With emerging markets projected to account for 30% of global pharma market development, it’s important to note why having local consultants in those markets is vital.
- If not local, consultants are much more expensive. If a US consultant were hired for a project in Indonesia, it would take them extra time to familiarize themselves with current regulations, laws and procedures of bringing that product to the foreign market. This, in turn, would cost the client more money than if an Indonesian consultant were hired.
- The “laws” as foreigners see them are ever bendable. A non-local consultant may believe certain regulations in an emerging market to be more flexible than they are due to a narrow amount of experience or resources within that market. Many emerging markets require authorization from more established authorities, such as the FDA or EU, and non-local consultants could look past important aspects like this or deem them unnecessary.
- Local pharma consultants are “man-on-the-ground” wiser. Because they are immersed in the emerging market or may have even played a role in developing its regulatory standards, local consultants understand both regulatory and business aspects of their market. Local consultants in these markets are experts on competition, varying approval processes, and marketing as well as the current prices and distribution of similar products within that market. Furthermore, regulations are constantly changing within emerging markets in attempts to stay up-to-date with technological advancements. Foreign consultants may be unaware of these changes.
With such a high demand for expert local consultants within emerging markets and limited ways of finding those experts, RegDesk simplifies the process by connecting you directly with a consultant who can best fit your needs globally.