Pfizer: Forging Strategic Alliances With Partners in India and China
One of the most important themes that emerge is that pharmaceutical firms need to look at forging serious partnerships in the economic powerhouses that is India and China. It goes without saying that their rapid growth thus and huge potential for further growth means that any company worth it’s weigh in salt has to have a strategy that have these two countries central in their plans. That was one of the things which Salomon Azoulay, Senior Vice-President for Pfizer’s Medical and Development unit in emerging markets was trying to convey. Indeed as it was revealed during his presentation at the Pharma Trials World Asia, Pfizer has been actively looking to use the technological approach to deliver innovative research and development that delivers end results in the most efficient manner possible that is focused on China and India.
One of the key reasons why Pfizer is looking to China and India is that both these nations have conditions which make them favourable for clinical development. There is a large avenue to begin pharmaceutical therapy trials as the large population for these two nations means that they have a large sample size to begin with. This is something which is pharmaceuticals may not necessarily enjoy in other develop countries. Furthermore the inherent structural advantages within these two nations means that pharmaceutical firms do get to enjoy lower cost to run a long term pharmaceutical trial.
While Salomon did concede that there are several existing issues which companies need to deal with when dealing in the two countries. For example the length of time it takes before CTA approval is granted in China and the complex protocol requirements in India, the enormous potential that can be found in these two nations meant that in the long term they have to be included in any forward looking plans.