Too Big to Ignore: What CI Needs to Do to Make the China Market Manageable
Chinese pharmaceutical companies present both an opportunity and a threat to their international counterparts. In this blog, we explore what Western pharmaceutical businesses need to do as the world’s manufacturing hub begins building a reputation for quality.
Associate Director at Prescient Healthcare Group
Competitive intelligence (CI) provides insights that are essential for any activity or strategy in the pharmaceutical industry. Crucially, CI is deployed for businesses to understand how markets function across different geographies. How a drug makes the journey from a lab to a patient is perhaps the most important “known unknown” for any company looking to enter a new territory.
China presents a quandary
“The best time to plant a tree was 20 years ago; the second-best time to plant a tree is now.”
This traditional Chinese proverb is appropriate when thinking about how building relationships within the Chinese market takes time to develop and pay off. For the companies that are looking to move into the Chinese market, it can feel like it is already too late if they do not have a presence on the ground. The solution for this may be to look around; you may discover that other companies have also delayed their entry into China later than they should have. Zhù nǐ hǎo