Are you prepared for CPhI Worldwide?
In just a few days, one of the most important trade shows in the pharmaceutical industry will happen in Barcelona. CPhI Worldwide draws an audience of stakeholders from all aspects of the pharmaceutical supply chain – from base chemical manufacturing representatives through major drug marketers. Attendees and exhibitors will meet with customers and suppliers, discuss market trends with their global counterparts, and identify new business opportunities and partners.
To fully take advantage of the massive opportunity represented by this event, you must prepare thoroughly and early. Identifying the right people at the right companies to meet with is only the first step. You will also need to know the right projects for your business, and be prepared to ask the right questions – and provide the right answers.
Meeting new partners. As new medicines become increasingly complex, the demand for different capabilities requires new partnerships and alliances. Researching which companies have the capabilities needed to assist in your product development goals will enable you to reach potential partners well in advance. While you could always look for interesting companies and product opportunities by walking through the halls at CPhI, relying on luck at CPhI is a high risk strategy. Successful companies know the products and potential development partners they are interested in well in advance of CPhI so that they can make appointments with the right people at the event.
Strengthening relationships with existing partners. The pharmaceutical supply chain has become increasingly globalized, complex, and scrutinized. Staying connected with your suppliers and customers is crucial. Meeting at events like CPhI can foster stronger relationships, ensure that you stay on top of critical developments at the company, and open doors for new business opportunities. This is a great time to learn about your customer or suppliers’ key staff changes, regulatory challenges, or new partnerships with the potential to strengthen or threaten your existing business engagements.
Successful negotiating. Many deals are born at CPhI, but few are finalized without negotiations with a number of competitors. Companies looking to source or supply active ingredients for use in western markets face a more complex and costly regulatory landscape that ever before, while the level of competition and pricing pressures are intense both for API manufacturers and dose marketers. Information about launch timing, market size, and level of competition is critical so that you improve your chances of entering a profitable deal, and spend your limited resources on the right opportunities at the right time.
As the industry continues to face new challenges, being well prepared for key events can make a significant difference in the success of your business. Download a supplemental event guide brought to you in collaboration between CPhI and Thomson Reuters IP & Science: “Getting the most out of CPhI” offers tips, insights, and key considerations for generic finished dose or API companies aiming to identify new partners or projects at the world's largest annual pharma event.
This story was reprinted with author permission.
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