Developing a drug and introducing it to the marketplace is extremely expensive and time-consuming. The average cost to develop a new drug is between four and 11 billion dollars, and it takes 12 years from discovery to market. Fewer than one in 10 drugs that start human clinical trials make it to market. Given the enormous cost to develop a new drug, mature pharma markets are stagnating.
Over the next five years, two-thirds of pharmaceutical sales growth will come from emerging markets, including Argentina, India, China, Nigeria, Egypt, Saudi Arabia, Ukraine, Pakistan, Algeria, Vietnam, South Africa, Indonesia, Thailand, Venezuela, Poland, South Korea, Russia, Turkey and Brazil. While this presents incredible potential, how can organizations compete to capture new opportunities? It all boils down to data and analytics.
Traditionally, introducing pharmaceuticals to a new market via the big data approach was a logistical nightmare. The cost due to proliferation and complexity of data was unsustainable. To succeed at capturing emerging markets, organizations must identify target markets and measure market performance, predict emerging markets and operationalize processes and transform through visualizations that clearly identify courses of actions.
The winners will be those who understand the challenges of their markets and have smart goals that allow for flexibility. To learn more, check out the full infographic below on the topic by Spotfire.
