Health Care and Pharmaceutical Industry across the world is growing at a pace which even most progressive economists never anticipated. Pharmaceutical Industry is the “Sunrise Industry” even when entire world is under recession. Though there are more than 500000 pharmaceutical manufactures in the world but 250 players controls more than 90% of World’s Pharmaceutical Market (volume wise) that makes the World Pharmaceutical market more competitive. This allowed conservative experts to term the World Pharmaceutical Industry as most unorganized, fragmented and semi regulated.
World Pharmaceutical Industry sustained and constantly grown primarily due to
a) Huge sanitation & hygiene issues…so high prevalence of Invasive diseases in under developed and developing economies
b) Increased incidence of life style diseases
c) New inventions in Genetic and Degenerative areas
Today World Pharmaceutical Industry started behaving with more maturity where even degenerative and genetic disorders contributing a fair percentage of the market. Western Drugs & Industrial houses (small & mid size companies) started exploring other emerging markets where the competition is low, turnaround is faster, return is much better and steady & regulations are fairly low. So, on pharmaceutical business front it is wise to create a basket with ‘short term, mid term & long-term’ revenue earners. Meaning a basket should have Invasive, Genetic, Degenerative & Life Style related molecules for better sustainability in this highly competitive world pharmaceutical market. It is important to notice that due to excessive financial pressure, weak marketing efforts and lack of innovative molecules small to medium size pharmaceutical companies fail to grow in major markets in developed economies. This picture is different when it comes to ‘under developed and developing economies’ as these markets still continuing to grow due various other factors especially due to imbalance in ‘demand and supply’ ratio.
For small manufacturers to bring business success it is important for them to find out Niche areas and emerging markets for better sustainability.
Written by – Partha Banerjee
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