The Australian pharmaceutical industry is facing so many challenges over the last five years. Five year before, the pharmaceutical industry of Australia was considered as one of the largest manufacturing and export industries in Australia. However, as per the analysis, it has been realized that the industry has slipped to the second place and the leading industry is the motor vehicle industry (Doran and Henry, 2008). If this negative trend continues, then the day is not far when the industry will slip to the third position. In the recent years, the profits and core competency of iNova pharmacy have declined. This dramatic fall in the ranking of the company is really an alarming stage for the same. This suggests that the iNova pharmaceuticals have to take initiatives immediately to make the situation stable. This situation of the pharmaceutical industry urges the government of Australia to invest more in the sector and make the research and development department so robust so that it can again attain the position that was enjoyed by the industry in earlier times.
There are many reasons that have been found for the declining situation of the pharmaceutical industry in Australia. It has been analyzed that most of the companies in the industry are losing their confidence to operate. There is very famous saying that suggests that the more things change the more it stays the same. This saying is very true for the situation of pharmaceutical industry of Australia. It has been analyzed that the industry has experienced many developments such as targeted therapies for Hep C and immune- therapies for cancer, regulatory changes in pricing and reimbursement, changes to the regulatory environment and marketplace through M&A activity and loss of exclusivity on some major brands etc. However, these changes have not significantly affected the industry in positive way. It has been realized that the changes have not shown its effects on the system or is not working and operating efficiently as before. The industry is not paying well to the stakeholders such as government, suppliers, tax payers etc. It has been analyzed that there must be lack of coordination between the government and the industry players which is greatly affecting the innovation and research and development in the field.
This is the report that focuses on identifying the factors that is affecting the pharmaceutical industry of Australia in a negative and diminishing the revenue of the same. This research will help in analyzing those factors and the degree of impact they have on the industry. This helps the industry to identify improvement strategies that can be implemented so that the situation and conditions of the industry that is prevailing in Australia. It has been analyzed that the government have to think about making the things better. Some of the strategies like on-going collaboration and coordination between the regulators and the industry players is very much necessary. Ignoring or avoiding the risks by the companies in pharmaceutical industry is not an option left with the companies (Garavan, 2012). They have to fight against the situations and needs to find out the ways in order to bring efficiency, clarity and regulation in the industry process. Investment needs to be made the sector of innovation and research and development so that the industry can provide the market with better and innovative products.
Approval of manufacturing the medicines especially in context of children and lifesaving drugs should be more reasonable so that more and more companies can participate in the innovation processes and new companies can enter the industry with improved processes. As far as the role of pharmaceutical companies is considered, it has been analyzed that these companies have to recognize and identify their part and should adapt to the external changes (Tattersall, Dimoska and Gan, 2009). Although the environment of the industry is not that good but the companies have to find the room for making improvement and growth. Some of the key areas where the companies can focus are the personal heath care of the patients and digital technologies. most of the companies in the world that are using the digital technologies are in benefits and facing less risk as compared to the companies which are using traditional methods.
The pharmaceutical industry is preferably placed to take benefit of global alterations in both technology and healthcare. But it needs to reimagine its traditional part in the market and ask itself where it really fits in the future commercial setting. As an industry originated on revolution and imagination, the pharmaceutical industry is well-developed. There are several significant opportunities in the global market as the healthcare industry of different developing companies have developed. These countries are seeking life-saving and other drugs for uplifting the healthcare standards of the country. It can be perceived that the companies can explore these opportunities to increase their profitability.
This discussion and research on pharmaceutical industry is important and its declining performance is really essential to be discussed because it is affecting the overall profit arte of the industry and thus the economy of the country. It has been analyzed that this is the industry that has contributed so much in the economic development of Australia but now the situation is very different and even worse. It is important to research about the topic so that the main flaws can be identified. Identifying the flaws will help in pushing the industry up. Making the research on such topics is very beneficial for the industry on which there are has been conducted. This is because it helps the industry to analyses the market situation and to realize the scope that is there for the improvement. The major goals of conducting this research is to analyses the industry and its trends and update the regulators of the industries as well as the government so that they can identify better measures and support the industry to grow in future. It is the need of hour to fuel the pharmaceutical industry of Australia so that it can attain its prior position in the business settings in Australia.
