Asian Pharmaceutical Markets
In 2014, emerging markets are expected to represent a quarter of the world’s trade in pharmaceutical products and global pharmaceutical sales will exceed $1 trillion US dollars by the end of year. Although the United States remains the largest pharmaceutical market, emerging countries are positioned to play the most significant role in terms of future growth. With China in the lead, India and China have a predicted growth rate of 15% to 17% a year. This is significantly greater than the 5% growth rate predicted in developed markets e.g. United States.
In terms of value, eight of twenty top global pharmaceutical markets are emerging markets. Two of these are Asian countries, i.e. South Korea and Japan. By 2016, the value of pharmaceutical sales in China is expected to exceed Japan’s – currently the second largest world market (IMS Health Market Prognosis). Moreover in Southeast Asia there are several quickly emerging pharmaceutical markets including Singapore, Thailand, Vietnam and Indonesia.
Current trends are moving away from advance production of therapeutics. New technological advances are cutting down on the time required to get a drug to market and product quality is being optimized through better monitoring of production (2020 Price Waterhouse Coopers Pharma Review). However, global expansion is forcing companies to face several new challenges:
- Increasingly complex and changing regulatory requirements
- Increased government regulation of foreign pharmaceutical companies
- Demand for high quality translation and interpreting services to overcome language barriers.
- Counterfeit drugs – 10% of all medicines sold worldwide are counterfeit (U.S. FDA).
- Growing need to upscale production and distribution for global markets.
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