Two of the fastest-growing pharmaceutical markets are China and India, and many U.S. and European pharma companies are moving aggressively to develop a footprint in these two large countries. These two markets offer unique opportunities and challenges, and it’s important to regularly bring together senior pharma and biotech executives from China, India and the United States to discuss ways of working together.
I had the privilege of moderating a panel on Marketing and Media for the recent Global Pharma Symposia on Innovation in the US, China and India. There were several key themes that emerged from the conference and from our panel discussion of global strategic marketing that I think are relevant for senior pharma marketers.
Global Market Access
It is clear that the global market for pharma is changing dramatically, and not always in the most intuitive and helpful ways. While markets like China and India have always been challenging for US-based companies for reasons of culture, IP-protection, and pricing, at least these countries were eager to get access to western medications. According to Derek Wagner, a global commercial leader at Abbott, when he first began working in China and India 20 years ago, the markets were open. Now there are many more regulatory barriers, even at the provincial level. Market access has become a major issue.