India’s pharma sector continues to expand rapidly!
Today, it is growing at 13% annually.
By 2025, it is expected to reach $100B from $11B in 2016.
India accounts for 20% of global exports in generics.
Indian drugs are exported to more than 200 countries worldwide.
Growth will come from focusing on new markets.
Lupin, for example, has been making progress in South America, Russia and Eastern Europe.
Sun Pharma is a great Indian international success story! Today, it gets 74% of its sales from international markets. It has been growing at an annual rate of over 24% since 2009.
In 2017, Aurobindo Pharma, Intas, Piramal Group, Serum Institute, Cadila and Darbur acquired companies in Portugal, the Czech Republic, the UK, South Africa and the US.
Cipla, Glenmark and Lupin have all expanded into Western markets.
Aurobindo Pharma, Cadila, Torrent Pharmaceuticals and Intas are all in the running to acquire Sanofi’s European generics business. This growth can be fuelled further by expanding into global markets. There is always going to be a need for generic medication that can be bought at affordable prices.
While, there are essential steps required for global expansion or for tapping into new markets, one of the most relevant aspects to consider is the utilisation of a localization strategy.
A strong translation and localization strategy is critical for success in new markets!
Translation has not always been seen as a high impact business function.
Most Indian life science companies don’t have centralized translation procurement policies.
The labelling department arranges their own translations, the product departments are using someone else, the marketing department uses their own translation agencies.
There is no coordination, no consistency across business units.
Talk to us about centralizing and coordinating translation efforts to increase your chances of success in global markets.