LONDON--(BUSINESS WIRE)--At one point in time, the concentration of major pharma companies was found in the EU5 nations (Spain, UK, Italy, France, and Germany) but increasing investments in the healthcare sector by the developing countries has opened immense potential for pharma manufacturers in these markets as well. In their recent assessment of the pharma market in both developing and developed countries, Infiniti Research assessed the potential hotbeds for pharma organizations.
A gradual decrease in the funding for healthcare has been witnessed in developed countries, forcing many manufacturers in the pharma industry to expand their market base. The concentration of underdiagnosed or undertreated diseases is greater in developing countries, which has given a lot of scope for growth and expansion to the major players in the pharma industry. Other factors such as rise in purchasing power, shift of population to the urban areas, and high prevalence of lifestyle-related diseases like diabetes, cardiovascular diseases, and cancer, have made developing countries a potential market for the pharma players.
Although these new pharma market opportunities in developing nations show lots of promise, they won’t come without their own set of inherent challenges at various levels.
“Apart from market access and addressing the local diseases, pharma companies must also comply with the regional regulations, focus on pricing and reimbursements, and most importantly battle out the infrastructure issues. The situation becomes even more challenging for Western pharma companies as they lack the local client base and understanding of the drugs which suit the local demographic’s profile,” said healthcare market intelligence analysts at Infiniti Research.
To maximize the opportunity in the emerging markets, it is crucial that local authorities, pharma companies, and other stakeholders in the industry be considered. Different population groups respond differently to the same drug, therefore, a large amount of market research is required before launching a drug in these markets.
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