In decades various pharmaceutical companies have strived to launch new drugs to control the population. The pressure is inevitable; patents are expiring and pipelines failing. Severe measures in many states have recorded an increase in the local and global market. Similarly, launches have grown in number and have grown to be more competitive. A report reveals that at least 400 new products will be launched in the next three years. Launching pharmaceuticals in Latin America is not something that can happen overnight. Eventually, Latin America is one of the best options for future pharmaceutical companies. Subsequently, the area is equipped with large markets: Brazil as the leading healthcare expenditure in the region claims almost 43% of the area’s pharmaceutical business between 2013-2017. Mexico is the region’s second best largest market claiming nearly 175 of the region’s sales. Before jumping into Pharma business in Latin America, It is imperative to consider an extensive array of business aspects. Research and extension is a key factor to flourish in this enterprise; political, commercial and geographical factors are they to real research. The study shows how a company can launch a pharmaceutical in Latin America.
How can a company launch Pharmaceuticals in Latin America?
The study was conducted in two phases the qualitative and quantitative comparative study about the global health sector and how to start a pharmaceutical in Latin America. To get accurate information, we used online surveys and the response was quite overwhelming. The primary data collection methods used was reporting, the strategies and guidelines that would lead to a successful pharmaceutical company in Latin America. Also, we used the observation methods were necessary and used of photographs to show the relevance of the data. Lastly, the used the questioner and reporting techniques to get statistical and numerical data, that helped us to get accurate information.
Before navigating into the pharmaceutical market in Latin America, the company should evaluate the following questions.
1. What is the possible outcome?
2. Which are the best areas to launch pharmaceutical?
Evaluating these questions lay company’s ground framework, purpose and the prospects of the enterprise. The second move is to discover lucrative spots in the region and venture in fast moving markets. Also, it’s important to know the performance of the existing markets and their prospects. The company must identify the leading businesses and their potential for market expansion. Study show that the general revenue for the Latin America will almost $87.29 billion by 2018, this indicates that in future the aging population in the region will double investment in the global care system (“Latin American Pharmaceutical Market Outlook 2015-2025 – PHA0066”, 2016). The key companies in the area include these:
One of the most important things while launching pharmaceutical is the company profile. The profile provides information about the historical revenues, talks about the enterprise’s performance and outlook and a brief evaluation of Latin American strategies.
Issues that affect the Latin American pharmaceutical industry
The paper will discuss some of the problems and occurrence affecting the Latin American pharmaceutical industry. They are commercial, technological and economic issues that present a competitive environment for a launching a business. They include:
• Highly diverse areas necessitating intense awareness of each national market
• Quickly growing regulatory environment
• Economic drawback encouraging innovation
Successful pharmaceutical launches involve different skills. Firstly, the company should consider starting potent drugs perceived to treat deadly diseases. For instance, the company can produce medication to cure cancer or lower blood sugar. The aim of this strategy is to get trust from various pharmaceutical dealers because such drugs are believed to be of high quality. Subsequently, this will increase the number of sales by capturing their full latent and shifting capital from the brands to fund the launch in the Latin American market. The company should go public. Reaching out to the areas that are highly affected by a huge number of infections may be a very great strategy (Ahlawat, Chierchia, & Arkel, 2016). The launch should be positioned in the areas that will allow the drug to be showcased to patients efficiently and create a different perception about their competitors. In this light, innovative approaches must be taken into consideration to ensure that information given to the multitude is relevant and most importantly superior to their competitors’. Also, product pricing may be a suitable method for initiating differentiation. The company should ensure that they have an extensive comprehension of the Latin American market. It needs to make sure that it doesn’t underinvest and needs to be ready to react to the course acutely (Ahlawat, Chierchia, & Arkel, 2016).
While launching pharmaceutical in Latin America, the company in question must follow necessary steps of recognizing the decisions that should be taken into consideration during the time of the launch. It should be able to ensure quality standards, roadmap, readiness and resource benchmarks are in place. For a successful launch, the company should shape and make its evaluation efficiently. Consequently, launching differs in various ways and has a diverse set of success factors; the company should be good in executing some of these factors. Moreover, selecting, training and motivating the great launch staff, by fostering great cultural and management tactics to make a start run smooth and in style. A huge percentage of this launches do not go as planned and many companies end losing a lot of funds. Today’s natural world demands methodical tactic: pharmaceutical companies must institute unmet needs in a disease affected areas just like for our case in Latin America. A deeply well-researched client insight should be the guideline to a successful launch. Every company should consider landing product safety to the market, exploit the launch uptake, and use diverse management experience to fine-tune partial performance (Ahlawat, Chierchia, & Arkel, 2016).
Ahlawat, H., Chierchia, G., & Arkel, P. (2016). The secret of successful drug launches. McKinsey & Company. Retrieved 18 December 2016, from http://www.mckinsey.com/industries/pharmaceuticals-and-medical-products/our-insights/the-secret-of-successful-drug-launches
Latin American Pharmaceutical Market Outlook 2015-2025 – PHA0066. (2016). Vision gain. Retrieved 18 December 2016, from https://www.visiongain.com/Report/1505/Latin-American-Pharmaceutical-Market-Outlook-2015-2025