At World Vaccine Congress Asia last week, Mr Joe Santangelo the Chief Operating Officer of Inviragen joined us to share with our attendees on how to access key vaccine markets in Asia.
The global vaccine market is growing rapidly, having seen double-digit growth for the last 10 years. Although Asia's vaccine market did not take off in the past, Asia is now seen as a highly lucrative and important market for global vaccine manufacturers to break into. According to estimations, the vaccine market is expected to grow from $2.3 billion back in 2006 to $16.6 billion by 2016 with biggest opportunities lying in developing and emerging markets such as China, India and other Asia Pacific countries.
The main drivers of the vaccine industry has been identified to be the extension of vaccination recommendations, school and pre-school vaccination programmes, market gaps with significant commercial potential and increasing awareness. Of course these come with restrictors to the growth of the industry such as the high barriers to entry for small and medium sized companies due to the high sunk costs, high costs of technological improvements, and fragmented regulatory landscape.
Looking at the vaccine landscape in Asia, there is a fast growing demand for better healthcare and this can be seen from the growing market and prices as economies emerge. Even in the poorest nations in Asia, uptake of premium vaccines is still significant hence showing that there is a market for it. Also, infectious disease therapies are urgently required due to the large population with chronic problems.
A few things companies should strategize for when dealing in Asia is firstly to understand the fragmented regulatory landscape. Identify the key decision maker and consumers, of whom are most likely to be government bodies. Ensure the fit with existing vaccine recommendations and proceed from there. For example, when attempting to access the China market, companies are highly encouraged to have a Chinese partner. Otherwise product licensing alone can delay one for about 4-5 years. Of course such terms and regulations often differ between countries. That aside, in order to continue to grow the vaccine market in Asia, one must continuously search for opportunities to form alliances and collaborations.
To find out more about what was discussed or to download videos and white papers from World Vaccine Congress Asia 2012, visit our website now: www.terrapinn.com/conference/world-vaccines-congress-asia/