Research Questions
Why is the competitive advantage and profitability of iNova Pharmaceutical Company diminishing?
The pharmaceutical industry has a significant role in the economy of the world not because of the benefits it delivers; however, because of the benefits provided to the economy. From the last few years, there has been a drastic change in the industry, and the industry has been transformed from the producer of selected chemicals to the provider of the research oriented sector. As per the views of Lofgren and de Boer, (2004) he success or the competitive advantage the industry is dependent on the ability to produce the drugs with important therapeutic benefits, facilitating research, the price charged to the customers as well as protecting the patent of the organization.
According to Pradhan (2006), the national policy of the countries also have a significant impact on the competition in the pharmaceutical industry. The policy debates revolve around two major factors, namely, promoting the innovation capabilities of the organization as well as maintaining appropriate competition in the industry. The research-oriented section of the industry, is dependent on the patent system of the nation. It can be critiqued that the organization can obtain monopoly benefits from the sale of the patent. It can compensate the heavy investment of the organization in the research and development activities. However, after the patent expires, the competition level increases, which reduces the cost of the drugs to the society. The regulations in the industry has a significant role on the innovation and the competition in the industry and the trade-off between them.
In the perspective of Morgan McMahon & Greyson (2008) promotional activities enhances the competition in the market; however, there are several ethical concerns related to the promotional activities in the pharmaceutical segment. The most significant question lies regarding the difference between information and the persuasion. The innovator organization in the industry may provide information related to the healthcare benefits of the organization; which would entail information related to the therapeutic benefits of a particular drug and the method of use. However, the healthcare providers who prescribe the drugs, may have linked incentives which can attenuate the efficacy of the drug.
In the views of Lofgren (2004), technical innovation is significant for the firms in the pharmaceutical industry as these companies fail to struggle and maintain the competitive advantage. There are several trends and development in the global pharmaceutical industry such as globalization, short product life-cycle, and rapid changes in the technology. Although the pharmaceutical industry is profitable; it has significant impact of all of these forces. It can be critiqued that despite the fact that the pharmaceutical industry has been profitable, the profit margins have squeezed due to several factors. These factors are, reduction in the number of drugs introduced by the organizations, increase in the research and development facility of the organization, rapid adoption of the generic drugs or medicines and increase in the foreign competition. Other than that, there are several secondary factors such as several drugs have lost their patent protection, health care reforms which has reduced the number of drugs made available to the customers.
As per the literature of Porter & Ketels (2003), the competitive advantage of the pharmaceutical industry is dependent upon the successful innovation capabilities of the organization. Therefore, pharmaceutical industry spends more on the research and development than any other industry. The research and development activities is dependent on the degree of radicalness in the output. In the drug industry, the radicalness of innovation is dependent upon the new technological and scientific knowledge, which is embedded in the drug. There are several characteristics of technological innovation such as major changes in technology, discovery of new knowledge, high level of technical risk, time, and cost.
Theoretical framework of the competition in pharmaceutical industry
The theoretical framework states that the competition in the pharmaceutical industry has been the result of several different factors, namely, regulations, governance, innovation process, and financing. The innovation has been identified as the major reason for the increase in the competition in the industry. Innovation process has reduced the product life cycle which has increased the necessity of the introducing the innovation in the products. The government regulations have also posed as a barrier in the innovation process of the organization.
Research methodology discusses different methods, which will be used in the research process. The research methodology encompasses research paradigm, research design, research approach and data collection methods, which will be utilized in the research process. The research paradigm refers to the perception or the lens through which the researcher observes the research and his surroundings (AfWåhlberg, 2017). The beliefs and the perception of the researcher impacts on the outcomes of the research study.
