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www.pwc.com/pharma
Introducing the
Pharma 2020
Series
These reports look
into the future of the
Pharmaceuticals and Life
Sciences’ value chain. And
they include an analysis of
the strategies available to
companies.Publications in this series include:
Pharmaceuticals
Published in June 2007, this Pharmaceuticals and Life Sciences
Published in February 2009,
paper highlights a number of this paper discusses the key
issues that will have a major forces reshaping the
Pharma 2020: The vision bearing on the industry by Pharma 2020: Marketing the future pharmaceutical marketplace,
Which path will you take?* 2020. The publication outlines Which path will you take? including the growing power
the changes we believe will of healthcare payers, providers
best help pharmaceutical and patients, and the changes
companies realise the potential required to create a marketing
the future holds to enhance the and sales model that is fit for
value they provide to the 21st century. These
shareholders and society alike. changes will enable the
industry to market and sell its
products more cost-effectively,
*connectedthinking to create new opportunities
and to generate greater
Pharma 2020: The vision #
customer loyalty across the
healthcare spectrum.
Pharmaceuticals and Life Sciences
This report, published in June Pharmaceuticals and Life Sciences
The fifth report in our series,
2008, explores opportunities published in December 2009,
to improve the R&D process. It focuses on the opportunities
Pharma 2020: Virtual R&D proposes that new technologies Pharma 2020: Taxing times ahead and challenges from a tax
Which path will you take? will enable the adoption of Which path will you take?
perspective. It discusses how
virtual R&D; and by operating the political, economic,
in a more connected world the scientific and social trends
industry, in collaboration with currently shaping the
researchers, governments, commercial environment,
healthcare payers and together with the development
providers, can address the of new, more collaborative
changing needs of society more business models, will exert
effectively. increasing pressure on effective
tax rates within the industry. It
also shows how companies can
Pharma 2020: Virtual R&D 1
adapt their tax strategies to
support the provision of
outcomes-based healthcare and
remain competitive.
Pharmaceuticals and Life Sciences
Fourth in the Pharma 2020 In our sixth release of the
series and published in April series, published in February
2009, this report highlights 2011, PwC discusses how
Pharma 2020: Challenging business models how Pharma’s fully integrated pharma companies must
Which path will you take? business models may not be develop different supply chain
the best option for the pharma models, learn to use supply
industry in 2020; more chains as a market
creative collaboration models differentiator and revenue
may be more attractive. This generator, and recognise how
paper also evaluates the information will drive the
advantages and disadvantages downstream flow of products
of the alternative business and services.
models and how each stands
up against the challenges
facing the industry.
All these publications are available to download at: www.pwc.com/pharma2020
2 PwCPharma 2020:
Executive summary
The global market for Pharma’s strategy of placing big bets
on a few molecules, promoting them
• governments everywhere are
beginning to focus on prevention
medicines is growing heavily and turning them into rather than treatment, although
but the industry must blockbusters worked well for many
years, but its R&D productivity has
they have not yet invested very
much in pre-emptive measures; and
transform to capitalise now plummeted and the
• the regulators are becoming more
opportunities environment’s changing. PwC1
believes that seven major trends are
cautious about approving truly
innovative medicines.
reshaping the marketplace:
These trends will compound the
• the burden of chronic disease is
challenges Pharma already faces, but
soaring – placing even greater
they’ll also provide some major
pressure on already stretched
opportunities. So what must the
healthcare budgets
industry do to capitalise on them? We
• healthcare policy-makers and think that it’ll have to improve its
payers are increasingly mandating understanding of disease, reduce its
what doctors can prescribe R&D costs significantly and spread its
bets to improve its productivity. It’ll
• a growing number of healthcare
also have to tap the potential of the
payers are measuring the
emerging economies and switch from
pharmacoeconomic performance of
selling medicines to managing
different medicines. A widespread
outcomes. However, few, if any,
use of electronic medical records
companies will be able to perform
will give them the data they need to
these activities alone.
insist on outcomes-based pricing
• the boundaries between different
forms of healthcare are blurring, as
clinical advances render previously
fatal diseases chronic and the
self-medication sector expands
• demand for medicines is growing
more rapidly in the emerging
economies than the industrialised
economies
1 “PwC” refers to the network of member firms of PricewaterhouseCoopers International Limited (PwCIL), or, as the context requires, individual member firms of the
PwC network.
