Pharmaceutical companies are discovering the biggest potential for growth today is in emerging markets. However, this does not mean a company can enter one of these markets and expect to succeed without having a plan in place. What can a pharmaceutical company do to increase its odds of success in an emerging market?
Benefit from Technology
Pharmaceutical companies need to use technology to better meet the needs of consumers. For instance, they must ensure they have products on hand when consumers need them.
Today, managing pharmaceutical inventory is more important than ever before because consumers will go elsewhere if they don’t find the products or services they want. Those consumers may never return to the company that did not have the desired items in stock. As it costs more to acquire a new customer than to keep an existing one, pharmaceutical companies need to meet the needs of the customers they currently have.
The Human Touch
Consumers want to know who they are dealing with when they spend their money. The pharmaceutical company often appears uncaring, particularly when a person sees countless ads for personal injury lawyers looking to sue a company for side effects from a medication. People assume the company was only looking to make a profit and didn’t care if its products harmed a small percentage of users.
Highlight individuals who have benefited from using the products to help the company appear authentic, caring, and legitimate. When consumers see real-life stories from satisfied users, they will trust the company more and see it as a human rather than an uncaring entity.
Focus on Emerging Markets
Emerging markets allow any pharmaceutical company to grow its consumer base. This industry remains extremely competitive, so emerging markets offer the biggest potential for growth. However, the company must employ individuals who know how to connect with individuals in these markets and show them the value of the products or services being offered.
Increased affluence in developing companies often leads to an increase in health issues, as people have more money to spend on unhealthy habits. For instance, India is a developing country, and experts predict cancer and diabetes rates will increase significantly in the coming decade. Pharmaceutical companies need to rise to the challenge and be prepared to meet the needs of these consumers.
The Right Talent
Pharmaceutical companies must ensure they have the right people in place to succeed in emerging markets. This presents a challenge because there may be a talent shortage in these markets. In addition, people often seek new opportunities as they move up the ladder in their careers. A dynamic employment environment remains one of the biggest challenges for pharmaceutical companies looking to gain a foothold in an emerging market.
Attracting this talent is only part of the equation. The company must also find a way to keep talent once it is in place. For example, the company needs to find the right work-home balance for employees and look for non-monetary ways to reward employees who do an excellent job. As this varies by country and culture, a one-size-fits-all approach isn’t appropriate when entering new markets.
A pharmaceutical company should take other steps to increase its odds of success in an emerging market. For example, it needs a robust digital marketing plan and must make transparency in its operations a priority. With the right measures in place, a pharmaceutical company will find it can grow its customer base in an emerging market in little time.