31 Aug 2012, BioSpectrum Bureau , BioSpectrum
In the past years, the global pharmaceutical industry has been experiencing a shift in its development: a geographic swing away from the major mature markets, to a set of new dynamic "pharmerging" countries. The Chinese and Russian pharmaceutical markets are part of these dynamic and rapidly developing markets.
The Emerging Market Access conference to be held on October 3, 2012, in Paris will bring insight to decision leaders for business opportunities and development in Russia and China.
Within the framework of Pharma 2020, the Russian healthcare system is undergoing major changes bringing substantial challenges and opportunities for multinational pharmaceutical companies. The government, aiming at encouraging breakthrough science and innovation, is helping local companies boost production of innovative drugs by covering the costs of R&D. Significant improvements have already been realized as the industry grew by 17.5 percent in 2009 and is expected to reach a value of $10.7 billion by 2014. Understanding the new legislation and the direction of the country's pharmaceutical industry is therefore essential for success in Russia.
An expected growth at 20 percent to 25 percent over the next decade in China makes the country a very attractive market for pharmaceutical and biotech companies. With its large population, low costs, and a fast-growing economy with an expanding middle class with healthcare coverage and good infrastructure market, China is attracting many pharmaceutical and biotech companies. However, China presents many challenges for setting up clinical trials and performing biopharmaceutical development and has the longest drug application timeline of all Asian countries. Therefore, it is crucial to understand the system and define the best market access entry strategy.