Emerging Market Strategy
The slow growths in the established markets – the U.S., Western Europe, and Japan – and the high growth potential in some of the emerging economies is making healthcare companies look at the emerging markets for their growth. Though till recently the developing countries were seen as low-cost sourcing countries, the structural changes such as fast economic growth, change in the people lifestyle and attitude towards healthcare, government policies are making the developing countries as the hot destination for the desired growth within the medical device and pharma Industries.
The combined GDP of BRIC countries (Brazil, Russia, India, and China) is expected to be around 22% of the world GDP by 2015, surpassing that of the United States. Most medical device and pharma companies have been trying to capitalize on this opportunity as evident from the recent steps and investments by major healthcare companies. Even small companies are seriously considering pilot launching their products in any of the emerging nations to demonstrate the overall global market opportunity to the investors or the potential acquirers.
The dynamics in these countries are completely different from that of the developed countries. This includes market related, demographic, lifestyle and behavioral, government/regulatory policies, healthcare infrastructural including facilities and physicians, healthcare payment scenario, and local competition. Understanding the obvious and subtle differences between the developing countries and developed countries dynamics is very essential to craft a strategy that will be successful in the emerging markets.
Orbees Medical is a global organization with a knowledge centre in India. By working on several projects focusing on other developing nations, Orbees also gained good understanding of the other emerging markets. Because of the geographical advantage and the experience in the emerging markets, Orbees Medical is well acquainted with the intriguing market dynamics of these regions; we also have strong relationships with various stakeholders including leading physicians and hospitals, and regulatory personnel. This enables us to assess the market potential for a therapy and help our customers to craft a customized strategy for market entry or expansion.
Due to the critical experience we gain while evaluating the markets and developing the strategy, some of our customers like to take advantage of our presence in India to develop the market for their products. We recently launched the products of a U.S. based company in India.