Global
Pharmerging Market is
anticipated to witness steady CAGR over the forecast period. Factors such as
rising population due to low infant mortality rates and high focus on
developing innovative drugs are expected to boost the growth. Among 17 emerging
countries; China, India, and Russia are projected to hold a major market share
in near future.
Patent
expirations and availability of low cost generic drugs are anticipated to slow
down sales in matured markets such as U.S, Europe, Japan, Canada, and U.K. As a
result, major players are expected to bring in new products to maintain and
even expand their industry share. This factor is likely to drive the
pharmerging market in the forthcoming years. Launch of innovative products for
diseases such as lupus, diabetes, arrhythmia, melanoma, prostate cancer, and
osteoporosis among others may positively influence expansion in near future.
Macroeconomic
factors such as greater awareness about drugs in semi-urban and rural markets
and epidemiological changes are anticipated to propel growth of the market for
pharmerging over the forecast period. High prevalence of age-related disorders
and rapid development in private hospital industry are also expected to bode
well for expansion. Increased healthcare expenditure by governments is expected
to further drive growth.
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Emerging
markets are likely to focus more on development of low cost generic drugs. This
factor is anticipated to restrain growth of pharmerging in these regions.
Changes in regulatory policies are likely to curb the growth as they have
long-term impacts on pricing and medicine usage. Price sensitivity is another
challenge likely to be faced by major companies. Regulatory norms such as the
Affordable Care Act in U.S. and Japan’s price cut system are projected to
rebalance spending priorities for markets.
Possibility
of including major drugs under Drug Price Control Order (DPCO) may affect the
retail and wholesale margins earned by chemists. Lower margins are further
expected to lead to reduced production rates. Some of the major pharmaceutical
companies which have experienced a negative growth rate due to DPCO include
Sanofi-Aventis, Lupin, Zydus Cadila, etc. this factor is expected to negatively
influence growth pharmerging.
On
the basis of pharma growth requirements, pharmerging countries are categorized
into tier-I, tier-II, and tier-III. Tier-I includes China while Tier-II
includes India, Brazil, and Russia. Tier-III includes Turkey, Indonesia,
Thailand, Vietnam, Egypt, South Africa and Mexico. China is a very complex
market and is expected to focus on sophisticated operating models. Shrinking
prices, complex distribution system, different commercial models in different
provinces, and regulations favoring domestic manufacturers are the primary
challenges faced by new entrants in China.
Indian
market is expected to be highly fragmented and competitive. Strategic planning
coupled with new product launches can help major pharmaceutical companies to be
successful in this region. Adaption of local trends and strategic market entry
can help new entrants. Russia is likely to be very volatile, due to price
control system for essential drugs. Also, policies such as substitution of
imported drugs with locally manufactured equivalents may pose a challenge to
major players.
The
market in Brazil is anticipated to be commoditized in retail segment as unmet
medical needs are mostly satisfied by nonretail drugs. Establishment of
CITEC/CONITEC is likely to act as a barrier for product inclusions in funding
programs. Innovation is focused on niche private segments as demand for
expenditure on complex therapies is usually avoided.
Major
players operating in the market for pharmerging are AstraZeneca, Sanofi, Merck,
Pfizer, GlaxoSmithKline, Novartis, Abbott Laboratories, CSL Behring, Johnson
& Johnson, Sun Pharmaceutical, Aspen, Teva Pharmaceutical, Bayer, Valeant
Pharmaceutical, Biogen, Baxter, STADA, Mylan, Takeda Pharma, Alexion
Pharmaceuticals, and Endo Health Pharmaceuticals. The market is highly
fragmented due to the presence of small and medium businesses. Product
launches, mergers and acquisitions, and innovations are anticipated to define
competition among top players. Majority of companies focus on merger and
acquisitions to expand market presence and increase profits.
Major
pharmaceutical companies are expected to deal with some uncertainties in terms
of regulation and pricing policies laid down to ensure a profitability.
Anticipation and analysis of compliance risks and implementation of suitable
market entry strategies are some of the popular business strategies.
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