Author: Suhasini Sharma, Sciformix Corporation
Emerging economies are gaining increasing importance in the growth strategies of global life science companies, who are shifting their focus away from developed markets that have experienced a steady drop in growth opportunities. With predictions they will account for 40 percent of the worldwide pharmaceutical market by 2020. Varied demographics, government health spending and regulatory environments in individual countries of the emerging markets require global pharmaceutical companies to both create and implement specific and custom strategies to succeed in these markets. Many innovator companies are customising their product portfolio to suit these markets, focusing on older drugs going off-patent and using a strategy of “differential pricing” as well as locally targeted marketing and product communication.
As a result, both generic and innovator companies are finding that they need to support launches of multiple products in short timeframes, yet they don’t have the people, processes, technologies or expertise do so. By utilising the services of a functional service provider (FSP) to undertake activities necessary to support local marketing/product promotion plans, they can have access to a ready pool of highly skilled and knowledgeable resources in a country such as India, which can be deployed in a timely and need-based manner, optimising costs and maximising impact.