Insights into Marketing New Drugs in Developed Markets: A Guide for Emerging Market Players

I. Introduction

In the dynamic world of healthcare, pharmaceutical companies are constantly looking for new ways to introduce and promote their drugs in developed markets. [Corvino, 2023] With the rising competition and increasing regulatory challenges, it is essential for emerging market players to stay updated with the latest marketing trends. In this guide, we will explore some valuable insights into marketing new drugs in developed markets, focusing on the needs and expectations of emerging market players.

II. Developed Markets

Developed markets, also known as mature markets, are characterized by well-established healthcare systems, high levels of healthcare access, and stringent regulatory frameworks. These markets offer immense opportunities for pharmaceutical companies to introduce innovative drugs and cater to the healthcare needs of the population. However, marketing new drugs in these markets can be a complex and challenging process. [Liberto, 2021]

One of the key characteristics of developed markets is the presence of informed and demanding consumers who are well aware of their healthcare options. These consumers rely on evidence-based medicine, clinical trials, and the recommendations of healthcare professionals when making healthcare decisions. Therefore, it is crucial for emerging market players to provide robust scientific evidence and clear communication about the benefits and risks of their drugs. [Buchter, 2023]

Furthermore, marketing strategies in developed markets should also take into consideration the pricing and reimbursement policies. Developed markets often have strict regulations regarding drug pricing, and emerging market players should carefully analyze and navigate these regulations to achieve market access and affordability for their products. [Emanuel, 2020] [PwC, 2019]

III. Emerging Market Players

Emerging market players, such as Sinopharm Group (China), Sun Pharmaceutical Industries (India), EMS Pharma (Brazil), Aspen Pharmacare Holdings (South Africa), Dr. Reddy's Laboratories (India), Egis Pharmaceuticals (Hungary), and BIOCAD (Russia), have been making significant strides in the global pharmaceutical industry. These companies bring unique perspectives and innovative solutions to the table, challenging the dominance of established players. [Mulimani, 2018]

When venturing into developed markets, emerging market players should strategically position themselves as reliable and trustworthy partners. Building strong relationships with healthcare professionals and key stakeholders is essential for gaining credibility and securing market access. Collaborations with local research and development institutions can also enhance their reputation and capabilities. [McKinsey, 2022]

Additionally, emerging market players should focus on creating a strong brand identity and product differentiation. Investing in research and development to develop novel drugs or improving existing formulations can be a major competitive advantage. Moreover, highlighting the cost-effectiveness and value proposition of their products can attract attention in developed markets, where healthcare costs are often a pressing concern. [Frank, 2017]

IV. Pharmaceutical Marketing

Successful pharmaceutical marketing in developed markets requires a comprehensive understanding of the target audience, competition, and regulatory landscape. Here are some key considerations for emerging market players:

Market Research

Thorough market research is crucial to identify unmet needs, analyze market dynamics, and assess the competitive landscape. This includes understanding the target audience's preferences, treatment patterns, and decision-making process. Market research can help companies tailor their marketing strategies and messages to effectively reach and engage with healthcare professionals and consumers. [Twin, 2023]

Digital Marketing

Digital marketing has become an integral part of pharmaceutical marketing in developed markets. Leveraging various online platforms, social media channels, and digital tools can enable emerging market players to reach a wider audience, improve brand visibility, and engage with stakeholders in real time. However, it is important to comply with regulatory guidelines and ensure the ethical promotion of pharmaceutical products. [Jhajharia, 2023]

Key Opinion Leader (KOL) Engagement

Collaborating with local KOLs can significantly influence healthcare professionals' perceptions and recommendations. Identifying and engaging with respected KOLs who have expertise in the therapeutic area can create advocacy for the company's products and enhance brand credibility. KOLs can also provide valuable insights into the market, competitor strategies, and emerging trends. [Speer, 2021]

Patient-Centric Approach

In developed markets, the patient's voice and experience are paramount. Emerging market players should adopt a patient-centric approach by focusing on improving patient outcomes and addressing their specific needs. Patient support programs, educational initiatives, and access assistance can contribute to building trust and loyalty among patients and healthcare professionals. [Siemens, 2019] [Turner, 2021]

