Challenges in the Pharma industry
The global pharmaceutical industry is facing major challenges, ranging from increasing competition, new legislation, complex market access and pricing frameworks, to digital transformation, expiring patents and rising research and development costs. In addition, the pharmaceutical industry is experiencing high levels of regional variation, which makes the task of facing these new challenges even more daunting.
China is the world's second largest pharmaceutical market, and its monumental growth isn’t stopping any time soon. The pharmaceutical industry is one of ten key industries identified by the government in its "Made in China 2025" strategy. The Chinese market has been characterized by stricter approval procedures and regulatory changes in recent years. The strong focus on innovative medicines, fast-moving approval processes and increasing Chinese competition poses a challenge for Western pharmaceutical companies.
The COVID-19 pandemic has highlighted the importance of a crisis-proof system in which we can ensure the availability of medicines under all circumstances. Digitalization and innovation are drivers for the establishment and development of new drugs. The European pharmaceutical market faces challenges in this regard. In addition, Europe is seeing an ageing population, a dependence on importing medicines from third countries, high cost pressure for new registrations, and regional variation in the selection of marketing strategies.
Overcoming the challenges
To meet these challenges adequately, pharmaceutical companies need to understand the market and patients’ needs holistically. The dynamic market environment, especially in the Chinese market, requires increased tactical and strategic expertise. The complex regulatory environment and non-transparent market structures in China make market entry and expansion of the competitive position difficult.
Entering and expanding your business in the pharma market in China or Europe can be highly complicated and challenging. On the one hand, the big global players have entered and taken a sizeable share of the market and leave limited room for new entrées. On the other hand, government values more and more the competitiveness and development of local companies and limits the role of international companies by policies such as the Chinese Volume-based Procurement. With the research and analysis conducted by our local team in China and Germany we offer our client a strategic planning with the first-hand information and understanding of the latest regulatory and policies, in order to realize a long-term and continuous business prospect.
With extensive experience and profound knowledge of the Chinese as well as the European healthcare market, SILREAL GmbH helps pharmaceutical companies exploit previously untapped potential and establish themselves on the market successfully and sustainably. By cooperating and consulting with various private and public companies, such as the German Federal Ministry of Health and the European Federation of Pharmaceutical Associations (EFPIA), we have gained sufficient experience to help and assist you to achieve your success.
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