Can you name the Top-5 best potential Countries to go for, that fit your individual TOP-5 focus products best?

To enter a new market is a challenging and very time-consuming process in which a great deal of prior planning and evaluation is necessary. In order to make this process more transparent, this article describes a systematic approach on how to enter the most promising Pharma and Consumer Health market. The approach includes five substantial steps: international portfolio selection, country selection, market entry planning and strategy, and finally, selection process of regulatory and systematic local partner.

 

  1. International Product Portfolio

The development of a solid and broad product portfolio as part of your international OTC and Pharma Strategy is of high importance, as it creates the opportunity to tender a large range of products across different healthcare systems.

It is also of significance to analyse markets individually and beyond IMS data alone, as data can be quite misleading if it is not extensively analysed. A market may show the most rapid growth, but certain issues with respect to trademarks, registration rights and high market entry costs can still be present.

At this stage of your international strategy, your suggested consumer prices will be analysed based on their competitiveness in the potential markets. Furthermore, new niche segments will be assessed based on your products.

<< The outcome of this first step is the identification of key products that can go international to gain further revenue>>

 

  1. Country Selection

Two aspects should be considered in the selection of countries: BRIC does not always make sense for OTC and Pharma and success is not guaranteed there!

It is always necessary to identify the most suitable markets for your specific portfolio and to simply enter any emerging market does not automatically guarantee success. A new market entry often involves many challenges as opportunities. Here are three important considerations one should keep in mind:

 

  1. Market Entry Plan & Strategy

After conducting the country selection, it is advisable to devise market entry plan & strategy in order to fully understand the real potential of the products in the specific market. Factors such as the market entry costs, the competitive landscape and your potential in the new target market will be analysed and assessed at this point of your international Pharma Strategy.

 

  1. Regulatory

The knowledge and understanding of each country’s regulatory entering criteria are vital when trying to enter a new market,

as there are notable national differences and your product is dependent on its status, e.g. Pharma, Consumer Health, Rx., Medical Devices, Food Supplements, Cosmetics, etc.

<<We identify the right registration category and strategy, options for fast track registrations and product labelling >>

  1. Systematic Local Partner Company Search and Selection Process

As with any international market success, more than 80% of the success depends on finding a suitable partner. Hence, a systematic search for the most fitting partner must be conducted as part of your global Pharma and Healthcare Strategy.

The incorrect selection of a partner can result in having to change partners, which means that time, money and energy would need to be reinvested. Thanks to our experience and network, you can further save valuable time and money by avoiding “getting to know you meetings” throughout the partner selection process.

<<A screening of all available partners should be conducted to assess which company perfectly fits your requirements. >>

This systematic approached designed by CPC will result in the identification of countries that should be in focus in the next 3-5 years. You will know which countries to harvest in the coming years and which countries to enter with additional products. In a joint project with CPC you will be able to save a great deal of time and travel costs thanks to our systematic approach. You will also be able to increase your company’s value thanks to our expertise conducting structured country and product portfolio analyses, our regulatory knowledge and our unique development of a fitting market entry strategy.

How to make it happen?

We at Chameleon Pharma Consulting, are OTC & Pharma experts in the Emerging Markets with more than 20 years of experience.  We can support you, whether by identifying and assessing your international portfolio or by finding your most suitable local partner. With our longstanding network and knowledge of the industry, we can assist you in the development of your international Pharma strategy, which saves you both time and money. For more details on how we operate and on specific steps, feel free to contact us anytime.