Regulatory Compliance

Compliance with regulatory requirements is essential for the success of pharmaceutical marketing in developed markets. Emerging market players must thoroughly understand and adhere to the local regulations governing drug promotion, advertising, and labeling. Failure to comply with these regulations can result in severe penalties and damage the company's reputation. [Thomas, 2021]

Continuous Monitoring and Adaptation

Marketing strategies should be continuously monitored, evaluated, and adapted based on the evolving market dynamics. Tracking key performance indicators, market trends, and competitor activities can help emerging market players stay agile and responsive to market changes. Flexibility and the ability to adapt quickly to new opportunities and challenges can significantly contribute to success in developed markets. [Greenwalt, 2022] [Dukart, 2022]

V. Conclusions

By understanding the pharmaceutical marketing trends, the intricacies of developed markets, and the unique considerations for emerging market players, companies can navigate the challenges and seize the opportunities in these markets. With the right strategies and a patient-centric approach, emerging market players can make a significant impact and contribute to the advancement of healthcare in developed markets.

VI. Sources

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Corvino, Brian, et al. “Rethinking Market Access: Delivering on the Promise of Therapeutic Innovation.” Deloitte Insights, Deloitte, 7 June 2023, www2.deloitte.com/us/en/insights/industry/life-sciences/pharmaceutical-market-access.html.

Dukart, Hillary, et al. "Emerging from Disruption: The Future of Pharma Operations Strategy." McKinsey & Company, October 2022, https://www.mckinsey.com/capabilities/operations/our-insights/emerging-from-disruption-the-future-of-pharma-operations-strategy.

Emanuel, Ezekiel J., et al. “Drug reimbursement regulation in 6 peer countries.” JAMA Internal Medicine, vol. 180, no. 11, 28 Sept. 2020, p. 1510, https://doi.org/10.1001/jamainternmed.2020.4793.

Frank, Richard G., and Paul B. Ginsburg. “Pharmaceutical industry profits and research and development.” Health Affairs - Forefront Group, 13 Nov. 2017, https://doi.org/10.1377/forefront.20171113.880918.

Greenwalt, Luke, and Hannah Law. “The Top 11 Pharma Trends to Watch throughout 2023.” IQVIA, 7 Mar. 2022, www.iqvia.com/locations/united-states/blogs/2022/03/top-11-pharma-trends-to-watch-throughout-2023.

Jhajharia, Ritu. “Digital Marketing in Pharma Industry: A Complete Guide.” Digital Vidya, 23 Aug. 2023, www.digitalvidya.com/blog/digital-marketing-in-pharma-industry/.

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McKinsey & Company. "Overcoming the Cost of Healthcare Transformation through Partnerships." McKinsey & Company, 2022, https://www.mckinsey.com/industries/healthcare-systems-and-services/our-insights/overcoming-the-cost-of-healthcare-transformation-through-partnerships.

Mulimani, Renuka S., and Gururaj S. Hadagali. "Pharmacy and Pharmacology Research in the BRICS Countries: A Scientometric Analysis." Webology, vol. 15, no. 1, June 2018, pp. 77-88. http://www.webology.org/2018/v15n1/a166.pdf.

PwC. “Creating a Stable Drug Pricing Strategy in an Unstable Global Market.” PwC, May 2019, https://www.pwc.com/us/en/industries/pharma-life-sciences/library/creating-a-stable-drug-pricing-strategy-in-an-unstable-global-market.html.https://www.investopedia.com/terms/m/market-research.asp.

Siemens. “Why Improving the Patient Experience Is Vital for the Health Care Industry and How to Do It.” Harvard Business Review, Siemens Healthineers, 9 Jan. 2019, hbr.org/sponsored/2019/01/why-improving-the-patient-experience-is-vital-for-the-health-care-industry-and-how-to-do-it.

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VII. About The Author

David  Orchard-Webb, Ph.D., is a technical writer with broad interests including  health & technology writing, plus extensive training and knowledge of  biomedicine and microbiology. My Ph.D. and postdoc were in oncology and  developing cancer medicines. I provide technical medical and other writing  services for projects ranging from “knowledge automation” to pure pharma, to  food safety, to the history of science, and everything in between. I also  provide white papers, ebooks, meta-analysis reviews, editing, consulting,  business, and market research-related activities in biomedicine, technology,  and health. In addition to its well-known role in the development of  medicines, I am a big believer in biotechnology’s ability to revolutionize  industries such as food-tech, agtech, textiles & fashion.