Pharma 'best placed to weather storm'

Generation for Growth's Cope tells EIBTM seminar pharma sector best placed

The pharmaceutical industry is the market best placed to survive the economic crisis, according to business development consultant Simon Cope.

"We are in the depths of a recession but the pharmaceutical industry is the best prepared to weather the storm," said Cope, who is director of C&I business development and marketing consultancy Generation for Growth.

"The industry has gone through a lot in the past few years – it has already downsized and has invested heavily in research and development of new products."

In his presentation `The pharmaceutical industry - recession proof or regulatory minefield?´ this morning at EIBTM, Cope said pharmaceutical events would continue during the economic crisis, but buyers would expect a higher level of service and expertise on a smaller budget from suppliers.

He estimated pharmaceutical firms spent about 2% of total annual sales on meetings and events – in Pfizer´s case this amounted to about $1bn a year.

Cope also anticipated that pharmaceutical firms would opt to hold product launches domestically rather than overseas to minimise expenditure.

"These events will still happen but they may also be on a smaller scale," he said.

Have you registered with us yet?

Register now to enjoy more articles
and free email bulletins.

Register now
Already registered?
Sign in
Coronavirus: Your furlough questions answered

Coronavirus: Your furlough questions answered

Experts answer key FAQs about the tricky decisions businesses need to make around furloughs and offer guidance on the job retention scheme.

Global venues being transformed into field hospitals

Global venues being transformed into field hospitals

Which international convention centres are becoming temporary hospitals to manage spikes in coronavirus cases?

5 ways events will change after coronavirus

5 ways events will change after coronavirus

WRG’s Ben Atherton predicts how the industry might adjust when normality returns to live events.

Majority of event professionals fear job cuts

Majority of event professionals fear job cuts

Part four of C&IT’s global Impact of Coronavirus Report, we find out which regions are most concerned about job security.

LIVE UPDATES: Which international events are being cancelled

LIVE UPDATES: Which international events are being cancelled

All the latest postponements and cancellations as the world deals with the spread of coronavirus.

In pictures: Events industry joins nationwide NHS tribute

In pictures: Events industry joins nationwide NHS tribute

As the UK came together to thank frontline healthcare workers, venues did their bit to mark the occasion.

Fears freelancers will be forced into debt despite UK chancellor’s intervention

Fears freelancers will be forced into debt despite UK chancellor’s intervention

Relief for freelancers welcomed by HBAA chair amid concerns many will have to take out loans before a payout in June.

How many MICE businesses have a complete travel ban in place?

How many MICE businesses have a complete travel ban in place?

Nearly 2,000 MICE professionals reveal whether their company has banned business travel in part three of C&IT's Impact of Coronavirus Report.

Events industry applauds ExCeL's hospital transformation

Events industry applauds ExCeL's hospital transformation

The conference venue is expected to be ready for action as a huge coronavirus hospital by next week.

‘Kill the agenda, it gets in the way of creativity’

‘Kill the agenda, it gets in the way of creativity’

A detailed event schedule doesn’t leave much room for flexibility or self-expression, says INVNT’s Adam Harriden.