PwC 3Taking R&D to the such a model will require a massive
collaborative effort far exceeding that
virtual level needed to complete the Human
Let’s begin with R&D. If Pharma’s to Genome Project. Nevertheless,
develop safe, efficacious new predictive biosimulation’s already
medicines more economically, it’ll playing a growing role in the R&D
have to learn much more about how process and we anticipate that, by
the human body functions at the 2020, virtual cells, organs and animals
molecular level and the will be widely employed in
pathophysiological changes disease pharmaceutical research (see Figure 1).
causes. Only then will it be able to
Of course, even the most robustly
develop a better understanding of how
modelled molecules will still have to
to modify or reverse these changes.
be tested in real human beings. But
This is a huge task – but one that
here too, we expect some dramatic
several emerging technologies can
changes. When biomarkers for
help to facilitate.
diagnosing and treating patients more
Semantic technologies will, for accurately are more widely available,
example, make it much easier to for example, the industry will be able
identify the links between a particular to stratify patients with different but
disease and the biological pathways it related conditions and test new
affects, or the links between a medicines only in patients who suffer
particular molecule and its impact on from a specific disease subtype. That
the human body. Similarly, computer- will allow the industry to reduce the
aided molecule design will give number and size of the clinical studies
researchers a much better starting required to prove efficacy. Semantic
point in the search for potent technologies will also play a major role
molecules. in improving the development process,
while pervasive monitoring will help
Various academic institutes and
Pharma track patients on a real-time
bioinformatics firms are also building
basis wherever they are.
computer models of different organs
and cells, with the ultimate aim of
creating a “virtual man”. Developing
Figure 1: What the research process might look like in 2020
Design & Further testing Testing of
Synthesis of Initial testing
Target ID initial testing of treatment treatment
treatment in man
of treatment in vitro in vivo
Mixed computer/lab
Lab work
In silico
Testing in man
Source: PwC
4 PwCCompanies will use virtual R&D to increase
innovation and reduce commercial deficit
We think that these scientific and The regulatory process will change significant organisational and
technological advances will ultimately equally substantially over the next behavioural changes. They’ll, for
render the current model of decade. First, there’ll be a common example, have to decide whether they
development, with its four distinct regulatory regime for all healthcare want to focus on mass-market
phases of clinical testing, defunct. A products and services, rather than medicines or speciality therapies, and
company will start by administering a separate regimes for pharmaceuticals, whether they want to outsource most of
treatment to a single patient who has medical devices, diagnostics and the their research or keep it in-house.
been screened to ensure that he or she like. Indeed, there may even be a Those that regard R&D as an integral
has the right medical profile. Once single global system, administered by part of their activities may also need to
there’s evidence that the treatment national or federal agencies review the way they manage their R&D
doesn’t cause any immediate adverse responsible for ensuring that new and remunerate their scientific staff.
events, it’ll be sequentially treatments meet the needs of patients
administered to other patients – from within their respective domains,
as few as 20 to as many as 100. The although we think the latter is less
data they generate will be compared to likely.
data from the modelling that preceded
Second, the current ‘all-or-nothing’
the study and subjected to techniques
approach to the approval of new
like Bayesian analysis to adapt the
medicines will be replaced by a
course of the study, but the study itself
cumulative process, based on the
will be conducted in a single,
gradual accretion of data. In other
continuous phase (see Figure 2).
words, all newly approved therapies
The development process will also will receive “live licences” conditional
become much more iterative, with on further in-life testing to
data on a molecule for one disease substantiate their safety and efficacy
subtype getting fed back into the in larger populations, different
development of new molecules for populations or the treatment of other
other disease subtypes in the same conditions.
cluster of related diseases. And the
But, if they are to capitalise on the new
current system of conducting trials at
technologies now emerging and the
multiple sites will be replaced with a
creation of a nimbler, more
system based on independently
collaborative regulatory regime, many
managed clinical supercentres.
