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While most multinational pharmaceutical companies have significant experience launching products in the West, China is a unique market for many reasons, and what works in Europe or the United States is not easily transferred here.
A key to success in China is extensive pre-launch initiatives such as local clinical trials and a communication strategy focused very early on the need for a new therapy.
This gives all interested stakeholders time to become familiar with the product, the company producing it and the proposed launch and distribution plan. Companies will need to understand the concerns of, and work with, four key stakeholder groups throughout the socialization and launch process cycle.
Almost everyone in the pharmaceutical industry recognizes the enormous unmet need and business opportunities in China. Indeed, with nearly 1.4 billion citizens, China is the fastest growing market in the world in terms of potential customers. It is forecast to become the third largest pharmaceutical market by 2012.
Furthermore, the government in China is identifying and approving more drug therapies for a wide range of conditions as part of its health care reform initiative. Healthcare coverage is also expanding, with 90 percent of the population now having at least basic coverage.
In addition, reimbursement levels are increasing as more systematic approaches to providing both primary and secondary specialized care take hold. All these efforts are to ensure that adequate treatment is available for more Chinese citizens, in both urban and rural areas.
This paper highlights the challenges that a particular company can face while launching a pharmaceutical product in China. Below are the challenges elaborated in this white paper:
July 19, 2011
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