Release date: 2017-11-08
Nearly 60-70% of the healthcare market is still dominated by the North American market, and many small biopharmaceutical companies are reluctant to leave mature markets including the US, Europe, and Japan.
However, with increasing price pressures in these regions and rapid population growth (including global aging), large pharmaceutical companies need to find new markets that are not being developed. These markets not only provide many opportunities, but also drive the rise of more medical infrastructure and more demand for innovative drugs.
However, selling drugs in markets outside of a single geographic area has become increasingly difficult. Because the regulatory systems in these places are different and the payment systems are different, different marketing methods are needed. Even if there are many challenges and obstacles at this stage, it cannot prevent medicine from becoming a global economy.
1. Investment in China and investment from China
China is gradually becoming a biotechnology powerhouse and investment is increasing. But according to PamelaSpence, head of Ernst & Young's global life sciences, investment in China is not as good as investment from China, which is intriguing.
PamelaSpence pointed out that China's private equity capital in the US market is increasing, and private equity capital is flowing from the east to the west. According to data from investment bank Huaxing Capital, there were 37 companies involved in biotechnology and pharmaceutical transactions involving China in 2016, with a total value of US$6.8 billion, including Chinese companies acquiring biopharmaceutical companies in the US or Europe.
PamelaSpence also said that the open market is becoming more and more difficult and demanding for pharmaceutical companies, so many healthcare companies have turned to private equity with long-term investment foresight. The funds come mainly from private equity funds and sovereign wealth funds, entering companies that are actively promoting personalized medicine and focusing on biology and medical technology.
According to the report of EY 2017 Beyond Borders, Cinda Biotech completed a total of US$260 million in Series D financing at the end of 2016, which is the largest financing ever undertaken by Chinese biotechnology companies. The crazy pursuit of private equity and venture capital.
The activities of Chinese biotechnology companies in the US market are gradually increasing. For example, Ding Ding Pharmaceuticals listed on the NASDAQ in September this year, raising capital of 172.5 million US dollars. Baekje China is one of the first companies to appear in the US market in 2016, raising more than $150 million.
Sean Cao, general manager of China Bridge Capital, said that as a Chinese company with no income, it is difficult to obtain capital from markets outside China. The time we get funding is usually months, sometimes even six months.
However, restrictions on capital are not the only challenge. China tends to be a local company, and its previous regulatory system is also mainly facing Chinese companies. This situation has quietly changed. For example, CFDA has adjusted the matters related to the registration management of imported drugs, encouraged foreign companies to conduct clinical trials in China, and shortened the time interval for domestic and overseas listing of new drugs. This is a great innovation for international pharmaceutical companies. encourage.
2. The transparency of clinical trials has increased to a new level.
Seeking regulatory approvals in different regions means that pharmaceutical companies must conduct clinical trials in different countries at the same time. But almost all countries have their own clinical trial disclosure sites, such as clinicaltrials.gov, and have their own rules about data reporting. These sites were formerly pharmaceutical companies and researchers responsible for posting abstracts and clinical protocols for ongoing clinical research so that once the results are published in scientific journals, they can be accessed. However, with the more comprehensive and transparent disclosure of data proposed by clinical trials, these sites are constantly emerging, with nearly 90 worldwide.
These sites now include article abstracts, clinical trial protocols, final trial results, and statistical analysis. Due to the abundance of information, most pharmaceutical companies have a full-time team of 15-20 people whose job is to disclose clinical information on these websites.
According to Thomas Wicks, chief strategy officer at TrialScope, the challenge of global data transparency is that although the rules for these sites are roughly the same, the specific requirements are different. Wicks explained that the frameworks of these sites are similar and that a variety of information needs to be included in a single report, but the specific data for each site varies with national regulatory rules. At present, there is no standard for cross-site data, which makes pharmaceutical companies face a difficult task, and for laymen, visiting websites is more complicated.
The pharmaceutical industry is working hard to address this issue by including a basic linguistic data summary that makes it easier for non-professionals to read while being meaningful, accurate but not publicized.
This is becoming more and more important as more and more patients are now browsing these types of websites to find out about participating in clinical trials. In addition, these sites have become an important tool for pharmaceutical companies to communicate the results of clinical trials to participants.
3. Commercialization challenges
At present, there are nearly 200 countries in the world with their own regulations and requirements, and pharmaceutical companies face enormous difficulties in launching drugs simultaneously in multiple markets. For these reasons, pharmaceutical companies often include these countries in different baskets based on 4-5 standards, said Pratap Khedkar, director of biopharmaceutical practice management at ZS Associates. The simplest of these standards is the size and complexity of the market, such as the more advanced markets of the United States, the United Kingdom and Japan, and the business strategy of an emerging market, the Middle East and Latin America.
Another factor that affects drug marketability is who is the most powerful stakeholder. For example, in India and China, doctors have played a huge role in determining the course of treatment, and in the United States, American patients are more aware of the role of prescription drugs DTCA (prescription drugs for consumers, only the United States and Canada are allowed worldwide). Their decision-making and drug use, which is still dominated by doctors, is gradually weakening.
The largest stakeholder in any market is the payer. The US payment system relies mainly on private insurance companies, the UK is a single payment system, China is managed by the government, and India has a cash model where patients pay for their money from their pockets.
The type of payment system, the rights of consumers, and the influence of doctors are different in different countries. Khedkar said that, like the US market, the biggest problem is how to increase investment in digitalization, while reducing the expenditure of medical representatives, and keeping payers happy and occupying a position in the prescription.
On the other hand, it is also beneficial to explore the similarities of different markets in Europe, but in these markets, many markets lack doctor-level data, making it difficult for pharmaceutical companies to accurately target. However, in countries such as India and China, there are still some challenges due to digital insecurity.
Reference source:
3 Trends in pharma globalization
Source: Sina Pharmaceutical
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