1. How will the industry shape up by 2023 and what it means for the Pharma & Nutraceutical companies in 2018?
India is among the fastest growing destinations globally for high quality healthcare at competitive prices in comparison to healthcare in many developed markets. Therefore MNCs in Pharmaceutical and Nutraceutical industry are actively considering India as among the top 5 potential markets for many of their existing products and future formulations in specialty segments.
Major Indian companies are also targeting aggressive growth and expansion. They are on the lookout for robust strategies to enter new segments or better to pioneer new segments in the Indian market. They are exploring the possibilities of entering new international markets where they can effectively leverage their existing strengths.
Robust strategies not only open new avenues for growth, they also help diversify the risks involved with catering to a single market. More importantly these strategies enable companies to bring their ‘vision’ to life.
Entry Strategy will be at the core of this activity and will form the basis for successful new segment/new market entry.
2. How well is Interlink positioned to conduct New Market / New Segment Entry?
IMC’s vast expertise in this area has enabled it to develop a suite of strategies which can be tailored to suit the unique needs of a client. (Interlink has mentioned 5 entry strategies, 20-25 segments and 4 international projects executed by IMC – can provide some details of these to strengthen this section)
Most companies, while exploring opportunities for new market/segment entry, overlook key and very important insights that could make or break the outcome.
Oversight #1: Many companies are excited about the prospects of entering new markets/segments and often jump in without having adequate knowledge of regulatory frameworks, corporate and labor laws and human rights issues unique to each market.
This lack of oversight is a major cause for failure of more than 50-60% (figures to be ascertained by IMC) new market/segment entry initiatives.
Oversight #2: Many MNCs jump into the Indian market largely drawn by its sheer market size and impressive economic growth, without pausing to understand its unique features, characteristics and dynamics.
There have been many instances of MNCs especially from the developed world, who have been drawn to India, entered enthusiastically and burnt their fingers. This is largely because they have simply failed to comprehend the mindset of the Indian consumer. India has always been a tough nut to crack for western MNCs because nearly all the knowledge they have at their disposal doesn’t make much sense when applied in the Indian context. Often they have to start with a clean slate and an open mindset. It is more prudent for MNCs to seek relevant advice from trustworthy sources who have in depth understanding and deep insights of the Indian market.
Oversight #3: Many companies plunge headlong into new markets without exploring possibilities of partnerships or joint ventures.
It is often more prudent for a company to explore options of partnerships or joint ventures when entering a new market, especially one which the company has little knowledge about. Many companies fail or are stuck at a point beyond which they do not find adequate options to grow. It is advisable for companies to get the right insights from trustworthy sources who have in depth understanding and deep insights of the new market.
3. What is Interlink’s Value Proposition?
IMC's perfect blend of experience and expertise give it unique strengths in areas highly valued by clients:
- Deep market insights
- Up-to-date regulatory framework knowledge
- Industry leading forecasting accuracy (99%)
These strengths make IMC the perfect destination for effectively and efficiently overcoming the many complex challenges companies face in the present hyper-competitive environment. The association with IMC frees companies from confusion of uncertainty and helps them focus on what they do best - deliver superior products to customers. Interlink’s team of experienced and expert consultants having relevant and updated knowledge and skills with comprehension of environment. Our ability to work on future forecast and regularly tapping new molecules, R&D efforts and future competition for better forecast sets us apart from the rest. Interlink is one of the only few consultancies spending substantial R&D budget on a regular basis, therefore growing our knowledge cell exponentially every quarter from last 36 quarters. Interlink can conduct a BDD within 12 to 15 weeks thereby shortening the time span owing to our knowledge cell and experience of consultants. The key is not 'What To Do' but 'How To Do' based on the industry knowledge and execution capabilities.
4. How do we create value in our engagement?
While most of the industry players engage on two node fee structure, Interlink offers its clients milestones based payments. We use tools and technology to bring in transparency in all our engagements to that the client expectations and our deliverable match completely. We follow strong processes that in turns enhances the value of our clients experiences.