Transitioning from Trading to Marketing for establishing sustainable and profitable business in International Pharma Business
PharmaBusiness
International Business:
Transitioning from Trading to Marketing for establishing sustainable and profitable business
In the traditional model of international generic business, pharmaceutical corporations have built their enterprises by managing manufacturing sites with necessary accreditations and a large number of product registrations.
The conventional international business model primarily revolves around trading, wherein pricing pressure is becoming intense, affecting growth and profitability.
Value-added generics, niche products, and biosimilars have become the obvious choices for companies to compensate for the loss.
Some companies also opt to have their products manufactured by contract manufacturing firms with the objective of cost reduction and leveraging contract manufacturing company’s product registrations. However, the critical consideration lies in assessing which contract manufacturing companies will be in a position to deliver at lower costs while maintaining regulatory compliance.
The question arises: Will product portfolio and pricing strategy be the sole factors for success in international business, or will this business migrate toward a new model?
It is imperative that this business paradigm shifts towards a marketing-oriented approach to establish a robust and enduring image for the organization’s generic portfolio.
The two pivotal catalysts for this transformation are patients and pharmacies, around whom the marketing strategy needs to revolve.
While a select few companies have endeavored to be industry innovators and have achieved success with an innovative marketing approach, let us be hopeful that more pharmaceutical companies operating in the international arena will progress from mere trading to proactive marketing strategies.
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