companies will have to make
Figure 2: What the development process might look like in 2020
1.5 years
Confidence in mechanism
from research work
1 year 0.5 year
Epidemiological data
First into man Automated Limited
Disease knowledge
(adaptive design) 20-100 pts submission/approvals clinical use
Knowledge / Data from clinical
usage or similar products
Proof of value requirements Launch
CIE
CIS
Clinical data / Knowledge incorporated into studies
Source: PwC on future indications/populations
PwC 5Getting the medicines As demand grows for more customised outcomes; new modes of delivering
products and services – and as the healthcare where the care is pushed
to the marketplace nature of those products and services into the community and where access
We’ve noted that the pharmaceutical becomes more complex – the next to information on patients will become
industry is experiencing major generation of supply chains will as important as the products
upheavals associated with the need to become an increasingly important themselves; the growing importance
move to more efficient models for source of differentiation for makers of of emerging markets; a greater public
discovery, development and selling of medicines. It’ll also play a more scrutiny impacting the ability to
the medicines to which many prominent part in the strategic manage risk and compliance; and,
companies have responded in different thinking of industry leaders. tougher environmental controls and
ways. However, they’ve invested regulations will oblige companies to
We believe there are numerous trends
relatively little effort in reconfiguring strategically reassess their supply
that are reshaping the environment in
their manufacturing and distribution chain approach. (see Figure 3)
which the industry operates and
operations to date. Yet a significant
which are dictating the need for a
amount of the cost base of most
different way for the pharmaceutical
bio-pharmaceutical companies comes
companies to make and distribute
from the supply chain. It’s the link
their products.
between the laboratory and the
marketplace and includes everything By 2020, the more diverse product
from sourcing raw materials to types and therapies with shorter
manufacturing and packaging to product lifecycles; new ways for
inventory warehousing, transportation assessing, approving and monitoring
and distribution. medicines; increasing emphasis on
Figure 3: Numerous forces are dictating the need for a different sort of supply chain
1 New product types • More complex manufacturing and distribution processes
• Different supply chains for different product types
• Shorter product lifecycles
2 Live licensing • Incremental launch of new medicines
• Ability to scale up and down very rapidly
• Step changes in the revenue curve
3 Increasing emphasis on outsources • Expansion into health management services
• Leaner and more adaptable cost structure that preserves gross margins at
every stage of the product lifecycle
4 New modes of healthcare delivery • Blurring of the boundaries between primary and acute care
• Much wider distribution network
• Demand-driven manufacturing and distribution processes
5 Growing importance of emerging
markets
• Offerings designed for patients in emerging markets
• More widely dispersed and more robust supply chain
6 Greater public scrutiny • Heavier regulation
• Robust risk assessment and risk-management capabilities across the
extended supply chain
Source: PwC
PwC 6By 2020, the most successful companies will be those that seize the
initiative and start building agile, efficient supply chains which bring
them closer to the patient
We believe that timely access to The successful pharmaceutical Alternatively, they might position
various emerging technologies will companies of the future will be those themselves as service innovators,
help to increase the efficiency of the that integrate all these opportunities building supply chains that are
manufacturing and distribution and build supply chains with new capable of manufacturing and
functions. It will also redefine the manufacturing, distribution and distributing complex treatments as
interface with the patient bringing service-management techniques. We well as managing multiple suppliers of
pharma companies even closer to outline four potential scenarios. integrated, valued-added health
patients. Depending on their product and management services.
channel portfolio, most companies
Additionally, more collaboration Mass-market manufacturers, such as
will have to manage more than one
between the parties involved in the makers of generics, might position
scenario simultaneously.
healthcare provision will contribute to themselves as high-volume, low-cost
make the industry more efficient. The Companies that concentrate on providers, borrowing lessons in lean
supply chains for designing, specialist therapies might exit from manufacturing, strategic pricing and
manufacturing and distributing manufacturing altogether and, instead, inventory management from the
pharmaceuticals and medical devices become a virtual manufacturer. They’ll consumer products industry. Another
plus those providing healthcare outsource the entire supply from option for mass mass-market
services will integrate. The aim is that production of the earliest clinical manufacturers is to turn their supply
all partners can see the full picture batches to full-scale manufacturing, chains into profit centres that combine
and can plan ahead more accurately packaging and distribution through a economic manufacturing and
and cost-effectively. network of integrated supply partners distribution of satellite services, such as
(see Figure 6). direct-to-patient delivery, secondary
packaging or distribution to hospitals
and pharmacies. They’ll then franchise
those profit centres as a stand-alone
offering for both internal and external
customers.
