Lane Hirning, MasterControl's product management director, discusses five trends that are likely to affect the pharmaceutical industry from consumers and patients to health-care providers in the near term.
If the surge in TV commercials for prescription drugs is an indicator of the economic health of drug companies, then the pharmaceutical industry is indeed going strong. The industry's advertising spending rose from $3.5 billion in 2012 to $4.5 billion in 2014.
Such growth is likely to continue judging by a report from the IMS Institute for Healthcare Informatics, which forecasted a 30 percent increase in global medicine spending by 2018. It also cited the anticipated launch of 200 new revenue-boosting drugs within the next five years.
Hirning, a pharmacologist with extensive IT experience in the pharmaceutical industry, is also a technical product manager at MasterControl. He specializes in product development for the pharmaceutical, blood, and biologics industries, especially large-tier companies.
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