LONDON--(BUSINESS WIRE)--Pharma Industries have been under a lot of pressure due to the intense competition rising from the regional players, fall in commodity prices, compliance with the regional laws, the intense task of hiring the right talent, and building a productive workforce.
However, according to Infiniti Research, the emerging markets will witness a positive turn in the upcoming years, providing huge prospects for pharma revenues. Infiniti Research observes that there is a huge scope for pharma revenues to double in the next ten years. Even if the markets in the Americas and Europe seem like better current options, pharma players should concentrate on building a full-fledged business strategy for the emerging economies.
To help pharma companies develop plans for emerging markets, Infiniti Research has announced their top three major strategies for pharma companies to make a long-lasting impact in emerging markets.
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Top 3 Strategies Pharma Companies Must Employ When Entering Emerging Economies
Going beyond the commercial model
The basic commercial model is largely hinged on sales and marketing strategies and one major error which many pharma companies commit is not going beyond this model. Adapting to local conditions and creating solutions to meet local demands and constraints will be more impactful in emerging economies.
Expansion of Patient Access
Pharma heads should work towards striking a fine balance between pricing strategy and market access. Opting for voluntary licensing deals can play a critical role in drawing incremental revenues, broadening patient access, and most of all building goodwill.
Not letting go of innovation
Pharma majors have been hesitant to use emerging economies as suitable hubs for innovative programs. However, with a huge number of undertreated diseases, countries in Africa and Asia can be converted into a test bed for innovative technologies and drug solutions.
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About Infiniti Research
Established in 2003, Infiniti Research is a leading market intelligence company providing smart solutions to address your business challenges. Infiniti Research studies markets in more than 100 countries to help analyze competitive activity, see beyond market disruptions, and develop intelligent business strategies.
With 14 years of experience and offices across three continents, Infiniti Research has been instrumental in providing a complete range of competitive intelligence, strategy, and research services for over 550 companies across the globe.