Pharmaceuticals are one of the world's most profitable industries. During the last 30 years, the industry has spent billions of dollars on research and reaped billions in return. In 2008 alone, the pharmaceutical industry sold $773 billion in products worldwide-a number that has consistently grown for the past 8 years and is projected to increase again by 2.5 to 3.5 percent in 2017, according to the drug market research firm IMS Health.
But the process that turns research dollars into medicines is a slow and often arduous one. It now takes an average of 12 to 15 years and up to $1.7 billion for a drug to go from discovery to market, according to The Pharmaceutical Research and Manufacturers of America. And despite all the time and money invested, only a handful of drugs are approved by the FDA each year.
The arduous drug approval process reveals a central fact about Big Pharma: it's one of the most intensely regulated industries in the world. The U.S. Food and Drug Administration (FDA) and its European Union counterpart, the European Medicines Agency (EMEA), govern every aspect of a drug's development-from chemicals used in the drug and clinical study instructions, called protocols, to packaging components and marketing materials. This strict oversight is meant to protect patient safety, and pharma companies take regulatory oversight seriously. The constant pressure to adhere to government mandates shapes every aspect of a pharma firm's organization, operations, and culture. For example, drug companies maintain powerful regulatory affairs divisions-the departments that deal with government agencies-and they tend to be risk-averse.
- Growth in the EU5 is expected in the -1 to 2% range through 2016 compared to 3.8% for 2007-11, as national debt incurred due to the global economic crisis will be addressed through austerity programs and healthcare cost containment.
- Limited savings from patent expires in the forecast period are prompting policy shifts to encourage greater use of generics and lower reimbursement, particularly in Spain.
- Policies to examine the value newer medicines bring, when assessing their reimbursement prices, are being adopted in the UK with “value-based pricing” and in Germany with assessments under the AMNOG program.
- Governments will take direct actions to control spending growth, or in some cases make real reductions, particularly in hospital spending.
Why Barcelona, Spain?
Barcelona is capital city of Catalonia in the Kingdom of Spain. It is the second most population about 1.65 million within city limits and largest metropolitan city on the Mediterranean Sea which is located between the mouths of the rivers on the coast part of Llobregat and Besos and on the west, bounded by the Serra de Collserola mountain range. The city itself renowned as jewels of home-grown Catalan architecture, modernisme with contemporary architecture, treasures of the ancient Roman and medieval city, River side beaches and park.
Catalunya called as ‘Bioregion’ with main key features of biotech hub executes innovative approach to the typical logistic challenges of R&D in the industry. The regions is cluster of related companies and associations that includes 520 Biotech, Pharma, and Medical technology companies with 54 Research centres, 15 Research hospitals, 10 traditional academic universities, 440 Research group, Barcelona Biomedical Research Park(PRBB), Barcelona Science Park (PCB).
Figure 1 Represents total Pharma Companies and Research Centers in Barcelona Region
Barcelona has leaped from 22nd to 7th spot in the list of 468 European cities with the best economic opportunities; it is ranks the 19th & 10th most competitive city in the world and Europe respectively. Barcelona is just not a city, its brand on its own league by being the 6th among the most recognized city worldwide and placing 10th in the global rankings in terms of receiving new business investments. It also proves its mettle in field of scientific research by reserving the 11th & 5th spot in terms of scientific production globally and home continent basis.
As per as the latest ICCA (International Congress and Convention Association) ranking, the Catalan capital ranks fifth globally in terms of the number of conventions and congresses it hosts annually, it is favourite among many major multinationals, who choose the city for their product showcasing and professional events.
The climate in this Mediterranean city, its coastline, its wide variety of options for culture, leisure and shopping, its creative, and its avant-garde spirit give Barcelona a special lifestyle that makes it unique.
Barcelona has an old heritage in business tourism. Its exotic cultural offering, along with a bunch of other attraction such as connectivity and aesthetics, makes the city a unique destination for business as well as for recreation.