The pharmaceutical industry is rapidly expanding in regions like GCC, CIS, MENA, CEE, Balkans, EE and LATM.

These emerging markets offer a lot of potential because more people are spending on healthcare and wanting new treatments. They have a market size of $100 billion in terms of rare diseases. 

However, pharmaceutical companies often fail to reach these areas due to market access barriers. To capitalize on this opportunity, you need to know the regulations of these regions and develop successful entry strategies. 

There are many pharmaceutical companies that provide medical market access strategies. You can partner with them to connect with the patients in these areas successfully. 

Keep reading to learn about the 10 best medical market access strategies for emerging regions.

About Medical Market Access

Market access means patients get the treatment they need at the right price and time. Your market access team should work to make sure that your products are covered by payers. 

You should plan how each drug will be priced, how it’ll be paid for, and how it gets to the patients who need it.

The main part of your pharmaceutical market entry plan is to show why your product is valuable to payers, providers, and patients. This step is very important as it decides if people will start using the treatment. 

Making sure your drug gets into the market successfully depends a lot on how well you communicate its value to the key stakeholders.

Common Market Access Barriers

Here are some common problems that make the pharmaceutical market entry process difficult:

· Regulatory hurdles delay medication approval

· Limited insurance coverage restricts patient access

· High treatment costs limit affordability

· Complex reimbursement processes delay availability

· Lack of healthcare infrastructure hampers distribution

· Pricing negotiations challenge market entry

· Competition from established brands limits market share

· Inadequate market understanding obstructs product uptake

Pharmaceutical companies often face these problems when trying to launch and market their products in emerging markets.

Emerging Markets for Pharmaceutical Industry

Here are some regions with rapidly increasing markets for pharmaceutical industries:

Region	Member Countries/Regions	Market Size/Projection
CIS	Former Soviet republics	$28.77 billion (2019-20)
Ukraine	Central and Eastern European region	Among the 10 biggest pharmaceutical industries in the CEE region
Eurasian Economic Union (EAEU)	Armenia, Belarus, Kazakhstan, Kyrgyz Republic, Russia	$17.2 billion (2016)
GCC	Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, UAE	Projected $20+ billion by 2025
MENA	Middle East, North Africa	Expected CAGR Growth: 6.3% (2021-2028)
LATAM	Central America, South America, Caribbean	Predicted CAGR Growth: 6.5% (2021-2028)
CEE	Central Europe, Southeast Europe, Eastern Europe	Anticipated CAGR Growth: 6.8% (2021-2028)
EE	Eastern European region	Expected CAGR Growth: 6.8% (2021-2028)
Balkans	Southeast European countries	Predicted CAGR Growth: 6.5% (2021-2028)

10 Effective Medical Market Access Strategies for Emerging Markets

Here are 10 effective pharmaceutical market entry strategies for emerging markets:

1. Regulatory Expertise

The most significant obstacle for pharmaceutical companies seeking to enter a market is complying with market regulations. The fact that every market operates under a unique set of regulations complicates the process. 

To ensure that your products are accessible, you must be familiar with and able to navigate the regulations of a new market. Consult with local authorities who are well-versed in the law. This approach guarantees that your products satisfy every criterion for authorization, facilitating a seamless market entry.

2. Partnership and Collaboration

This approach entails forming partnerships with regional businesses or organizations. Establish alliances with hospitals or distributors in the new region to accomplish this. By doing so, you can leverage their networks to expand your customer base and expedite the distribution of your products.

3. Tailored Pricing and Affordability

The price that you establish for the market must be sufficiently affordable for the patients. This approach entails establishing prices in accordance with the local economy. In order to execute the plan, conduct market financial research and establish prices that are affordable to consumers. This strategy facilitates the accessibility of your products, thereby increasing sales and market penetration.

4. Patient-Centric Solutions

When developing services and products, you must keep patients in mind. Create solutions that specifically address the requirements of patients and involve them in the product development process to achieve this objective. This approach fosters confidence and allegiance among clients, resulting in amplified market demand and expansion.

5. Localized Marketing and Education

It involves explaining and promoting your products in a manner consistent with the local language and culture. To achieve this, customize your educational and promotional materials to align with the customs of the region. This strategy increases the likelihood that individuals will utilize your products by facilitating their comprehension of them.

6. Supply Chain Optimization

This requires ensuring that products travel from production to the consumer without incident. To achieve this, streamline the manufacturing, storage, and distribution processes. You guarantee a reliable and consistent supply of your products in the new market, ensuring that they are available when and where they are required.

7. Patient Access Programs

The purpose of these initiatives is to facilitate patients’ access to necessary treatments. Programs that assist patients in affording or gaining access to medications, possibly through discounts, financial assistance, or information, are required for the strategy’s implementation. Such programs increase the number of patients who have access to your products, thereby expanding your market share.

8. Government Relations and Advocacy

Establishing connections with government officials in order to exert influence over healthcare policies constitutes this approach. Engaging in dialogues and establishing partnerships with policymakers to advocate for policies that facilitate the accessibility and utilization of your products in the marketplace can help you achieve this objective. Establishing and nurturing these relationships can facilitate a more seamless transition into the market and increase consumer acceptance of the product.

9. Clinical Evidence and Value Demonstration

You must provide solid and reliable evidence that your products function and provide value. Conduct research and collect data to demonstrate the efficacy and cost-effectiveness of your products in order to accomplish this. Establishing credibility with healthcare providers and payers through the provision of substantial evidence facilitates the introduction of your products to the market.

10. Key Opinion Leader (KOL) Identification

By identifying and interacting with KOLs, you can strengthen your connections with crucial stakeholders in emerging markets. Patient requirements, regulatory frameworks, and local healthcare systems are all aspects where KOLs can offer invaluable insight.  

Conclusion

To date, market access remains a big problem for pharmaceutical companies, especially for emerging markets. Common hurdles like regulations, supply chain management, approvals, price negotiations, and competition can make it really difficult to reach patients in emerging regions. 

BioMedica is a pharmaceutical company that can help you with market access. Their expertise lies in the commercialization of rare disease products, addressing unmet patient needs across 25+ emerging markets. With extensive local networks, they can help expand your geographic presence to 730 million people around the world.

They have a team of experts that can easily navigate complex regulatory pathways, emphasizing patient-centric solutions. BioMedica’s proactive, compliance-centric approach and innovative market access strategies enable rapid entry into new markets, fostering a healthier, more equitable world.