Reaching out

Within the US$400 billion-plus pharmaceutical industry, there is no denying the current upsurge of intense and growing competition, a rising demand for increased customisation, volatile consumer demand, and the need for short product lifecycles. To add even more complexity, today's pharmaceutical industry is one of the most truly global marketplaces in existence.

Marketing materials, products, supply chains and customers are distributed across many countries, where different customs and cultures come into effect, and distribution is organized over various tiers. Lack of cooperation or collaboration over this extended network could prove disastrous, particularly when you consider how often, and how quickly, pharmaceutical companies are expected to react to sudden changes in demand.

Pharma companies today also have the challenge of reaching an increasingly sophisticated customer – in every country, across the globe – whilst also managing to bring their products to market within much shorter timescales. Ultimately, what companies really want is to place the right drugs into the right markets at the right time. But which are the right markets? And how do you know when it is the right time?

Conversis, a leading provider of globalization, internationalization, localization and translation (GILT) services, addresses company’s individual business needs as they expand into new markets worldwide and is advancing the understanding and use of GILT as a strategic business tool.

The company is not alone. Already, there are more than 5000 specialists in the GILT marketplace, accounting for a market already worth US$8.8 billion. By 2010, this figure is expected to rise to US$12 billion, and the pharmaceutical industry is expected to account for a sizable portion of these figures.

The reasons behind this rapid growth are clear: market differentiation and localization is absolutely key for Pharma companies, both in terms of their products and processes. Pharma companies have long understood the need to promote and distribute their products effectively in diverse international markets. The global nature of the products they produce, combined with the need for local confidence, has meant that they are amongst the most sophisticated localizers in the industry.

To be truly localized, however, a product must be presented to the buyer in a way that demonstrates an understanding of the market in which it is being sold. It must take account of local customs and preferences; it must be mindful of the cultural and social norms within the target country; and of course the translation must be accurate and comply with the legal and regulatory requirements of each market.

Having country-specific information like this as part of your GILT strategy makes for more than just fascinating reading; it can influence policy and aid with decision-making. It is not only critical to executives who must determine the most efficient and cost-effective go-to-market strategy for their global expansion, but it can also be vital for companies who need to help their employees understand and be sensitive to the customs and values of the region they are entering.

It has long been said that 'information is power', and this idea certainly holds true as companies begin to extend their global reach. Pharma companies today face some of the toughest challenges in the market. From differing clinical trial demands in differing locales; differing sales and distribution channels across the globe; the coordinating of multiple, simultaneous launches to market; and even drug cloning and counterfeiting – the pharma industry needs to insist on accuracy of information at all times. To meet these challenges requires a truly globalised operation in every facet of their business.