Megatrends in Mayne Pharma
Introduction As supported by Lorenz et al. (2018), megatrends are the sustained, global, and macroeconomic variables of development which affect the economy, community, cultural values, and business. This means that megatrends are useful because they define people’s and organization’s future world and its increasing pace of transformation (Lorenz et al. The megatrends that are relevant to Mayne Pharma’s situation present a discrete category of important environmental, technological, social, and demographic elements which assist in reshaping business operations. This paper seeks to demonstrate three significant megatrends that can be pursued by Mayne Pharma. The rationale for selecting this megatrend is because it fits Mayne Pharma which operates in the pharmaceutical industry. The smart devices would be able to collect data, connect to other gadgets, and share the data without human intervention by merging the digital and physical worlds (Greengard, 2015).
Data concerning the firm would also be shared through wireless processors and networks. Specific benefits would accrue to the firm after the adoption of the Internet of Things. These benefits include appropriate tracking of specific activities within the firm. As a result, the ideas of personalized medicine can be used to transformative and new strategies in healthcare. In this case, personalized healthcare is based on the dynamics of the predictive application tools to determine health risks. In addition to this, Rosenkrantz (2017) notes that personalized healthcare uses the predictive approaches in designing personalized health plans to assist patients to eradicate risks, prevent diseases, and treat conditions with precision. As a megatrend in the pharmaceutical industry, the application of personalized medicine will form a more collaborative treatment strategic precise to the person and their genome (Rosenkrantz, 2017).
This proves to be vital because the personalized medicine may offer improved diagnoses with better intervention, and more effective drug development and therapy for Mayne Pharma. Impact of the Megatrends on Porter’s Five Forces Analysis Before looking at the impact of the megatrends on porter’s five forces, it is essential to understand the findings from Mayne Pharma’s Porter’s five forces. For instance, it is evident that the threat of new entrants is high because small companies engage in multiple venture capitalists. This makes the small firms ready to invest in the pharmaceutical industry. The megatrend of personalized-medicine approaches would reduce the threat of new entrants because small firms would find it difficult to involve in the trend.
Also, this megatrend would also reduce the threat of substitutes. In the other hand, the organization’s weaknesses are that it suffers from public skepticism, technological bottlenecks, and challenges in the generic drugs sector (Tim, 2018). Technological bottlenecks make it difficult for the firm to develop new drugs. Additionally, the firm has the necessary opportunities which incorporate a demographic benefit and globalization advantages. However, its threats are regarding different cultural perspectives since it operates in different nations. It is also threatened by local policies which may adversely affect local currencies when making payments in the foreign markets. This is because the use of the Internet of Things and personalized-medicine approaches align well with the firm’s use of advanced technology. In addition, these two megatrends will mitigate the organization’s weakness of technological weakness.
The main reason for this inference is that the company will use the Internet of Things to deal with the technical bottlenecks affecting the organization in the development of drugs. Potential Recommendations Basing the argument on the selected three megatrends, it is recommended that Mayne Pharma should consider implementing the Internet of Things in its activities. Besides encouraging accurate recording of data, IoT will enable the organization to expand its international market. Precisely, megatrends contribute positively toward the running of pharmaceutical companies. It is also clear that the variously proposed megatrends would have positive implications for Mayne Pharma. This is because the megatrends would positively influence Porter’s Five Forces as well as the company’s SWOT findings. In addition to this, it is crucial to note that the Internet of Things plays the essential role in determining how companies utilize their advanced technology.
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