The rise of emerging markets has been a defining feature of the global economy this century. The massive uptick in performance within these economies means they now contribute more than half of global GDP. When it comes to healthcare, most of these emerging markets are expected to experience double-digit growth. They’re predicted to account for 30% of global pharmaceutical spend by the end of next year.
The traditionally lucrative Western pharma markets are becoming challenging from a growth perspective, with governments exerting downward pressures on healthcare costs. On top of that, companies are experiencing dwindling drug pipelines – and the risks associated with developing innovative products for regulated markets are constantly increasing. In response to these challenges, corporate boardrooms are now committing dedicated resources to conquer emerging markets as a way of sustaining growth. The move is driven by the increasing prosperity in emerging markets, coupled with a growing awareness of the advantages of good healthcare and healthier lifestyles.
Against this background, Cambridge Consultants engaged in a workshop-style dialogue with a cross-section of senior personnel from both Indian and multinational pharma companies to debate whether emerging markets offer a realistic opportunity to drive sustainable growth. The participants had a wide range of backgrounds and expertise – from strategy, commercial and medical to R&D, marketing and consulting – and represented organisations of all sizes to ensure insights were gathered from all corners of the pharma industry.
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