PwC 7Figure 4: Four options exist for restructuring the pharmaceutical supply chain
Operations strategy
Specialist Therapies Mass-market medicines
Virtual manufacturer Service innovator Low-cost provider Profit centre
Create a virtual network Build a service-oriented Build a reliable, ‘no-frills’ Combine agile,
of integrated supply supply chain to enhance supply chain to deliver economic manufacturing
partners brands and differentiate products as and distribution with the
company from its economically as provision of satellite
competitors possible service to generate
profits
Source: PwC
In all four cases, the supply chain of
the future will need to be much more
patient-focused. In a world where
outcomes count for everything, it’s not
molecules that create value but,
rather, the ability to integrate data,
products and services in a coherent
care package. Understanding this shift
of emphasis from products to patient
outcomes is key. Those organisations
that recognise the shift will be able to
deliver significant benefits to every
stakeholder in the healthcare value
chain: payers, providers, patients and
shareholders.
8 PwCSmaller, refocused sales A new approach to management services. Most
treatments perform much better in
forces will enable marketing and sales clinical trials than they do in everyday
pharma companies to The industry’s marketing and sales life, partly because the level of
compliance is much higher. Any
model will likewise have to undergo
create greater value for major alterations, as pay-for- pharmaceutical company that wants
patients performance becomes the norm in to command premium prices for its
therapies will have to provide a range
many countries and the opportunities
for generating value from pure of products and services from which
product offerings diminish. Many patients can choose all but the core
companies will have to analyse their prescription. They will need to help
own value chains to identify patients manage their health.
opportunities for working more
This route has several significant
closely with healthcare payers and
advantages. It’ll enable companies to
providers. They will, for instance,
generate new sources of revenue,
have to consult payers, providers and
differentiate their offerings more
patients when deciding which
effectively and protect the value of the
compounds to progress through their
medicines they make. But it’ll also
pipelines. Some companies now look
entail the formation of numerous
at whether the products they’re
alliances with local service providers
developing are more effective than
and even rival manufacturers; the
other existing therapies. Very few
development of a secure, interoperable
focus on understanding the payer’s
technological infrastructure; the
perspective. We believe that all
management of new intellectual rights
companies should extend the concept
issues; the creation of much stronger
of “de-risking” from the clinical to the
brands; and the redefinition of the
commercial sphere to ensure that
industry’s role. Instead of trying to
they’re making medicines the market
stimulate prescription sales, its task
really wants to buy (see Figure 5).
will be to help patients manage the
Similarly, many companies will have disease lifecycle.
to supplement the therapies they
The shift to performance-based
develop with a wide range of health
pricing will dictate other changes, too,
Figure 5: Pharma needs to use a price de-risking strategy in early development
Percentage of spending in each phase of R&D. 11.3% of spending uncategorised
Preclinical Phase I Phase II Phase III Regulatory Phase IV
25.7 5.8 11.7 25.5 6.9 13.3
Point at which Point at which
pharmaceutical pharmaceutical
companies companies
should be typically start
thinking about thinking about
pricing to de-risk pricing
their portfolios
Source: PwC
PwC 9including the need for a more flexible liaise with secondary-care specialists;
approach to pricing. The introduction and communicate with patients.
of live licences and increasing
importance of the emerging markets The need for new
will reinforce this trend. Any company business models
that launches a new healthcare
package will have to negotiate price The changes we’ve outlined above will
rises in line with the extension of the all necessitate the development of
terms on which that package can be multinational, multi-disciplinary
marketed. And if it wants to establish a networks drawing on a much wider
stronger footing in the emerging range of skills than Pharma alone can
world, it’ll have to use differential provide. Most companies will therefore
pricing – both within and between need to adopt new business models.
countries. We believe that two principal models
Increasing payer pressure on pricing – federated and fully diversified – will
and outcomes is forcing companies to emerge. The federated model
increase its efforts to improve patient comprises a network of separate
compliance. Improved patient organisations linked by a shared
compliance provides numerous purpose and infrastructure. The fully
benefits, not least, individual health diversified model comprises a network
outcomes, but it also helps to drive of entities owned by a single parent
healthcare cost and improved revenues company. We’ve also identified two
for companies. With performance variants of the federated model. In the
based pricing becoming more virtual version, a company outsources
common, a focus on patient most or all of its activities; in the
compliance through education and venture version, it manages a portfolio
technology will be a necessity. of investments (see Figure 6).
