World Pharma Contract Sales Organisation (CSO) Market 2011-202114 Nov 2011 • by Natalie Aster
According to the Federation of Medical and Sales Representatives, many large Indian and multinational pharmaceutical companies - including Novartis, Cipla and Ranbaxy - already use CSOs to varying extents. The Indian pharmaceutical market has been growing rapidly in the past few decades. However, pharmaceutical company sales target only a third of the country. In order to maintain the rapid growth in the market, companies have realised that they will need to target a wider geographic area. In order to reach more rural areas, these companies are likely to use CSOs. In October 2010, Pharmexx reported that it intended to expand rapidly in India over the first half of the next decade, particularly in rural areas. The company’s Indian subsidiary plans to employ more than 5,000 trained medical sales reps by 2015, two thirds of whom will be sent to the rural areas of the country. The company also intends to set up drug and health awareness programmes in these areas, as well as training nurses.
Geographic expansion of the domestic pharmaceutical industry is set to be the major driver for growth in the Indian contract sales market in the period 2011-2021. Other drivers for growth will include the entry of foreign companies into the market. As with China, and other emerging markets, an expanding middle class will lead to both an increase in disease incidence and prevalence, as well as a greater affordability of branded medicines. Foreign companies with no base in India will seek to benefit from this opportunity, outsourcing to domestic manufacturers and sales organisations. However, growth in the Indian contract sales market will be restrained by concerns over working conditions for contract sales reps. Apparently, contract sales reps in India may be paid less than those working directly for pharmaceutical companies, reports indicate. As the industry grows, working conditions will improve Visiongain predicts. By 2021, the Indian contract sales market will have grown to $0.27bn, up from $0.04bn in 2010. Throughout the period, the market will grow with a CAGR of 19.0%
World Pharma Contract Sales Organisation (CSO) Market 2011-2021
Published: September 2011
Price: US$ 2,664.00
Report Sample Abstract
Indian Pharmaceutical Contract Sales Organisation Market: Forecast, 2010-2021
Source: Visiongain 2011
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