corporate compliance and philanthropy and ethics related programs (Sharabati & Fuqaha, 2014).

Economical Factors:

The healthcare and pharmaceutical industry has been a victim of mergers and acquisitions and the late 20 th century has been an evidence to it. The affect of these acquisitions has resulted in further research and thereby ensure a huge and comprehensive portfolio of products for the healthcare and pharmaceutical industry at large (Culverhouse & Wohlmuth, 2012).

Social Factors:

Pharmaceutical companies are inclining to corporate social responsibility where they are increasingly addressing environmental and social concerns. I say this because ensuring good heath is a requirement not only socially but also personally. For instance, many healthcare and pharmaceutical industries have moved forward to provide aid to terminally ill patients suffering from AIDS as a social responsibility.

Technological Factors:

There has been innovation in technology that has directly influenced the pace of the healthcare and pharmaceutical industries (Doucette et al., 2012). The challenge lies in the fact that the industry must adapt itself to the needs of the market. Therefore, spending on research and environment has increased in order to encourage innovation. The healthcare and pharmaceutical industry must also adapt itself in a way so that it one knows it by the technology that it adopts.

Environmental Factors:

The increasing environmental agenda are making the key stakeholders of the healthcare and pharmaceutical industry more proactive and aware. In this respect, it is important of the healthcare and pharmaceutical companies to check out whether their business and marketing plans are aligning with the environmental issues.

Challenges

Legal Factors:

There are also many legislative and regulatory restrictions imposed on the pharmaceutical industry (Irefin, Abdul-Azeez, & Tijani, 2012). Countries have encouraged the litigation culture that has influenced the healthcare and pharmaceutical sector. Moreover, the legislative boundaries are also stretched upon by the emergence of the internet where patients demand are more inclined towards including rights for programs related to healthcare.

In future, I want to see myself as a registered pharmacist working as a part of the healthcare and pharmaceutical industry. In Australia, it is very important for the entire pharmacist to do the registration with the Pharmacy Board of Australia (PBA) (Armour et al., 2013).Therefore, the first expectation of my employer is to get myself registered and abide by the code of conduct that forms the base for the ethical framework so that effective delivery of health services ensured. Therefore, at the first place my employer would want me to provide good care that includes working effectively with clients or patients, ensure shared decision making and working in co-ordination with other practitioners. The employer would also expect me to minimize risk, maintain ethical and professional behavior. Similarly, the clients would want me to take proper care of them, share problems, and understand conversation whenever required.

My first priority as a pharmacist would be to get registered and work on ethical ground. Other duties are important to take care of. These include focusing on providing service to the patients for their betterment and remain in a position to overcome any adversity. At the same time, I should stay informed about the whereabouts of the company and ensure collaboration with other pharmacist for discussion on various issues. Then again, I look forward to fight any negative change that threatens my profession and undertake initiative for promoting myself.

There are certain codes of ethics that I must follow as a pharmacist. According to the Pharmacy Board of Australia the main area of focus for a pharmacist include certain principles that needs to be followed in relation to the consumer and community, pharmacy and profession, business practice and other healthcare professionals (Rosenthal et al., 2016).

From the consumer point of view, as a Pharmacist my first priority would be able to recognize the well being and health of the consumer. In addition to this, I must also respect the privacy and dignity of the consumers that includes respecting their individuality, urge for treatment and any confidentiality (Um, 2014).

From the community point of view, I must provide service in a manner so that the community does not lose their respect for the profession. As a member of the community, I must ensure that my contribution to the public health is enhanced through use of quality medicines (Lowres et al., 2014).

From Professional point of view, my responsibility lies in further advancing the profession through teaching, mentoring students, training staff, interns and colleagues. Along with this, I must have complete knowledge of the practice that I am doing. Moreover, I prefer to work under conditions that will ensure professional independence.

