ABSTRACT
This chapter offers a forecast on the future of forecasting. One of the tenets of in-market forecasting is that there is knowledge to be gained from a review of the historical data. In the 1970s the pharmaceutical markets were relatively uncomplicated, and complex strategic planning was not needed. In the 1980s a burgeoning global economy and relatively few restrictions on pharmaceutical pricing led to accelerating product growth. As information technology advances, data for these countries, such as China, India, and Russia, will become more readily available, enabling application of standards forecasting models in these emerging markets. As Michael Schrage provocatively suggested in his comment about 'hiring one good science fiction writer', the key to strategic forecasting is thinking about possible futures so that a company may better plan for the future. The future of forecasting is its transformation from simple number reporting to offering the holistic frameworks in which to evaluate potential futures.
