Developing a new drug and introducing it to the marketplace is a very expensive, lengthy process. 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.
There is a major opportunity for market expansion, however. 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.
The conventional big data approach to introducing pharmaceuticals to a new market have typically been logistical nightmares. To be successful, organizations will have to employ a different approach. They must identify target markets and measure market performance, predict emerging markets and operationalize processes and transform through visualizations that clearly identify courses of actions.
To learn more about how an organization can rule pharmaceutical emerging markets with data, check out the full infographic below on the topic by Spotfire.