The pharmaceutical industry is growing globally primarily due to an increase in medical facilities, rise in chronic diseases, and the growing awareness of illnesses. However, the sector is also undergoing change in business and research and development models owing to the intense market pressures, regulatory timelines and costs, patent cliffs and costs of innovations.
The emerging pharmaceutical markets such as the Brazil, Russia, India and China are driving pharmaceutical companies to go global and leading to increasing mergers and acquisitions across the world. The market in developing countries such as China and India is expected to show a double digit growth in the next few years since the global pharmaceutical giants are increasingly outsourcing R&D to lower costs and to take advantage of the scientific work pool in these nations.
Therefore, the pharmaceutical companies need to be competent at a global level and should be able to integrate well with a corporate and for-profit mindset.