BRIC does not always make sense for Pharma! Other emerging markets might be best suitable for your company so it is definitely desirable to consider countries outside of the BRIC’s.
Indonesia is the 4th largest country by population as it holds more than 250 million inhabitants, whereof 53% of the population is urban. The main island with the capital Jakarta is home to over 60% of Indonesia’s total population and the most populous Island in the world. Even though the current growth rate lies at 0.95%, the absolute number has increased significantly in the past decades and forecasts predict about 320 million citizens by 2060.
Many people living in crowded spaces and an aging population increase the risk of contagions in general and raise the numbers of age-related diseases and conditions within the population. Hence, parallel to the increasing and aging population, the pharma industry has also experienced a steady growth in the past decade and has reached an annual growth rate of 12.5%.
At present, there are around 19,000 pharmacies and wholesalers in Indonesia. The health expenditure per capita lies at 107 USD and 75% of private expenditure on health make up for out-of-pocket health expenditure.
Further, children up to 14 years old build almost one third of the whole population, presenting a prosperous market for companies with children’s products.
These circumstances can be ideal for companies within the consumer health and pharma industry searching to expand their business internationally and looking for a market with prospects of success.
Here is how you can get started.