Trends in rapidly developing markets: interview with Said Talibov,…

CEO of ASKLEPIY Group Said Talibov in an exclusive interview to the Global Pharmaceutical Leaders’ Club discussed the company’s priorities in the Eurasia region and talked about the trends and regulatory changes in the pharmaceutical markets there.

ASKLEPIY Group is a company engaged in distribution (ASKLEPIY Group and STM Business), retail (OXYmed), production (NIKA PHARM), promotion of pharmaceutical products (MARI PHARM) and production of herbal teas (ZAMONA RANO). The ASKLEPIY Group also includes the tourist recreation area Rano Eco Village.

What are the priorities for your company in the Eurasia region? In which countries and what segments do you see the most prospects for your company?

The main priority for us is developing long-term relationships with our partners, providing quality products of European quality at an affordable price. For many years we have been developing partnerships with key players in the pharmaceutical distribution and retail chains. In a number of countries, our pharmaceutical drugs have already occupied their niches and won their customers, or are being registered at the moment.

ASKLEPIY Group is one of the leading manufacturers in Uzbekistan, we have experience and expertise in this region. Currently, our portfolio is 60% represented by OTC drugs, however, we are constantly innovating, monitoring the market and exploring the prospects for including prescription pharmaceutical drugs manufactured by our company both for the local market and for the other markets in the Eurasia region in our portfolio.

What trends having the most impact on pharmaceutical markets in the countries of the Eurasian region do you highlight for your company?

The Eurasia region is very diverse and it is necessary to be flexible in terms of portfolio decisions and approaches to launches in particular markets and promotion models. The region is booming economically while at the same time legal and regulatory requirements are getting more stringent.

In the region, the standards and quality of patient care are improving, the requirements for the quality of medicines and the need for newer highly effective approaches are increasing. It should also be noted that the market demand is ahead of technological, human and intellectual capabilities. We are facing the situation when training and development of new employees is key to start working in the region.

What planned regulatory changes may affect the development of the pharmaceutical markets in the Eurasian region?

A feature of the Eurasian market as a rapidly developing market is unpredictability. Unpredictability also affects regulatory issues. At the same time, changes and development are undulating.

A number of necessary regulatory documents have now been adopted, including the labeling system. Labeling is the tool that leads to market transparency and is aimed at introducing digitalization. This allows companies to track products from production to the stage when they reach the customer. The introduction of reference pricing makes it possible to take more care of the consumer as it allows to prevent the situation of excessive markup on certain products when there is a lack of pharmaceutical drugs in the market. Also in the medium term, we can expect the introduction of health insurance systems in a number of countries. This will certainly affect the model of medical care, the procurement procedure, and approaches to pharmaceutical drug provision.