In the present, interpretivism research paradigm will be used in the research. The interpretivism research paradigm states that the perception and the understanding of the researcher has an impact on the research study. The paradigm refers to the perception used by the researcher and states the research cannot be isolated from the research study In this approach, it is believed that it is impossible to conduct objective research as the value and the theoretical beliefs of the research cannot be removed from the research enquiry. The research will also use the inductive research design. In the inductive approach, the researcher aims to generate a new theory from the research data. The inductive approach is associated with the qualitative data collection methods. The inductive research design is used when the research study aims to identify new information pertaining to the research subject (Alvesson and Sköldberg, 2017). The researcher initiates with an open mind and collect information from virus sources. The research objectives and aims are identified at a later stage.
The inductive approach of the research is focused on the grounded theory which states that researcher must begin without forming a perception and it requires analyzing and reanalyzing the data to identify new information for the research. The interview method of data collection will be used for the research. It is an easy method and primary data collection method. In this method, a detailed interview is conducted with each of the research participants for obtaining the novel information (Flick, 2015). The interviewees are industry experts, who have detailed information related to the research subject.
It is a qualitative method, which yields some new information related to the data. The qualitative data collection methods results in qualitative data which cannot be represented through statistical means. The interview is the most common method which will be used to identify new information related to the research topic. It is also a primary data collection method. It means that the information used in the research will be first-hand and exclusively collected by the researcher. A semi-structured questionnaire will be used for the data collection (Neuman and Robson, 2014). It means that the direction of the interview is pre-determined; however, all the questions are not structured before the research. The researcher will collect the data from 10 executives working in the pharmaceutical industry. The executives will be selected from the sales division as the companies, as they will be well-informed about the core competencies of different organizations and what are the factors which drive the sales of the organizations. The thematic analysis method will be used as the data analysis method as it is the easiest method to analyze the qualitative data (Gall, Gall and Borg, 2014). In this approach, several themes are identified based on the research data and the similar data is compiled under each theme. The thematic analysis of data is the most common form of the data analysis. It is used by identifying, examining, and recording the patterns within the data. The themes refers to different patterns within the data which can be used to answer different research questions (Matthews and Ross, 2014).
The interview has been collected with 10 research participants who have more than five years of experience in the iNova pharmacy company. The coding process is used to develop themes within the data so that important themes can be identified within the data. Several themes have been developed based on the research data. The detailed discussion and the analysis of the data has been provided in the below section:
The pharmaceutical industry is inherently different from other types of industries, as it is heavily regulated by the government, level of profitability is low and the consumer characteristics are quite different from other industries. This view can also be supported by the literature of Hill, S. R., Mitchell & Henry (2000) the iNova company cannot adopt strategies of other industries to develop their competitive advantage. It can be stated that the demand for the pharma drugs is not dependent on the taste and the preference of the end consumers, but on the behavior of the physicians who prescribe the drugs and the pharmacists, who dispatch these prescriptions. Therefore, the consumption of any drug is dependent upon the physician’s primary choice. Therefore, it is important to promote the brand to the physician and the hospitals. These companies should focus on marketing the company to the hospitals and the doctors. Moreover, it is not important that the physicians will always prescribe the drugs which maximize the value to the customers. They are not driven by the difference in the price between the generic medicines and their chemical counterparts. Other than that, the name designated by the innovator is shorter than the generic medicine name, which can impact on the overall sales of the drug. Moreover, most of the times, the physicians lack the well-organized information regarding the effectiveness and the risk of the chemical entities. Therefore, their choice is dependent on the popularity of the medicine and the references or use by the peers. Therefore, in the demand side influence, the marketers should focus on marketing the product to the medical or the healthcare professionals.
