Market entry assessment study: analyzing market potential and feasibility

The Indian pharmaceutical market has been one of the fastest growing in the world, with a projected CAGR of 10-12% over the next five years. This growth is being driven by a number of factors, including rising incomes, increasing healthcare awareness, and growing investments by the government and private sector.

A Japan-based government-related organization that works to promote mutual trade and investment between Japan and the rest of the world, reached out to us to undertake a thorough market assessment study. The comprehensive research study aimed to identify the barriers that Japanese companies encounter when entering the Indian pharmaceutical market, with a specific emphasis on two important sectors: medical devices and biopharmaceuticals.

Keep reading to explore how we helped them gain a better understanding of the target product segment through our comprehensive healthcare market research services.

Objective and challenges

The client approached Netscribes with the objective of conducting a comprehensive market assessment study to explore the entry barriers for Japanese companies in the Indian pharmaceutical market, with a particular focus on two key areas:

• Medical devices
• Biopharmaceuticals

With growing focus of the Indian government on the “Make in India’’ policy, the client sought insights into the domestic production ratio of top-tier biopharmaceutical companies in India. Additionally, they aimed to understand the regulatory disparities faced by foreign companies, the public procurement system, and the domestic production landscape for medical device companies in India.

Solutions and approach

Netscribes employed a comprehensive research approach, combining both primary and secondary methods, to gather valuable insights.

• For the secondary research, a wide range of sources such as industry publications, company websites, in-house documents, paid websites and databases, government websites, annual reports, and news articles were extensively utilized. This approach provided a deep understanding of the market dynamics and regulatory landscape in the target country
• In addition, 14 in-depth interviews were conducted via Computer-Assisted Telephone Interviewing (CATI) methodology. The interviews were strategically divided, with 7 focused on the medical devices sector and 7 on the biopharmaceutical sector. These interviews captured the perspectives of key stakeholders in the industry.
• Prior to the interviews, meticulous desk research was conducted, which helped in designing well-structured questionnaires comprising both qualitative and quantitative questions. The survey program was then implemented, with each interview lasting between 45 to 60 minutes, depending on the respondent.
• The target groups consisted of highly experienced professionals, including a production head with expertise in biopharmaceuticals and a marketing head specialized in medical devices, each having a minimum of 7 years of industry experience.

Results delivered

Medical Devices –

• Conducted a thorough market assessment of the Indian medical device market, including a comprehensive market overview, detailed profiles of key players, analysis of import and export scenarios, examination of industry drivers and restraints, and revenue forecasting for the next five years. Additionally, provided insights into the current and upcoming manufacturing clusters in the country.
• Explored various government schemes and initiatives aimed at boosting domestic manufacturing in India. Detailed information about the government procurement system was also provided, including its current status. Highlighted the regulatory differences between domestic and foreign companies operating in India.
• Provided competitive intelligence by presenting comprehensive details of key players’ product offerings, manufacturing capabilities, and schemes and support availed from the government of India.

Biopharmaceuticals –

• Analyzed the market landscape of the Indian biopharmaceutical industry, offering a comprehensive market overview, in-depth profiles of key players, analysis of import and export scenarios, examination of industry drivers and restraints, and revenue forecasting for the next five years.
• Explored current and upcoming manufacturing clusters in India as well.
• Provided competitive intelligence by presenting key players’ product offerings, and manufacturing and production details over the past three years, including production, sales, and export statistics.
• Also, provided insights into the domestic production ratio and future strategic focus of biopharmaceutical companies.