Pharmaceutical companies should revisit their current business models and gear up to capitalize on the world's "pharmemerging" markets as they surge, particularly China, said experts at IESE's 3rd Annual Pharmaceutical Industry Meeting, held on November 5 at the Barcelona campus. 

Other countries set for major growth are Brazil, India, South Korea and Mexico, it was noted.
 
In existing key markets, there is "a pretty grey picture," said Adrian Grecu, commercial director for China, Russia and India, Abbott Laboratories, likening the pharmaceuticals industry outlook to that of the automobile industry 10 years ago.
 
Back in 2006, the United States accounted for one-half of total growth in the pharma industry, Grecu said. Today, one-half of total growth is expected to come from pharmemerging markets.
 
Grecu gave an overview of the vastly different market characteristics that pharmaceutical companies face in the three countries whose markets he oversees for his company. Russia's pharma industry, for example, is driven by self-medication practices among the populace, while in India, the generics market is a driving force.
 
"The global pharmaceuticals market does not exist," said speaker Leandro Sigman, managing director of the Chemo Group, during the same session. Because of countries' highly disparate health care systems and cultures, companies must be ready to radically adapt their strategies, in order to be successful.
 
Organized by IESE Prof. Pedro Nueno, the event also included the participation of Reinhard Vocke, co-owner of Management Engineers, and numerous leaders in the pharma industry. The event is a forum for debate and discussion on the latest global trends and developments in the pharmaceutical sector.