Still fresh into the New Year, experts from various fields and industries are busy looking into their crystal balls in an attempt to predict what the hot issues for the year will be, which sectors will experience growth, and what will be trending for 2013. The field of life sciences is no different from the next industry.
Above and beyond industry forecasts, there are other anticipated global issues in 2013 that will either directly, or indirectly, affect all businesses. How will 2013 turn out to be, now that President Barack Obama has won a second term in office in the United States? Will he be able to turn the seemingly inevitable fiscal cliff around? Like it or not, developments in the American economy will affect us all β across countries and businesses and industries. As such, many MNCs are looking to move their operations and set up base in Asia, after being confronted with shifting business paradigms, anemic sales, fiscal cliffs and flat markets in the West. We are no longer living in an era where the West dictates global developments. Instead, we are seeing the emergence of China, which is projected to become the biggest pharmaceutical market after the United States as soon as 2016. The Economist Intelligence Unit has also found that a local presence in China has translated into success for pharmaceutical companies in the last three years. The real question to ask is: How can one miss out on the Chinese boom?
Another thing that is happening this year - US$290 billion worth of sales are at risk because of patent expirations between 2012 and 2018, according to estimates by pharmaceutical researcher EvaluatePharma. 2013 alone will see the expiration of patents for around 120 drugs that currently have sales of US$29 billion annually, and EvaluatePharma expects that more than 70% of that total will be lost to generics β two of the main reasons why generics will be a hot topic for 2013. Ever more so, this is the time pharmaceutical companies need a fresh approach to research and development (R&D) if they wish to tide through the year.
There are many questions that are raised at the start of a new year that we do not have answers to. We aim to address a few of those in this issue that looks into the future. Read on to see what industry players and your fellow researchers have to say about the future of the life sciences in areas like generics and biosimilars β which we anticipate will be very hot topics this yearβ as with China's growth in the bioscience industry.
Asia Pacific Biotech News
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