Virginia's Gateway Region Economic Development Organization’s Post

The momentum continues in the wrong way because the model has not evolved. If you want to learn more about our ideas on how to secure or to regenerate some of these products then we would love to talk with you, investors or Pharma companies looking to evolve a virtual element we have models and strategies. There is a way to procure materials, shorten supply chains and produce economically if different architecture and strategy are applied - Virtual Pharma networks…Co Ops for the entire pharmaceutical industry value stream. DM Virtual Pharma Alliance S.R.L. For more. #vpa #virtual #pharma #evolution #risk #supply #supplychain #valuestream #shortage #discontinued #change #opportunity

This new drug shortage report is alarming but not surprising. It shows that the average shortage is lasting three years and getting longer. It demonstrates how price is predictive of a shortage. And, it reports that new shortages in 2023 were predominantly associated with the US and EU. From US Pharmacopeia: "The insights in the USP Annual Drug Shortages Report are derived from USP’s Medicine Supply Map. It uses artificial intelligence and predictive analytics to identify, characterize, and predict risk in the complex supply chain for manufacturing drug products and their ingredients... "The report provides an in-depth analysis of the factors leading to increased shortages in 2023, particularly in generic sterile injectable medicines. With the average duration of shortages exceeding three years, it's more important than ever to equip your organization to anticipate and mitigate these risks." Key report highlights: --Economic factors: The impact of pricing and manufacturing complexities on drug shortages. --Geographic concentration: How the centralization of production can increase vulnerability. --Quality concerns: Highlighting quality issues from regulatory inspections and recalls that can indicate drug shortage risks. Civica Rx is becoming a part of the solution, ensuring a reliable supply of quality medications for approximately 1,500 member hospitals across the U.S. through longer-term contracts (providing predictability for both hospitals and the manufacturer), fair and sustainable pricing, buffer inventory and a relentless focus on quality. We are also boosting U.S. based sterile injectable manufacturing capability through our new, state-of-the-art facility in City of Petersburg, VA, outside of Richmond, VA. https://lnkd.in/e5ipNB5A

ADDRESSING DRUG SHORTAGES:  ECONOMIC PRESSURES AND INNOVATIVE SOLUTIONS Drug shortages in the U.S. are lasting longer due to economic pressures. Low prices, complex production, and quality issues make it difficult to keep essential treatments available. Organizations like Civica Rx and US Pharmacopeia are working on ways to stabilize the supply chain and tackle these challenges head-on. QxP is proud to support these efforts and help ensure patients get the life-saving medicines they need. https://lnkd.in/e2ewYKmK #pharma #biotech #qualityassurance

ADDRESSING THE U.S. DRUG SHORTAGE CRISIS U.S. drug shortages have reached a decade high, with supply disruptions lasting longer than ever. At QxP, our consulting expertise is crucial in tackling these challenges. We assist pharmaceutical companies in improving manufacturing processes, ensuring quality control, and enhancing supply chain resilience to combat these shortages effectively. Partner with QxP to strengthen your drug manufacturing and supply chain strategies. Let's work together to ensure reliable drug availability.  https://lnkd.in/eRCjYWvV #pharma #biotech #qualityassurance

While drug shortages are not a new phenomenon, they are especially concerning today. In a recent survey, nearly a third of hospital leaders said that current shortages had "forced them to ration, delay, or cancel treatments or procedures." Unlike many other companies, the results of a weak supply chain can be fatal for pharmaceutical companies. Hence, it is imperative to work towards achieving robustness in your drug supply chain today. Reach out to @Future Market Insights for more information on how we can help. #supplychainresilience #bigpharma #logistics

Calls for more transformative change in the pharmaceutical sector are beginning to get mainstream attention. Recently, the American Medical Association adopted a policy position supporting public manufacturing of generic medicines as part of a larger response to the worst drug shortages the US has seen in a decade, stating that they “support activities which may lead to the stabilization of the generic drug market…include[ing]…government-operated manufacturing of generic drugs, the manufacturing or purchasing of the required active pharmaceutical ingredients, or fill-finish”. As I've written before with Christopher Morten, public pharmaceutical manufacturing can be not only a stop-gap measure to address current drug shortages, but a long term strategy that helps avert future dangerous shortages, all while driving down drug prices and providing good jobs in local communities. Onward towards a public interest #publicpharma future! https://lnkd.in/e-3wpWSN

Will drug companies stop developing lower cost biosimilars? TLDR; Government price controls for brand name biologic drugs may disuade pharma from investing up to 9 years in advance and over $300 million to develop lower cost therapies. The real $300 million dollar questions: Does it matter if the price controls lower the price significantly for the reference biologic? Will government price controls for Medicare and Medicaid affect drug costs in the commercial market? Share your thoughts in the comments... #healthcare #pharmacy #healthcareinnovation #patientexperience #medical

2023 Drug Shortages Report from IQVIA Key Findings: Molecule Shortages: Over the past 5.5 years, an average of more than 25 new molecule shortages occurred annually. As of June 2023, 160 shortages have been added, but only 51 have been resolved. Resolution Patterns: Resolved shortages show clustering, with the highest number resolved in the second and third years of the COVID-19 pandemic. Currently, 132 molecules are facing shortages, with 75% lasting more than a year and 58% ongoing for over two years. Market Resilience: The concentration of market share, measured by the Herfindahl-Hirschman Index (HHI), is crucial for market resilience. Natural disasters, ingredient supply issues, packaging disruptions, and regulatory oversight contribute to manufacturing supply issues. Regulatory Impact: FDA inspections triggering shutdowns, especially for leading suppliers, make shortages challenging for peers to resolve. Pricing Influence: Shortages are more common in drugs with low list prices, with 11% of drugs priced <$1.00 per unit in shortage compared to 1.3% for those priced >$500 per unit. Low-priced drugs (<$1) account for 56% of drugs in shortage. Cancer Medicine Shortages: As of June 2023, eight cancer medicines have active shortages. Oncology shortages have increased since 2020, with four new molecule shortages reported between March and June 2023 (cisplatin, methotrexate, capecitabine, and carboplatin). Despite significant impacts, the volume in shortage represents only 9% of the total oncology volume in June 2023, which has increased by 6% from June 2022. https://lnkd.in/gasmxbke

Examining Chronic Drug Shortages and Manufacturing Challenges: Insights from a U.S. House Hearing The House Ways and Means Committee hearing discussed the chronic drug shortages in the U.S., caused primarily by poor manufacturing quality and problematic generic drug practices. These shortages significantly impact patient care, especially in cancer treatments. Proposed solutions include transparent drug production, stockpiling, boosting domestic API production, and encouraging domestic drug manufacturing. The hearing emphasized the need for a multi-pronged approach, including improving manufacturing quality, domestic production, and strategic policy-making. The insights from the hearing highlight the complexity of the issue and the importance of comprehensive solutions involving industry practices and policy interventions. For more details please click the link! https://lnkd.in/d4KJM8Mf #marketaccess #reimbursement #pricing #hta #heor #healtheconomics #medicaldevices #pharmaceutical

US Pharmacopeia sheds light on the factors contributing to prolonged drug shortages. Stay up-to-date with the latest developments in the pharmaceutical manufacturing sector with this article.