How Pharma Companies Can Break Into Global Markets

Health News
Written by Sumona
August 11, 2022

The healthcare industry is booming in the new normal, and every segment is on a roll.

The pharmaceutical domain is no exception, as global demand for medicines reaches an all-time high after the pandemic. Business leaders are keen to make the most out of the opportunity by extending their outreach. Pharma export is emerging as the next big sales model for progressive companies.

But you must understand the challenges of getting into the international market to develop and implement effective export sales strategies. Factors such as competition, regulations, and country-specific complexities make things daunting for exporters.

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6 Prime ways Pharma Companies Can Get Indulged Into Global Markets

Global Markets

However, the opportunity is big enough to make an effort to overcome these challenges. Let us share some insights for pharma companies looking to break into global markets.

1. Embrace a customer-centric approach

Embracing a customer-centric approach is about knowing the major customer segments and examining the value proposition for them. These include practicing physicians, channel partners, and patients. Companies need to build unique forms of customer connection with each of these segments. The best way to do it is by thinking beyond promoting your products but visualizing your role as disease prevention and management partner for your customers.

2. Expand your product portfolio

A pharma company looking to extend its reach to overseas markets needs to create a broader portfolio. You can do it through significant R&D and manufacturing investments. Mergers are also an option to grow your product portfolios and set yourself apart in the competitive landscape. Consider the market-specific drug demand to develop new products and drive innovation in several markets. Be willing to handle the complexities of drug registration in target nations because the opportunity is worthwhile.

3. Boost operational capability

Besides extending your product offerings, you will also have to boost your operational capability to get into the pharma export segment. Consider revisiting your operations to prevent complacency.

For example, your legacy processes may not be good enough if they rely on obsolete technologies that lower the manufacturing efficiency and increase costs. Focus on process innovation by investing in the latest technologies and reducing the number of manufacturing process steps. Optimizing the supply chain is an equally crucial aspect of boosting operational capability.

4. Be ready for regulatory processes

Joining the export bandwagon requires a good understanding of country-specific regulations so that you are on the right side of the law. After all, you need to procure licenses, fulfill paperwork requirements, and pay duties and tariffs to get your products across international borders. Finding skilled partners to handle these aspects is the best approach as it lowers your burden without compromising compliance.

For example, you can collaborate with a broker that anticipates the industry-specific needs and risks and clears your path for export by handling customs. They can also help you keep pace with the updates and enhance customs efficiencies for your business.

5. Adapt your business model

Successful players are open to adapting their business model to the specific challenges and needs of emerging markets instead of taking a one-size-fits-all approach. Products doing well in developed countries may not work in developing nations due to price differences and local clinical pathways.

Making them work requires a thorough mapping of products for different markets. You also need to adapt your model country by country. The best way to do it is by fostering partnerships across the value chain in areas such as diagnostics, screening, and supply chain.

6. Prioritize organizational agility

A culture of agility is the key to capturing opportunities in new markets and responding to uncertainties of exporting. You may have to rework the organizational structure to achieve the agility goal. Consider different selling strategies for developed and emerging markets.

For example, you need to focus more on R&D for emerging markets and rebalance activities to address competition and volatility in both markets. Build a pool of expertise in areas such as digital and channel capabilities, marketing support, pricing, and distributor management to adapt to short-term volatility and shocks with agility. It enables you to redeploy resources quickly to the most lucrative geographies.

The regulatory environment in the pharma industry continues to be challenging, but it should not affect your export goals. You must make the most out of the opportunity in the new normal.

Staying ahead of the regulations and attuning your product portfolio to country-specific needs gives you the right start in the pharma export domain. You can go the extra mile by investing in value creation, agility, and flexibility. Following these tips covers you on all fronts and sets you up for success in pharma exports.

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