The global pharmaceutical market is a significant contributor to the world economy. The pharma markets in the U.S., Japan, and China have the highest revenues.
However, according to BioPharmaDive, "Increasing pricing pressures and a rapidly growing (and aging) population — means big pharma companies are looking toward untapped markets." In 2018, we will likely see smaller pharma companies pushing to expand their global reach.
It can be challenging for pharma companies to promote their products across countries. When seeking opportunities in global markets, it is essential for pharma leaders to consider the following questions:
- How sophisticated is the drug market?
- What is the size of the market?
- Who has the decision-making power?
- What type of payment system is in place?
- How reliable is the technology in place?
- What are the regulations on advertising?