Lastly, the industry leaders will have These models are not mutually
to develop comprehensive strategies exclusive. A fully diversified company
for marketing and selling specialist might choose to use a federated model
healthcare packages, a process that for certain aspects of its business, and
will require the development of new vice versa. But we think that the
skills and routes to market; and they’ll federated model will ultimately
have to revolutionise their marketing dominate, primarily because it’s
and sales functions. By 2020, the role quicker and more economic to
of the traditional sales representative implement.
will be largely obsolete. Conversely, The transition will not be easy,
the industry will have a much greater because collaborative business models
need of people with the expertise to are far more complex than the
build brands; manage a network of integrated model that’s previously
external alliances; negotiate with prevailed.
governments and health insurers;
10 PwCChallenging times require bold moves
if pharma companies are to survive the immediate storm
Disrupting the existing order can also Yet there are many opportunities to
have a major impact on a company’s generate revenues by improving the
short-term performance. We anticipate way in which the remaining 85-90% is
that many companies which choose spent. It’s these opportunities the
the federated model will adopt a industry will need to address in the
progressive approach. They’ll start brave new world of 2020.
with opportunistic alliances; use the
most successful alliances as building
blocks to create more strategic,
longer-lasting coalitions; and, finally,
use the most successful coalitions to
create a fully federated network of
long-term partners.
The prospects for any pharmaceutical
company that can make the switch are
very promising. To date, Pharma has
focused on the profits it can earn from
the estimated 10-15% of the health
budget that goes on medicines.
Figure 6: The different business models
Collaborative: Federated model Owned: Fully Diversified model
• Network of separate entities • Network of entities owned by one
parent company
• Based on shared goals and infrastructure
• Based on provision of internally integrated
• Draws on in-house and/or external assets
product-service mix
• Combines size with flexibility
• Spreads risk across business units
Virtual variant Venture variant
• Network of contractors • Portfolio of investments
• Activities coordinated by one company • Based on sharing of intellectual property/
acting as hub capital growth
• Operates on project-by-project basis • Stimulates entrepreneurialism and innovation
• Fee-for-service financial structure • Spreads risk across portfolio
Source: PwC
PwC 11A heavier tax burden will increase. Demand for such services
initially is likely to be greatest in the
The collaborative business models will industrialised world, where corporate
enable Pharma to deliver healthcare income tax rates are often higher. That
packages that comprise medicines and will make it more difficult for
supporting services supplied locally companies to assign profits legitimately
(such as drug administration training, from high- to low-tax jurisdictions.
home delivery, physiotherapy, health
screening and exercise facilities). This Undertaking or managing more
new way of doing business, combined business activities in end markets will
with the political and economic trends also make it harder to prove that a
already shaping the general commercial company has not created a permanent
environment, will have major tax business establishment in countries
repercussions. We anticipate that the where services are delivered. This may
industry’s corporate tax burden will rise increase the risk of failing to obtain
significantly over the next 10 years double tax relief, as allowed under
— unless it undertakes various international tax treaties, and of being
strategies to mitigate the impact. taxed on the same earnings in the
home country and the country where
Governments of the industrialised the services have been delivered.
world will struggle to repair public
finances damaged by debts accrued in The provision of direct-to-patient
managing the global recession. They’ll services will additionally make it even
decrease the opportunities that have more difficult for the industry to
allowed the industry to reduce negotiate its way through the maze of
corporate taxes by moving profits from withholding tax regulations. Countries
higher-tax to lower-tax territories. have traditionally adopted a more
diverse approach to the application of
Along with imposing more stringent withholding taxes to payments for
tax regulations, the major powers services than they have for goods.
could place trading restrictions on These variations can produce more
traditional tax havens that refuse to material for tax disputes.
cooperate. The tax authorities in most
countries will work more closely with
their counterparties in other
territories to control multinationals’
tax-reducing practices.
