SINGAPORE: Pharmaceutical companies are exploring more unconventional collaborations to get ahead in the current recession.
Even big players are looking to move away from primary drug production and distribution to explore new partnerships.
Experts at PricewaterhouseCoopers (PWC) say this is resulting in companies becoming less profit-driven, and more consumer-focused.
How would you like an SMS or text message to remind you when to take your medication, or a membership to a health club from your insurance or drug provider?
A growing number of unconventional collaborations within the pharmaceutical sector mean these services could soon be readily available all over the world.
Experts say such collaborations could become crucial for profit-driven pharmaceutical firms by 2020.
Abhijit Ghosh, Pharmaceutical/Healthcare Leader, PWC Singapore, said: "Traditionally, the pharmaceutical companies have always been focused on profiting alone, and what we have been witnessing is that because of the increased pressure from the regulators, the payers and the patients, there's a need to change their business model.
"There will be risk and there will be the unknown, but it requires a change in the mindset, a change in the way they do business and therefore, probably a change in the skill set that they will need to support this kind of a business model. At the end of the day, this will generate better revenue and more qualitative revenue."
Industry watchers note that the first level of change has already taken place. Companies such as GlaxoSmithKline (GSK), Pfizer and Novartis have already expanded beyond their core focus of development and distribution of drugs.
GSK and Pfizer have launched a new HIV-focused venture, and a number of non-pharmaceutical companies have also entered the sector to partner traditional players.
European telco Vodafone has joined a Spanish telemedicine provider Medicronic Salud and device manufacturer Aerotel Medical Systems to offer a wireless home monitoring service
Insurance provider Prudential is also collaborating with Virgin Active health clubs, and GSK says it is currently exploring such technological collaborations.
Christophe Weber, Senior Vice-President and Area Director of Asia Pacific, GSK, said: "In some countries, we also experimented different ways to improve compliance. Compliance is a big issue, so we are exploring ways to remind the patient, through the doctors, when they have to take that drug and how to be more compliant. So this reminder could be an SMS... (or it) could be through different methods."
Experts say that most of the collaborations are taking place in the US and Europe, but companies in India and China are beginning to examine such partnerships as well.
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