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New opportunities in emerging markets

February 9, 2018 | Pharma Exec, Rachel Howard, emerging markets 

Published in Pharma Exec January 2018 by Rachel Howard


The next billion patients

Until recently, multinational pharmaceutical and life sciences companies have focused their clinical research efforts/clinical development programs almost exclusively on mature markets: North America, Europe and Japan in particular. However, rapid changes are underway in emerging markets.

Firstly, we are seeing an expanding middle class. Virtually every emerging market, from Indonesia to Mexico and from China to Brazil, is witnessing an increase in the proportion of patients who now qualify as middle class, and wealth is increasing commensurately, enabling more individuals to afford essential care or purchase private health insurance. This growth is set to continue. In parallel, we are seeing an increased focus among emerging market governments on public healthcare reform: expanding their populations’ access to medicines by establishing universal healthcare coverage (such as JKN in Indonesia and Seguro Popular in Mexico) and deepening access by expanding formularies to include more drugs (despite these often being set in the context of aggressive cost containment measures).

Greater purchasing power and improved market access are growing the opportunity for innovative medicines in these markets.  The vast populations of many emerging markets mean they constitute a high proportion of the world’s “next billion patients”, which pharma simply cannot afford to overlook…

Read the full article: https://www.researchpartnership.com/news/2018/01/new-opportunities-in-emerging-markets/

This content was provided by Inizio

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