The interview findings have also highlighted that there are several supply side factors which impact on the demand and the profitability of the drug companies. There are a large companies operating all across Australia and world, which sells ethical, over-the-counter, branded and generic medicines to the customers. There are a number of firms, which carry out extensive research and enhances the sales to promote their innovative products. However, Henry Hill & Harris (2005) has stared the production is always carried out in small quantities because of the quality control considerations as well as the requirement of the small absolute quantities of active ingredients. In the pharmaceutical industry, manufacturing and the distribution are integrated together and the drug manufacturer rely on the wholesalers. The innovation is also a major competitive advantage factor in the pharma industry. The innovative product should be able to address a new ailment in the industry. The patent process secures the right of the drug manufacturer for the cost of compliance of the drug manufacturer, it also compensates the delay in the approval process.
The respondents have also discussed that the drug development is a complex process, it requires long development times, high attrition rates of the customers, and high cost in the development process. In the recent years, there has been a significant increase in the cost of the drug development which has eroded the profitability of the organization. In the same essence, McManus, Birkett, Dudley, J., & Stevens, (2001), most of the pharmaceutical companies follow the strategy of developing the drugs for multiple clinical situations and the biological targets. It increases the chances of the approval of the drugs. The exclusive market share of the companies is decreasing as different companies are marketing different drugs for the same ailment. The interview findings have suggested that there are four dimensions which can be used as a competitive advantage by the business organizations. According to Harvey, Faunce, Lokuge, & Drahos (2004), these dimensions are the superior safety and effectiveness in the drug use, first entry to the market, ease in use, and cost-effectiveness of the drug. The safety and efficacy of the drug refers to that the drug is best in the field. It states that if the drug has high responsive rate and high survival rate, it will be popularly recommended by the physicians and adopted by the patients.
Doran and Henry (2008) have stated that the time is another significant factor which affects the competitive advantage of the pharmaceutical company. It states that if the company is first to enter a significant market, it will have an advantage over other firms. There are several factors which support this competitive factor, such as it facilitates the adoption of the drug by the patients, the company can price the products without any fear of the competition, and establish a leadership position in the market. As the company is exclusive in the market, there are several considerations such as such as the company has the flexibility to reduce the drug price, it can maximize the profits during its time of profitability. However, the time advantage can come with several benefits such as lack of regulatory data, inefficiency in the market and the time consumed in getting the regulatory approval.
The ease of patient use encompasses all the factors which assist the patient in using the drug prescribed to him. The oral drugs are more convenient as the injectable drugs require administration by the physicians. It also reduces the phobia of the patients for the needle. Moreover, self-administration with the help of medical devices, few doses, and small treatment period can increase the convenience of the patients. It will also increase the convenience of patients (Faunce & Lexchin, 2007). Few doses and few physicians can reduce the cost of the treatment and impact on the overall price of the dose.
If the drugs are priced lower than the competitors, with the same safety and efficacy features, then they are more popular in the market. However, while determining the price of the products, the companies face pressure by patients, insurance companies, and the government agencies.
As per the views of the interview respondents, there are several reasons which has declined the competitiveness of the pharmaceutical companies. One of the major reasons cited is that of decline in the consumer sentiments towards the pharmaceutical companies. The companies have maintained their market share in the retail segment and the sales have declined as the companies are emphasizing more on the lower valued items.
Other than that, there are other factors such as the direct distribution of the products through chemists, and the role of the Federal government to bring down the benefits associated with the Pharmaceutical benefits scheme. When the companies are directly selling the products through chemists, the benefits of the wholesalers will decline (Harvey, K., Faunce, Lokuge & Drahos, 2004).
