As the Eurasian Pharmaceutical Summit approaches, Natalia Baeva, Director of the Global Pharmaceutical Leaders’ Club, met with Anastasia Kruglova, CEO of IQVIA in Russia and Eurasia. With IQVIA as a long-standing summit partner, their discussion delved into global pharmaceutical market trends, their impact on Eurasian markets, market potential, challenges for pharma companies, and the evolving role of analytics. Join us on September 17-19 in Tashkent and online!

IQVIA is a global leader in advanced analytics, technology solutions, and contract research services for healthcare and life sciences. With cutting-edge data processing and analysis methodologies backed by global standards and local expertise, IQVIA offers a comprehensive suite of tools to analyze every segment of the pharmaceutical market.

Natalia Baeva, Director of the Global Pharmaceutical Leaders’ Club:

What global trends are shaping pharmaceutical markets, and how are they impacting Eurasian countries?

Anastasia Kruglova, General Manager, IQVIA Russia and Eurasia: One of the most significant trends we’re observing is the focus on budget savings at the state level. After the substantial financial commitments made for COVID-19 treatment, many developed countries are now experiencing minimal growth in monetary terms. This shift has driven pharmaceutical companies to actively seek new markets and opportunities, including countries in the Eurasian region.

Another key trend is the increased investment in innovation. We’re seeing a surge in the development of new molecules, especially in therapeutic areas like oncology, neurology, and immunology. A growing focus on treating obesity has also emerged, as it’s increasingly recognized as a precursor to numerous cardiac and neurological diseases. Currently, more than 20-30 new molecules are being studied specifically for obesity treatment.

However, launching new products has become more challenging. The days when we could expect a new blockbuster drug each year are behind us. Economic slowdowns, coupled with the lingering effects of the pandemic, have left doctors fatigued and many patients underdiagnosed. To successfully introduce new products, pharmaceutical companies now need to be more creative in how they engage with doctors, patients, and governments.

Lastly, the integration of artificial intelligence is revolutionizing the pharmaceutical industry. AI is being utilized extensively in forecasting, drug development, and diagnostics, leveraging vast datasets from patient treatment records. Looking ahead, we anticipate the adoption of AI in the Eurasian markets as well, further transforming the landscape.

Natalia Baeva, Director of the Global Pharmaceutical Leaders’ Club:

What are the main differences between the Eurasian markets and global markets?

Anastasia Kruglova, General Manager, IQVIA Russia and Eurasia: One of the key differences is the development of reimbursement systems. In the Eurasian markets, the absence or minimal level of patient coverage for essential drugs – those that are state-compensated – is a significant barrier to market growth. The quicker and more broadly the state implements reimbursement programs, the more willing pharmaceutical companies will be to expand their product portfolios, invest in local production, and build factories in the region to serve all Eurasian countries.

Globally, the top five markets – the USA, China, Japan, France, and Germany – dominate, accounting for about 60% of all drug sales, showcasing a staggering concentration. However, the population distribution globally is different. We are optimistic that the Eurasian cluster will evolve in this direction, ensuring that all necessary drugs become accessible to patients, either through affordable purchases or state provision.

Natalia Baeva, Director of the Global Pharmaceutical Leaders’ Club:

Which markets are of greatest interest today?

Anastasia Kruglova, General Manager, IQVIA Russia and Eurasia: Today, nearly all analysts focus on two key indicators when assessing a country’s potential: population size and purchasing power. By combining these factors, we identify three standout markets: Kazakhstan, Uzbekistan, and Azerbaijan. In addition, companies are increasingly turning their attention to Georgia and Armenia as emerging opportunities. While the markets of Tajikistan and Turkmenistan are more complex, they still draw significant interest from pharmaceutical companies, with many of our clients seeking entry into this region. 

Natalia Baeva, Director of the Global Pharmaceutical Leaders’ Club:

The lack of accurate data has long been seen as a barrier to the development of Eurasian markets. What trends are you observing in this area, and what steps should all market players take to improve data quality and market transparency?

Anastasia Kruglova, General Manager, IQVIA Russia and Eurasia: The improvement of data quality and market transparency is a natural progression in the evolution of the healthcare system. As the state’s ability to provide citizens with high-quality medicines and timely medical care grows, so does the need for accurate data and comprehensive analytics.

The issue of data opacity isn’t due to errors in how we extrapolate or process information – our methods are consistent globally, and IQVIA is recognized as the gold standard in this field. The challenge lies in the availability and granularity of the data, which depends on the contributions of key market players, such as the state, pharmacy chains, and distributors. As the well-being of citizens improves and the economies and healthcare systems of these countries continue to develop, I am optimistic that the quality of data will progressively enhance each year.

Natalia Baeva, Director of the Global Pharmaceutical Leaders’ Club:

What challenges do pharmaceutical companies face in the Eurasian markets, and how do your products help address them?

Anastasia Kruglova, General Manager, IQVIA Russia and Eurasia: One of the primary challenges we encounter – and frequently hear about from our clients – is the need for in-depth market analytics. To make both strategic and tactical decisions, companies must have a clear understanding of their current position and future expectations. This includes grasping the competitive landscape, as well as the needs of stakeholders, such as doctors, patients, and government entities.

Additionally, evaluating the return on investment in various activities, such as the work of medical representatives and product portfolio management, is crucial. Companies need to assess the potential for portfolio development and set future goals with well-defined KPIs while tracking progress.

IQVIA excels in providing the essential data needed for these tasks. We offer comprehensive consulting projects focused on new product discovery, portfolio strategies, medical representative analysis, and market development in other countries to introduce best practices. Our technological solutions, such as platforms for collecting consents and creating internal GPT chat systems based on company data, are highly effective. As a market leader, IQVIA delivers 360° solutions to address nearly all aspects of the pharmaceutical industry.

Natalia Baeva, Director of the Global Pharmaceutical Leaders’ Club:

IQVIA has been a partner of the Eurasian Pharmaceutical Summit for several years. How does this event benefit your company?

Anastasia Kruglova, General Manager, IQVIA Russia and Eurasia: Undoubtedly, first of all it’s a dialogue. We appreciate the opportunity to plan in advance and share new ideas and insights. It serves as a valuable platform where representatives from various healthcare organizations, distributors, pharmacy chains, health ministries, and pharmaceutical companies converge. For us, it’s a prime opportunity to engage with a diverse audience, discuss growth opportunities and challenges, and align on industry trends. It helps us assess our current position, gather feedback, and strategize for future growth.