Insights into Trends and Challenges of the Pharmaceutical Industry : the Role of Scientific Business Research

Abstract

Purpose: As an important player in the healthcare sector, the pharmaceutical industry has received increased attention in the context of the coronavirus disease caused by the SARS-CoV-2 virus (COVID19) pandemic and medicine shortages. Given the profitability of the pharmaceutical industry, there is a rising focus on business analysis from a wide range of business analysts, as well as consulting and auditing companies. However, the role of scientific research in the analysis of the pharmaceutical industry has been unclear in recent years. Therefore, this study aims to provide insight into the role of scientific business research in the development of the pharmaceutical industry. Methodology: To achieve the research aim, a general review was conducted using Academy of Management journals’ resources, the Web of Science platform, and the Scopus database for the selection of scientific articles. In addition, the views of leading business analysts, as well as consulting and auditing companies, on trends and challenges in the pharmaceutical industry were considered within this framework. Findings: Overall, the trend over the last 15 years has been towards less fundamental research on the development of the pharmaceutical industry. It can be assumed that business analysts, as well as consulting and auditing companies, have taken over this function. However, it is probably the lack of fundamental theoretical research that is one of the determining factors for the uncertain trends and hidden challenges of an outwardly thriving industry. Research limitations: This research provides an overview of trends and challenges in the pharmaceutical industry. In-depth factor analysis is beyond the limitations of this study. Practical implications: This study encourages researchers to focus more on fundamental business research in the pharmaceutical industry, as empirical local market research currently dominates. Originality: The study identified a research gap in fundamental business research on the pharmaceutical industry and proposes to strengthen this research to support the healthcare sector and people’s health.