As per the respondents, the medical companies of Australia were one of the largest export industry and the industry collected over 4 billion to the local economy of the country. In the recent year, there has been significant loss in the medicine manufacturing and distribution. As per the findings, there are growing markets In China, and other Asian countries wherein there is high demand for safe and effective medicines in the country. However, the lack of interest by the government is drastically affecting the profits in the pharmaceutical companies. There are several factors such as the company should secure more investment in the pharma sector of the organization. Other than that, the government should also encourage the development of the companies in the development of local bio-pharmaceutical sector. It should also attract foreign direct investment from other companies. Moreover, have discussed that Rickwood, Telford, N. R., Parker, Tanti & McGorry (2014) in the export, there is a stiff competition from different nations such as Singapore and Japan in the pharmaceutical industry.
The Australian pharma companies are also facing challenges from the Australian government. It includes regulatory, compliance, and price pressure on the life-saving medicines from the government. Different regulations and the market access have negatively affected the pharma companies. Different regulations and market access will have a severe impact on the profitability of the pharma companies. According to the respondents, although there are several benefits of having an independent regulatory agency for the pharma company approvals. However, Morgan, McMahon & Greyson (2008) have stated there is lack of collaboration with the international pharma regulators. It results in slowing of the processes as well as it prevents the Australian patients from accessing the medicines, which are already approved in different jurisdictions.
As per the respondents, the pharma companies require efficient processes and high collaboration with the international collaborators. There should be research and the organization should focus on the clinical data specific to the country. There should be efforts and marketing techniques to sanction the drug in the US and Europe. Another major challenge for the organizations in the pharma industry is the cost and the processes associated with the development and the innovation in pharma companies. It is important that the pharma companies understand that the government is trying to balance the cost to the tax payers as well as clinical benefits of the drugs (Lofgren & de Boer, 2004). Therefore, it is important that the companies register only those drugs which can maximize the profits, which will deliver the maximum benefits to the patients, and provide maximum value to the tax payers.
The application of the digital technology can also boost the competitive advantage of the organizations. As per the information obtained by the interview respondents, continuous innovation is a defining aspect of the pharmaceutical industry. Different and novel medicines are important in saving human life, prolonging it and even maintaining the quality of life. The technical competency, research process, and understanding of the consumer needs are essential in the fostering innovation in the organizations. In this industry, the competitive advantage can be obtained by developing new knowledge base, inventing different medicines and improving the existing medicines. The literature has also supported that the source of the competitive advantage in this industry is the successful new drug innovation. However, there are certain challenges in the innovation process which includes meticulous testing, extensive research process and high product standards, which can drastically impact on the innovation process as well as the human wellbeing. The respondents have also highlighted that the importance of the competitive advantage can be perceived from the fact that the pharmaceutical firms spend a large proportion of their profits on the research and development activities. It is an impressive financial commitment which is more than the investment of the firms in any other industry. However, the drug discovery occurs due to the alliance of different state-of-art technologies which includes discovery in the life science, developments in the engineering, information science and optimization. The innovation is the process of finding the most appropriate structures and strategies, decision opportunities so that novel drugs can be developed (Cocklin, Dibden & Gibbs, 2008).
Al the research respondents have agreed that the innovation and the differentiation is the major source of the competitive advantage in the Australian pharmaceutical industry. In the present, the pharmaceutical industry is going through a major boom, as there is high demand of both generic medicines and brand medicines in the emerging market of China and India. The companies can tap on this opportunity, lest it has unique competitive advantage. As per the views of the research respondents, the source of the competitive advantage is quite low for the companies in the industry, as demand and the supply features are not the same (Faunce et al., 2005). The end user or the consumers in the pharmaceutical industry have little influence over the overall sales of the drug.
The respondents have stated that features such as price has a little impact on the competitive advantage. The companies have to focus on features such as innovation and differentiation to achieve the competitive advantage in the industry.
It can be critiqued that the development of new drugs and medicines is a business process, which requires discipline in terms of monetary investment, high-level advancements, which can support the human life. In the pharmaceutical industry, drug development is the process which requires intervention of different disciplines including strategic, organizational, and managerial. The innovation capability of the organization can provide it with unique competitive advantage. In the present era of the technical development, the product life-cycle is very low. The drugs become obsolete, soon after they are introduced in the market (Doran & Henry, 2008). In such case, it is important for the organization to constantly innovate. As per the views of one of the interview respondents, constant innovation keeps the organization in the news which establishes a good brand name for the organization.
