Sales Force Effectiveness in Asia-Pacific: Free report
SummaryThis free report looks into the huge opportunities and challenges available to pharmaceutical companies when it comes to increasing sales force effectiveness in the Asia-Pacific region. Download the report here - http://www.eyeforpharma.com/sfeapac/report.shtml
The pharmaceutical market in Asia-Pacific has quickly become the focus of global pharmaceutical companies as they seek to drive growth worldwide. With traditionally strong markets like the US and Europe stagnating, emerging markets, like those found in China, India, Singapore and Hong Kong are gaining importance.
IMS Health, which annually studies market performance, confirms there is a shift in growth from mature markets to emerging ones. According to the group, sales grew only 8.3% in North America to $290.1 billion and increased just 4.4% in Europe to $123.2 billion in 2006. Asia, Australia and Africa, however, saw growth of 10.5% to $66 billion in 2006, up from $46.4 billion in 2005.
Over the next five years, the market in China has the potential to grow at 15-18 %, and to become the seventh largest market worldwide by 2010, Ray Hill, IMS Health’s global consulting general manager predicts.
India, the region’s second largest market, logged growth of 17.5% to $7.3 billion in 2006, making it one of the fastest growing markets in the world, the group says.
Strong market gains also are being seen in Hong Kong and Singapore and Frost & Sullivan reports tremendous growth potential in Southeast Asian nations, including Indonesia, Thailand and Malaysia.
Despite the impressive growth figures, however, Asia-Pacific markets are not without their challenges.
Market experts agree that success in the region will rely on transferring effective approaches developed in core markets, but adapting them to the diverse needs of local areas within the region, which are all at varying stages of evolution.
To sustain growth, pharma companies need to stay ahead of the dynamics that are rebalancing the marketplace worldwide, says Murray Aitken, IMS Health’s senior vice president for corporate strategy. It will require a sharper focus on R&D and portfolio strategies, a demonstration of the value of medications among key stakeholders and the realization of productivity gains from sales, marketing and launch investments, he says.
Pharmaceutical executives surveyed by eyeforpharma say healthcare cost containment, competition from generics and increases in codes and regulations are among the biggest challenges for companies operating in Asia-Pacific. And the biggest gains, they agree, will come from developing strong pipelines and increasing the efficiency of their sales forces.
What they disagree on is whether sales force size will grow, but that may be due to regional differences. Fifty-one percent of survey participants say sales force size will increase at least 5%. Some (14%) say sales force size will hold steady, while 35% believe it will actually decrease by at least 5%.
For the full report visit: http://www.eyeforpharma.com/sfeapac/report.shtml
To learn more about SFE in the region, please make plans to attend eyeforpharma's Sales Force Effectiveness Asia-Pacific conference 11-12th September in Singapore. For more information or to register, please visit www.eyeforpharma.com/SFEAPAC/pw .