Ned McCoy is a renowned name in the pharmaceutical industry with more than three decades of experience in several critical roles as part of the healthcare industry. McCoy has an impressive track record of spearheading several enterprises to significant growth besides executing complimentary collaborations. Since June this year, the industry veteran has had a new role to play as the new Chief Operating Officer and President of Civica, inc, a hospital-backed pharmacy firm.

“I am honored to serve as the next CEO of Civica and continue our pivotal work of delivering quality generic medications that are available and affordable to everyone,” said McCoy. His association with Civica began in 2018. Prior to the new appointment, McCoy served as the COO of Civica. Industry experts believe McCoy can leverage his years of pharmaceutical experience to strengthen Civica’s efforts toward tackling specific critical challenges of the industry.

For instance, the supply and price of commonly used medicines in hospitals have been challenging for some time. As a result, Civica places a significant emphasis on making common medication available for all at affordable prices.

SUPPLY CHAIN CHALLENGES IMPACTING THE PHARMACEUTICAL SECTOR

The pharmaceutical industry has always been vulnerable to disruptions in the supply chain. However, the pandemic-hit sector had to face a different scenario with respect to the supply chain issues. When the coronavirus-induced pandemic began to spread across the globe in March 2020, things started changing overnight as countries closed their borders and everything came to a halt.

The U.S Food and Drug Administration had informed towards the end of 2021 that the severity of Covid-19 on China and India has led to a global supply chain shrinking. Besides, as the world is facing a post-covid era, over fifty-plus countries face limited PPE exports. Countries with significant dependency on offshore products have been the most susceptible to such a massive shortage. A consequence of public scrutiny of increasing drug prices is the increased focus on the uniquely complex pharma supply chains. As a result, the complexities and factors impacting the supply chain receive more attention. Yet, the supply chain and price of commonly used drugs remain a concern.

Furthermore, the pharma industry faces several challenges, including counterfeits, drug shortages, lack of visibility, logistics coordination, compliance issues, etc., among many others. Civica is actively involved in curbing the supply and price of drugs, and the firm is backed by several of the largest healthcare systems in the U.S. As a result, the number of Health systems that are Civica members goes beyond an impressive 55. This comprises around 1,550 US hospitals, besides one-third of licensed (U.S) beds.

“Through much of my time at Civica, I have had the privilege of leading Civica’s operations, including helping to secure successful, longterm manufacturing partnerships and execute the building of our manufacturing facility. I look forward to continuing to work with our talented team and furthering our culture of innovation, excellence, and dedication to improving patient lives with a new generic hospital and prescription medicine model,” McCoy adds.

AN EXCEPTIONAL CAREER CONTINUES

McCoy has had an exceptional career that includes handling critical functions successfully. Before joining Civica, McCoy had a long tenure with Abbott that lasted more than three decades. His tenure with Abbott saw him excel while leading different teams working on pharmaceutical products, hospital products, corporate mergers, and new acquisitions. McCoy has also provided exceptional service while handling Civica’s growing manufacturing attempts.

The firm’s Petersburg, Virginia-based essential medicines manufacturing facility deserves special mention here. The facility described above is expected to be functional towards the end of 2024. McCoy has also been instrumental in establishing the partnership with GeneSysBiologics and Civica. The GenesSysBiologics is Civica’s affordable insulin development partner. The collaboration is based on the plans to introduce Civica biosimilar insulins to the market by early 2024.

THE U.S PHARMACEUTICAL INDUSTRY LATEST TRENDS

Similar to many other industries, the U.S pharmaceutical sector is facing a new scenario marked by the changes induced by the covid-19 pandemic, new challenges, and more opportunities. The pandemic has been a controlling aspect, especially during the peak days as the manufacturing and supply of medicines were affected. Currently, the U.S pharmaceutical industry accounts for about 45% of the worldwide pharmaceutical market. Considering global production, the U.S accounts for about 22%. The industry maintains a strong position in terms of global sales and output. In other words, the pharma sector is entering this year in good shape.

The industry is less vilified and is more centralized towards government policy. As a result, the budget pressure is comparatively less as compared to the last years. However, the challenges will continue. The global vaccination rollout and the demand for non-essential and necessary medical treatments have been the market drivers. In fact, the vaccination rollout is said to cause most of the market growth in the next year as well. However, the aging population is also going to impact the pharmaceutical industry. Yet, there are critical challenges that a postcovid industry has to face.

For example, there is pressure from governing bodies to reduce health care prices significantly. If this trend continues, it may have an adverse impact on the inflow of investments. Lack of enough investment will, in turn, affect the research and development in the industry. Ned has received 4 President’s Awards for outstanding achievements in the industry. During his stint with Abbott, he was awarded the ‘Biggest Contributor towards Earnings Per Share.’ There are 11 issued patents in his name.

A consequence of public scrutiny of increasing drug prices is the increased focus on the uniquely complex pharma supply chains. As a result, the complexities and factors impacting the supply chain receive more attention.