The most common way where we discuss in our previous article: https://theregconsultants.com/presenting-the-situations-in-which-a-traditional-model-or-an-independent-licence-holding-would-work-best-for-you/  is  to engage a distributor who is well versed in the territory to select products based on their capabilities and complementary to their existing portfolio. Although it saves time and efforts, the two prominent cons that carries with it are not being able to maximize the potential for your company presence locally and also the hassle of managing 2 to 3 distributors in a single territory. 

TRC based on some on the ground experience and expert’s interview presents the 5 self-check questions for your consideration:

  1. What is the therapeutic focus of your product meant for?

Most companies have multiple product lines in a single therapeutic area or have multiple therapeutic areas with limited product lines or multiple therapeutic areas and multiple product lines.  The best way to delve into selection of the key product is to conduct market analysis to check on :

  • The occurrence of the disease in the country
  • The “gold standard” treatment for that disease
  • The prescribing manual of the physicians
  • The competitors marketing strategy in the country

          This will enable you to grasp the “gaps” that your product might be able to enter. Based on our experience, companies that conduct their own market research in this area has a higher success rate of gaining more market share when they launched their product.

  1. How common is your product?

The motive of this question is to allow you to investigate deeply on the marketing platform, consumer and price point where your product would be able to enter. For generics drug, it is generally about price especially if your product is commonly prescribed medications for common ailments such as colds, headache, coughs or long-term chronic health conditions such as hypertension or diabetes.  For innovative products, you must consider the current alternative treatment if available in the market in the case of medical devices. E.g. if you have a gel that treats scars or wounds, how competitive are you in terms when you compared to aesthetic applications of a one or two off treatment?

  1. What is the best operation model in this country?

For products where you are able to get access to a wide distributors list, you might want to consider leveraging on them while not forgetting to be self-reliance and supportive of them by offering co-joint marketing schemes to build your brand which is lacking in many of these relationships established.  For products where they are innovative and have many selling points, it might be worthwhile to consider engaging a third party to register the product first while establishing your own presence locally. In this way, you are able to use Singapore as a HQ for ASEAN market to reach out to the various countries as Singapore has established many foreign companies’ friendly initiatives that will make it easier for you to kick start first.

  1. What would be your marketing strategy?

Most common marketing strategies for healthcare products are either through door to door visits with clinicians, congress or participation in exhibition or even through giving out freebies (health supplements or cosmetics) and e-commerce. This will help you to focus on the right audience: General public or professionals. Note that for healthcare products that involves general public, control of advertisement is regulated and highly supervised to avoid any misleading presentation of information facts that will harm the well being of the public.

  1. What is the best price?

Price point requires analysis of competitor products or rather gold standard treatment. It could also encompass a low price to high volume (Tender) or small volume but high price (Private). There is never a best price to say but rather focus on delivering the value that your product can resolve the pertinent issue of the consumer.

By analyzing the above 5 questions, it will enable you to put forward a plan that will best suit your market entry into Singapore. For any potential research or regulatory support, please feel free to get in touch with us: https://theregconsultants.com/contact-us/ or consider our plans : https://theregconsultants.com/shop/ which might cater to your business needs.