Opportunities and Challenges of Managing Innovation in the Pharmaceutical Industry - Coursework Example

A pharmaceutical industry like any other industry and more so is driven by innovation. In most cases, the research undertaken by the pharmaceutical companies drives the entire industry; even the practice of the medical professionals. Outpacing of the existing drugs and occasional negative feedback in the market for a drug is also pretty common which makes the industry to be always on their toes and ensure that they are consistently developing their own already existing products.

This paper is structured as follows:
1. A short analysis is done on the history of innovations that has been driving the pharmaceutical industry as it has been in existence in the last two to three years and not beyond that period since our consideration is on contemporary issues.
2. The major factors that have been driving innovation in the industry in addition to the market forces. Major technological breakthroughs and the question of survival; how do they affect the work of the research establishments in the companies?
3. A similar analysis is done on the challenges that are faced by companies when they steer their ship through the innovation regime. This would feature the major challenges and the issues that cloud their thoughts and their performances.
4. Following this, the results of the analysis are presented as recommendations, mostly as bulleted points.
5. Concluding remarks are presented after this.

2. History of Changes in the Pharmaceutical Industry
Innovation is driven by a need in the market or a gap in the consumption process. This continues to be a very important top management responsibility and normally finds itself paid great attention in modern times. Companies that do not subscribe to innovation are relegated to history sooner than later. However, innovation is not without its own associated problems. Every innovation goes hand in hand with troubles of varied nature. In the Pharmaceutical industry, the drugs and the cures are the ones sought after by men all through. Innovations bring in wide changes, new drugs, and cures that usher in better life expectancy and lifestyle to people.