From the business point of view, I believe that the practice done ethically and at the same time must take care in collaborating with other professionals for optimum health outcome

In order to improve my socio-cultural and personal competence I should develop the ability to deal with people from varied cultural backgrounds in a community. Thus, understanding the cultural framework is very important for pharmacist (Mak, 2013).

With the emergence of internet and advanced technology, it is essential for a pharmacist to have a sound understanding of the technology used in various medical procedures. Moreover, to continue as a pharmacist in the industry, I must have the self- management skills of prioritizing work in an appropriate manner and able to take responsibility. Moreover, I should also understand the management principles of the organization that I wish to work for in future ( Johnson, 2012).

Thus, I can improve my socio-cultural competence by developing a proper mindset that not all people come from same backgrounds. Therefore, while practicing I must not forget that cultural diversity will prevail in a community. Moreover, patients who come from different backgrounds possess different beliefs about medications and medical conditions. As a pharmacist, I must initiate a patient centric approach to understand them and make the ambience conducive and trustworthy so that they can speak out their problems (Lim, Z Anderson & McGrath, 2012).

Now to develop the management and technical competence I should invest certain amount of time to learn the technicalities involved with the operation of various machines that I might require in future. Although, I am punctual and serious about what I do but since I choose to be in a public service profession so I must work on the time management and develop a personality that increases people’s dependence on me.

In order to be in a profession as a pharmacist, I decide to develop insert certain self- management skills and at the same time ensure that I understand certain complex technicalities that are a result of the modern technology.

I plan to work as a pharmacist so my first target would be to get myself registered with the Pharmacist Board of Australia (PAB) and abide by its code of ethics in performance of my work (Mak, 2013).

Competencies are a cluster of commitments, skills, knowledge and abilities necessary for effective job performance. The level of competences however determines the extent to which a person is able posses the skill sets, abilities and knowledge for effective performance (Ghanbari, 2012).

Currently I possess competencies in six domain that include personal skills, safe and rational use of medicines, ensuring public health, ethical professional practice, supply of medicines, skill set related to the organization.

The definition of the competency target is the key contact for the whole organization done with the help of the reporting tool. In the process, the maximum and minimum targets per competency defined by the key contact, which are then tested by means of the assessment procedure (Fernandez et al., 2012).

Through self-analysis, I can take care of self-management skills that I need to work upon for the time being like punctuality and organizing ability

However, for the learning the technicalities I need to undergo certain training programs organized by the company in order to have a sound understanding of the concepts.

The culturally competent pharmacists make sure that they expand their cultural resources and knowledge through the adoption of various service models so that they can meet various ethnic and racial groups.

Figure1: Improving Cultural Competence.

Source: (Powell Sears, 2012)

Thus, cultural diversity is common phenomenon in a community. Therefore, as a pharmacist it is very necessary to consider the cultural backgrounds of patients while providing care and counselling.

The SWOT refers to the strengths, weakness, opportunities and threats in the profession of pharmacist (Hatah et al., 2012). The analysis is as follows:

Strengths

A substantial amount of work experience can act as a positive factor in this field as they allow the pharmacist to deal complex situations.

An educated and professional with good technical expertise is also a blessing for the community

Weakness

For a starter, the profession can be quite a challenging task as it deals with public service

Then lack of job knowledge can also act as a negative aspect

Opportunities

Here, since it is necessary to collaborate with other professionals therefore one can strengthen one’s network well

The professional also allows us to learn certain technical expertise that gives us an option to use it as and when required.

Threats

There is cutthroat competition in the field; therefore, it is very difficult to make a mark.

After a certain experience in the field, there are certain education and training obstacles.

Performance Indicators

Figure: Performance Indicators

Source: (Moullin et al., 2013)

Conclusion:

The essay concludes by giving a close look at the performance indicators. There is SWOT analyses and personal development plan laid out with stress on various competency.. There is discussion on the goals that I have as a pharmacist and how I plan to develop. Moreover, I have done a PESTEL analysis of the industry chosen and the challenges and megatrends of that industry. There is also a brief overview of the present scenario of the industry and its impact on my profession.

References:

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