International Systematic Product Potential & Countries
Systematically identifying the TOP 5 Countries for your individual TOP 5 products
In our systematic analysis we support you in the systematic analysis and identification of which 2-3 focus countries to enter first, which countries to avoid, your top 3-5 focus products with the best product potential, approximate regulatory time and cost, and approximate market entry time and cost.
Five steps to enter international countries
To enter new international countries is a challenging and very time-consuming process that requires a great deal of local expertise, prior planning, and detailed analysis. 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 markets. The approach includes five fundamental steps:
1. International Systematic Product Portfolio Analysis
The development of a solid and specific product portfolio as part of your international Pharma, OTC, and Medical Device Strategy is essential, as it creates the opportunity to launch the best fitting products with the best potential across different healthcare systems.
It is also imperative to analyse markets individually and look beyond market data alone (e.g. IMS, DSM, or Insight Health), as data can be quite misleading if it is not examined in context with local marketing knowledge. A market may show the rapid growth, but certain issues with respect to trademarks, registration rights, patents, high market entry costs, high regulatory cost, and long registration time issues can still be present.
At this stage of international product strategy, your suggested patent, tenders, and consumer prices will be analyzed based on their competitiveness in the potential markets. Furthermore, new niche segments and off label indications will be assessed based on your own products.
The outcome of this first step is the identification of key products that can go international to gain further revenue.
2. Systematic Country Selection
Two aspects should be considered in the selection of countries in Latin America, CIS/CEE, EU, USA, Middle East, or Asia: BRIC does not always make sense for OTC and Pharma and success is not guaranteed there! From our experience it is mostly other countries that offer quicker market entry and success compared to BRIC.
It is always necessary to identify the most suitable countries for your specific portfolio. Simply entering an emerging market does not automatically guarantee success. A new market entry also involves challenges apart from sales opportunities.
3. Product & Country Matrix Analysis
After conducting the International Systematic Product Potential & Country Analysis, it is advisable to bring all those parameters in a matrix in order to identify the Top 3-5 products to launch in each region within the top 3-4 countries that show the most potential. This is a complex but very useful analysis to construct every 6-8 years for one of the geographical regions you are focused on e.g. Latin America, CIS/CEE, Middle East, Asia, or Europe.
Market Entry Action Plan
A specific market entry action plan & strategy for each region/country is necessary to utilize the full potential of the selected products in the specific market. Factors such as the market entry costs, regulatory time & cost, the competitive landscape, and your potential in the new target market should be compared and assessed at this point.
4. Registration of Focus Products in the identified Focus Countries
Since the regulatory situation has been analysed in previous steps, this stage is about conducting the individual registration successfully. The knowledge and understanding of each country’s regulatory entrance criteria is 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, Medical Devices, Food Supplements, Cosmetics, etc.
We identify the right registration category and strategy, options for fast track registrations and product labelling
5. Local Partner Company Identification and Selection Process
As with any international market success, more than 80% of success depends on finding a suitable local partner company or establishing your own office. Hence, a systematic search for the best fitting local partner company must be conducted as part of your global Pharma and Healthcare Strategy.
The above figure shows an overview of our approach in Systematic International Company Partner Identification.
The wrong choice of a partner can result in having to change local partners, which means that time, money, and energy would need to be reinvested. Thanks to our experience and network, we can save you valuable time and money by avoiding tedious “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 and product segments.
This International Systematic Product Potential & Country Analysis designed by CPC will result in the identification of countries that should be in focus for 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 local experts and a systematic approach. You will also be able to increase your company’s value thanks to our expertise in conducting structured country and product portfolio analyses, our regulatory knowledge, and our development of a unique market entry strategy for your company.
How to make it happen?
We at CPC (Chameleon Pharma Consulting), are OTC, Medical Device & Pharma experts with over 20 years of experience in Emerging Markets and Europe. We can support you, whether it be through identifying and assessing your international portfolio or by finding the most suitable local partner companies. With our extensive network and local expertise in 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.
About Chameleon Pharma Consulting
We at Chameleon Pharma Consulting are the experts with more than 20 years of experience in areas such as Consumer Healthcare, Pharma Rx, Cosmetics, Food Supplements, FMCG, Wholesale, Retail, Production.