Supply Chain Management Is The Key To Top-Line Growth In The 21st Century For Pharmaceutical And Medical Device ManufacturersSource: UPS Healthcare
By Scott Szwast, Healthcare Segment Marketing Director, UPS
It has been said that ‘demographics are destiny,’ and this is certainly true of the global growth of the middle class. Newly empowered consumers around the world are creating dynamic and expanding new markets for products that promise to sustain and improve the quality of their lives. International trade has become particularly important for pharmaceutical and medical device manufacturers because 57 percent of demand is now found outside of North America. Foreign markets are also manifesting the fastest growth. Yet less than one percent of U.S. healthcare companies export3. What factors hinder pharmaceutical and medical device organizations from participating in the large and growing global marketplace? Many companies cite two primary concerns as the impediment to taking their businesses beyond a solely domestic focus.
The first challenge for pharmaceutical and medical device companies is to secure regulatory approval for their product portfolios in new countries. Many healthcare-focused businesspeople remember the complex approval processes required for product launches in home markets and are daunted by fears of foreign certifications and the bureaucracies that administer them.