Back in August of 2010, we wrote the below blog post that highlighted the top 3 challenges that were holding back Asia's biopharma industry.Â Two years on, I want to find out whether these challenges are still relevant today.Â With the wave of interest and development taking place in emerging markets over the past few years, has Asia overcome these challenges or simply developed newer more problematic ones?
Let us know what you think in the comments below.
Top 3 challenges that are holding back Asia's biopharma industry (read the full post here)
Source: BioSpectrum Asia, Aug 2010
With many emerging markets leading the way, Asia's biopharma industry has witnessed significant economic growth and is now poised to do even better. However, many experienced leaders from our speaker panel expressed that Asia still has much to catch up with in order to measure up admirably on the world stage.
As we reach the turning point of â€˜exciting but challenging' time for the life science industry, let us explore the experts' take on what the factors are on restricting the momentum of moving forward:
- Difficulties in Raising Capital
There are always complaints from scientists that the funding allocated is not enough. Weathering post-economic recession, life science companies will continue to face a challenging funding environment in the near future. The firms best poised for success are those that can seize opportunities and demonstrate efficient use of capital.
- Lack of Collaboration
Collaboration reduces risk and maximizes both financial and human capital resources. However, everyone wants to be a champion in a particular area that they see as their territory. It is time for life science companies in developing countries to re-orientate their strategies to harness successful innovation through strategic partnerships and collaborations.
- Finding the Right Asian Business Model for Commercialization
Private sectors, academia and governments. Everybody talks about translation of technology to commercialization. The question is, how do you overcome the hurdles and get there? Many struggle to find the right strategy that overcomes regulatory, technical, market and resources that suits the Asian context and target the unmet needs.