As Big Pharma moves toward the
provision of integrated healthcare
packages, the proportion of income
generated in the industry’s end markets
12 PwCTax strategy will be the crux, not an
afterthought, of long-term business plans
The provision of services also may duties and other trade-related tariffs Some might choose to move their
affect the way the income of pharmaceutical companies incur. entire operations to a low-tax location.
controlled foreign corporations (CFCs) Some countries levy significant import
On the positive side, the competition
is taxed. In many developed countries, duties on key active pharmaceutical
to attract companies engaging in R&D
tax laws provide that CFC profits may ingredients and finished products, and
will intensify. Some countries will
be attributed to the holding company the valuation of combined product-
offer generous tax incentives and
and taxed immediately, rather than service offerings for customs purposes
credits — and several will be new
being taxed only when (and if) they could prove complicated.
competitors keen to build knowledge-
are repatriated. However, CFC
Finally, because of more complex based economies. Tax departments
legislation often distinguishes
supply chains, it may become more will need to keep abreast of these
between ‘passive’ income (i.e.,
difficult to use transfer pricing — i.e., incentives so they can advise
interest, dividends, annuities, rents
the allocation of income among leadership on how to take advantage
and royalties), which is taxed, and
related business entities via the of tax-reduction opportunities.
‘active’ income (i.e., income from
pricing of intellectual property,
commercial activities), which is not Tax departments will also have to
tangible goods, services, and loans or
taxed. Some of the new healthcare build much closer relationships with
other financial transactions — to
services pharmaceutical the operational parts of the business
avoid double taxation. Many tax
multinationals will provide may fall and acquire a much more detailed
authorities already are clamping down
into the taxable category. understanding of the complexities of
on abusive transfer pricing practices,
supply chain arrangements. Those tax
Providing integrated packages also such as shifting profits artificially from
departments that combine a strong
could increase compliance costs and a high- to a low-tax jurisdiction, by
grasp of long-term strategy and
risks associated with indirect taxes, maximising expenses in the former
effective lobbying with a detailed
such as value-added tax (VAT). Some and income in the latter.
tactical understanding of the way in
VAT regimes may apply the
To deal with these multiple pressures, which products are distributed and
appropriate rate of VAT to each
companies will need to rethink their value is created will be best placed to
component of a package, while others
tax strategies. The choice of legal help pilot their companies along the
may treat the package as a composite
entity and structure of commercial path to future prosperity.
and apply the rate of the principal
arrangements, for example, will have
element to the entire bundle.
a significant impact on taxation. One
The increasing importance of solution for multinationals might be to
emerging markets, an evolving supply locate more business activities, such as
chain, and a shift to services could R&D, manufacturing, and marketing,
also have a major bearing on customs in regional hubs in low-tax countries.
PwC 13Territory contacts
Argentina Czech Republic Indonesia
Diego Niebuhr Radmila Fortova Eddy Rintis
[54] 11 4850 4705 [420] 2 5115 2521 [62] 21 5212901
Australia Denmark Ireland
John Cannings Torben TOJ Jensen John M Kelly
[61] 2 826 66410 [45] 3 945 9243 [353] 1 792 6307
Austria Erik Todbjerg Enda McDonagh
Doris Bramo-Hackel [45] 3 945 9433 [353] 1 792 8728
[43] 1 501 88 3232
Ecuador Israel
Belgium Carlos Cruz Assaf Shemer
Thierry Vanwelkenhuyzen [593] 2 2562 288 130 [972] 3 795 4681
[32] 2 710 7422
Estonia Italy
Bolivia Peep Kalamäe Nicola Nicoletti
Cesar Lora [372] 6141 976 [39] 026 6720504
[591] 721 47235
Finland Japan
Brazil Janne Rajalahti Kenichiro Abe
Eliane Kihara [358] 3 3138 8016 [81] 80 3158 5929
[55] 11 3674 2455
France Eimei Shu
Bulgaria Anne-Christine Marie [81] 3 5293 1032
Irina Tsvetkova [33] 1 5657 1342
[359] 2 9355 126 Kazakhstan
Germany Richard Bregonje
Canada Georg Kämpfer [77] 27 298 448
