No margin for error, making it in today’s pharmaceutical market
Senior Vice President
IMS Health Canada
The Canadian Pharmaceutical marketplace is complex and ever changing and 2006 was no exception. Outperforming the global market in terms of growth, Canada held its position as the 8th largest market. Rebounding from drug safety concerns and picking up momentum through a shifting product mix of biotech, generics and specialty offerings, Canada is forecasted to grow at a compound annual growth rate of 7.5% in the period 2005-2010.
Concurrent to this period of positive growth, challenging market conditions prevail. There is sustained pressure to contain costs, fewer new products to launch and large patent expiries that are expected to reduce the brand name franchises to the tune of over $1 billion in 2007. To succeed in this environment requires the right strategic plan, effective execution and the courage to invoke evidence-based change when conditions demand.
With management, investors and government keeping a close eye on the bottom line, there is however little margin for error. In this challenging environment, effective promotion management is one of the key ingredients to pharmaceutical brand performance. Finding the best promotional mix for each brand as well as the entire portfolio can be achieved through objective evidence-based analysis. Through this method, marketers can often uncover new growth opportunities without increasing their budget and optimize the return and impact on marketing investment with confidence.
For more market trend information please see:
IMS - 2006 Canadian pharmaceutical market