Asian healthcare firms on global expansion
Asia - While healthcare companies in the region are more aggressive in their global expansion efforts, they appear to have more concerns over supply chain issues such as regulatory compliance, product security and cost management.
In a new UPS survey "Pain in the (Supply) Chain" where nearly 250 decision makers of pharmaceutical, biotechnology, medical device companies were polled globally, 75% of those in Asia have recently expanded into new global markets compared to 58% in the US.
Asia Pacific has contributed 24% of the global healthcare revenue last year, and is forecast to account for 40% by the end of 2015.
"Asia is clearly a critical growth market in the healthcare industry, both from a manufacturing and a consuming perspective, and it has never been more important to have a reliable supply chain partner to take advantage of those growth opportunities,"Craig Foster, SVP of supply chain and healthcare logistics at UPS Asia Pacific said.
However, Asian executives are most concerned by issues arising from extended supply chains, with regulatory compliance cited as the top concern by 79% of Asian respondents.
About 61% of respondents cited product security as a top concern, with 71% of Asian respondents reporting this as a high concern versus 53% in the US and 51% in Europe.
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