Gord Jans [49] 69 9585 1333
[1] 905 897 4527 Korea
Greece Henry An
China Nick Papadopoulos [82] 2 3781 2594
Mark Gilbraith [30] 210 687 4740
[86] 21 2323 2898 Latvia
Hungary Vita Sakne
Jia Xu Eva Barsi [371] 67094425
[86] 10 6533 7734 [36] 1 461 9169
Lithuania
Colombia India Kristina Krisciunaite
María Helena Díaz Sujay Shetty [370] 5 239 7365
[57] 1 634 0320 [91] 22 6669 1305
PwC 14Luxembourg Singapore United Kingdom
Laurent Probst Abhijit Ghosh Andrew Packman
[352] 0 494 848 2522 [65] 6236 3888 [44] 1895 522104
Malta Slovakia United States
Adrian Spiteri Rastislava Krajcovicova Michael Swanick
[356] 2564 7038 [421] 2 5935 06 16 [1] 267 330 6060
Mexico South Africa Uruguay
Jorge Luis Hernández Baptista Denis von Hoesslin Richard Moreira
[52] 55 5263 6106 [27] 117 974 285 [598] 2916 0463
Netherlands Spain Venezuela
Arwin van der Linden Rafael Rodríguez Alonso Luis Freites
[31] 20 5684712 [34] 91 568 4287 [58] 212 700 6966
Norway Sweden
Fredrik Melle Mikael Scheja
[47] 95 26 00 13 [46] 8 555 33 038
Peru Switzerland
Felix Horna Clive Bellingham
[511] 211 6500 [41] 58 792 2822
Philippines Taiwan
Che Javier Elliot Liao
[63] 2 845 2728 [886] 3 5780205 26217
Poland Thailand
Mariusz Ignatowicz Zoya Vassilieva
[48] 22 523 4795 [66] 2 344 1115
Portugal Turkey
Ana Lopes Zeki Gunduz
[351] 213 599 159 [90] 212 326 64 100
Romania Ukraine
Mihaela Mitroi Ron Barden
[40] 21 225 3717 [380] 44 490 6777
Russia United Arab Emirates
Alina Lavrentieva Sally Jeffery
[7] 495 967 6250 [971] 4 304 3154
PwC 15About Global Pharmaceuticals and Life Sciences Industry Group PwC firms provide industry-focused assurance, tax and advisory services to enhance value for their clients. More than 161,000 people in 154 countries in firms across the PwC network share their thinking, experience and solutions to develop fresh perspectives and practical advice. Our Global Pharmaceuticals and Life Sciences Industry Group has experience working with companies on industry-specific strategic, operational, and financial issues. As well as assurance, tax and advisory services, we also have specialised capabilities in regulatory compliance, risk management, performance improvement and transaction support. Simon Friend Attila Karacsony Partner, Global Pharmaceuticals and Life Sciences Director, US Pharmaceuticals and Life Sciences Marketing Industry Leader simon.d.friend@uk.pwc.com attila.karacsony@us.pwc.com [44] 20 7213 4875 [1] 973 236 5640 Dr. Steve Arlington Marina Bello Valcarce Partner, Global Pharmaceuticals and Life Sciences Global Pharmaceuticals and Life Sciences Marketing Advisory Services Leader and Knowledge Management steve.arlington@uk.pwc.com marina.bello.valcarce@uk.pwc.com [44] 20 7804 3997 [44] 20 7212 8642 Michael Swanick Partner, Global Pharmaceuticals and Life Sciences Tax Leader PwC (US) michael.f.swanick@us.pwc.com [1] 267 330 6060 www.pwc.com/pharma This publication has been prepared for general guidance on matters of interest only, and does not constitute professional advice. You should not act upon the information contained in this publication without obtaining specific professional advice. No representation or warranty (express or implied) is given as to the accuracy or completeness of the information contained in this publication, and, to the extent permitted by law, PricewaterhouseCoopers does not accept or assume any liability, responsibility or duty of care for any consequences of you or anyone else acting, or refraining to act, in reliance on the information contained in this publication or for any decision based on it. © 2011 PwC. All rights reserved. Not for further distribution without the permission of PwC. “PwC” refers to the network of member firms of PricewaterhouseCoopers International Limited (PwCIL), or, as the context requires, individual member firms of the PwC network. Each member firm is a separate legal entity and does not act as agent of PwCIL or any other member firm. PwCIL does not provide any services to clients. PwCIL is not responsible or liable for the acts or omissions of any of its member firms nor can it control the exercise of their professional judgment or bind them in any way. No member firm is responsible or liable for the acts or omissions of any other member firm nor can it control the exercise of another member firm’s professional judgment or bind another member firm or PwCIL in any way. HB8684
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