Report: global pharma growth linked to expansion in emerging markets, best practices
Wednesday, February 12, 2014
China is expected to generate 27% of the world’s pharmaceutical growth from 2011 to 2015. The world’s largest country by population, China also is the key to the economic engine of the emerging markets, according to a study from Best Practices, a research, consulting and publishing firm.
Like other industries, the pharmaceutical sector has seen emerging markets become a growing percentage of its annual sales. One top five pharmaceutical company recently reported emerging markets made up a third of its $44 billion in sales for 2013.
While emerging markets represent important future sales for pharmaceutical organizations, those sales come with a cost. Large countries like China and India now are requiring local clinical trials to win regulatory approvals to market products in those countries.
The study found pharma companies need to maintain expansion of their clinical programs into emerging markets to continue top-line growth and cut development costs.
The study, Best Practices, Clinical Affairs Excellence: Benchmarking Clinical Roles and Trends for Pharmaceutical Success in a Global Marketplace, presents metrics associated with outsourcing clinical trial activities including cost, staffing and quality.