Due to its unique market structure, the companies in the pharmaceutical industry, follows the technology-push model. It means that the latest introduction in the technology drives these organizations. However, the innovation process is quite challenging as the innovation is a meandering path with unpredictable results and uneven breakthrough timings. However, if a firm becomes successful in the development of a novel, life-saver drug, it has a long lasting impact on the reputation of the organization. Along with it, there are also certain advantages of patent protection and the first-mover advantage. As per the findings, thee innovation process can be of two types, incremental or breakthrough. The incremental innovation process refers to the innovation in which some additional features are add-on on the existing product or service (Lofgren, 2004). There are some follow-up improvements which can enhance the efficiency, reduce the side-effects, can create a more convenient dosage or enhance the market potential of the drug. The incremental drug modification can enhance the treatment, increase the compliance of the patients, or increase the capacity in the drug delivery. Moreover, if the drug manufacturer is producing new drug, it can result in continued cash-flow and market presence of the firm.
However, the radical innovation is the introduction of a new drug, which can replace the existing treatment. It should be a breakthrough invention and should have the capability of changing the market dynamics. The drug modification or the radical innovation can also present the opportunity to develop low-cost generic medicines. It reduces the cost of the healthcare to a very low extent. The innovation capabilities of the organization can create immense social and economic value as it can result in creation of thousands of job positions, manufacturing and marketing of the drugs (Lofgren, 2004).
Conclusion
Conclusively, it can be stated that the iNova pharmaceutical company is going through a rapid decline in terms of profitability. There are several reasons such as the government policies, increased competition and the number of government regulations which has prohibited the firms in the country to maximize their profitability. In the present, there is also increased market competition from the firms in Singapore and China. It has been identified that the declining profits in the pharmaceutical industry is a growing cause of concern for the government and the companies. It has to be noted that the international pharmaceutical industry is growing as there are several growing markets. The healthcare industry is growing in several of the developing countries, which has increased the demand. It is to the best of benefit for the firms working in the Australian pharmaceutical sector to work on its competitive advantage and challenges.
The research study has been explored the research questions regarding what are the factors if the declining profit margins of the iNova Company. It has been identified that the government regulations, strict laws and lack of interest from the government has been the major factors in the declining profitability. In the present competitive era, product life cycle of the drugs is comparatively low. It means that the companies have to constantly innovate with the technical advancements. However, the product innovation is a complex process filled with lots of uncertainty and lack of funding. The government should develop strategies to encourage innovation process and encourage funding from the foreign investors. Other than that, there should be encouragement in recruiting talented and skilled workforce and scientist so that the innovation process can be fostered within the pharmaceutical industry of the company. The pharmaceutical companies of Australia are also facing competition from the pharmaceutical companies in other countries such as Singapore and China.
The iNova pharmacy company in the other countries are focusing on the research and development activities in the biopharmaceutical companies. The government has also made strict laws related to the pharmaceutical industry and the companies have to seek separate permission in different states. It delays the profitability of the organization and significant amount of time is spent in seeking the permission from different federal governments. The intense competition in the international pharmaceutical industry has also reduced the profits of the organization.
The study also answers the research questions regarding whether innovation and differentiation are capable of creating a competitive advantage for the companies. It can be identified that in the present, the product life cycle of the drugs is very low due to the constant innovation. This situation has resulted in the need of constant innovation. There are two types of innovation, radical innovation and incremental innovation. The radical innovation refers to a breakthrough innovation which can replace the existing drugs in the market. On the other hand, the incremental innovation refers to the process in which several add-ons are imposed to increase the efficacy of the drugs. It can be used to create competitive drugs with additional features.
In the below section, a few recommendations are made to address the issue:
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