Report highlights survival strategies
India, as well as Brazil and China, are among emerging markets witnessing an unprecedented increase in the number of companies in the life sciences industry keen to set up their businesses.
This is the latest finding on pharma industry by Infiniti Research where experts believe that big pharma companies that are innovative and advanced in terms of manufacturing, logistics and distribution, and understanding customer needs are more likely to gain an edge over the others in these coveted markets.
Despite several efforts, some big pharma companies often fail to gain a major foothold in these regions, said the Infiniti Research report on 22 May 2020.
This issue occurs due to several reasons. Sometimes, new entrants in the big pharma market discover that operating and selling in emerging markets can be challenging due to market access requirements including manufacturing, logistics, and supply chain can be complex.
Furthermore, unfavorable regulatory environment, dynamic pricing and reimbursement practices, and talent management challenges also pose major challenges for big pharma companies in emerging markets.
According to pharma industry experts at Infiniti Research, some of the key strategies to survive in emerging markets include – Grouping customers into clusters, identifying cross-border commonalities, and ensuring timely and cost-effective execution.
Growth strategies for big pharma companies are increasingly dependent on expansion into emerging markets. Request a free proposal to know how we can help support your market expansion plan into emerging markets. fiinews.com