Emerging Markets and OTC Markets: Future Opportunities and Current Challenges
According to some industry experts, emerging markets represent the future of the pharmaceutical industry. These are often called the BRIC markets (an acronym for Brazil, Russia, India, and China), but other countries also fall into this category, such as Egypt, Argentina, and Pakistan. Recent research suggests that emerging markets are viewed as having great promise because of a growing middle class and improved infrastructure: these markets currently represent approximately 25 percent of pharmaceutical multinational sales (Staton, 2013). In the immediate future, there is a strong probability that many global marketing budgets will be allocated to these markets with both US and European marketing budgets and organizations shrinking in size. Global marketing divisions will need to be aware of how these markets function and more importantly, how each market is different despite their apparent similarities. While opportunities certainly exist, managing the differences in these markets from the more traditional Western markets presents signifi cant challenges to the industry.