Pharmaceutical companies need to take a local approach when operating in emerging markets, according to an analysis by Booz & Co.
According to the report, emerging markets are expected to amount to nearly a third of the pharmaceutical market by 2016. However, despite the untapped potential offered by emerging markets, the Booz analysis warns that there is no "one-size-fits-all" strategy for approaching these markets due to a wide diversity in development and healthcare infrastructure between each of the countries.
Booz & Co interviewed 12 of the top 15 global pharmaceutical companies, accounting for approximately 50% of total global pharmaceutical revenues, to ask questions about the challenges, opportunities and strategies relating to tackling the emerging markets.
In answer to the question "What are the biggest mistakes that pharma companies make in emerging markets?", 27% of the survey participants responded with "insufficient tailoring of approaches to local needs".
The reports also cites that more than 60% of respondents considered an investment in local research, development and manufacturing to be the most effective levers/strategies for achieving commercial success in the BRICMT (Brazil, Russia, India, China, Mexico, and Turkey) cluster.
Do you agree that a local approach is necessary when approaching the emerging markets?
Click here for Booz & Co report.
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If you'd like to know more about vaccine market opportunities and needs in China, India and Latin America, you might like to consider attending the World Vaccine Congress and Expo 2013 on the 16-18 April 2013, Gaylord National Hotel and Convention Center, Washington DC. You can download the brochure here.