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Key Challenges Facing The Industry

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Mehrin Kabir
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22 views2 pages

Key Challenges Facing The Industry

Uploaded by

Mehrin Kabir
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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 Key Challenges Facing the Industry:

The key challenges are very sudden and demanding situations which require a lot of
patience, fast, intelligent and organized moves in order to resolve them. One needs to
boldly face them to combat the uncalled-for situations. There is a saying that goes “Every
challenge is a gift, without challenges we would not grow.” The idea behind it is that in
every journey or step of life there will always arise a conflict. It would be unrealistic if it
does not. These things are a form of pushback which helps us to pave our way into
success. Same goes for a business or an industry.

As we all know, Square Pharmaceuticals Ltd. (SPL) is one of the most well-known,
trusted by millions and leading pharmaceuticals industry in Bangladesh. Among
becoming what they are today and their history of how they started their first approach,
they have had their own key challenges and competitions which has built their reputation
and positive image. Here are some insights into those key challenges faced by the SPL
industry back in their growing phase.

Exporting products to the global market is one of the many challenges encountered by the
industry according to a conference organized by SPL industry. This also includes
marketing professionals and government policies. They said that this industry is heavily
reliant on foreign expertise, yet it is unable to generate management talent. This is why in
addition to attempting to enhance export volume, international specialists are also
teaching local professionals. There is a significant knowledge gap between the current
industry and the market, which the industry must bridge. Procedural hurdles in
Bangladesh as well as non-tariff barriers imposed abroad are greatly hampering their
export efforts globally.

On top of these comes competition as a major challenge to standout in the market. There
are not only new entrants that come off as threats but also rivalry exists in between with
the other organizations. For an entrepreneur in Bangladesh, the pharmaceutical industry
is one of the most easily accessible. Since the industry's point of sale is limited in
Bangladesh, establishing a regional distribution network is simple. Therefor when any
new company launches, they throw a tough competition for others. To answer to this
threat and fight back, SPL must consider the competition while developing their
marketing efforts. Their competition now includes not just the domestic market but also
the global market. Although SPL holds the 1st position in the market according to IMS
Health (Intercontinental Medical Statistics, USA), there are many competitors of equal
size and strength here, therefore price competition is likely to be fierce. As a result,
Square Pharma's product price is competitive.

The company’s R&D efforts are also hampered by a lack of supportive regulatory
requirements. R&D stands for Research and Development which includes activities of
innovation and production of new products. It is usually around the first stage of
development process. However, they are facing this challenge hugely due to lack of local
professionals and also many developed equipment. The industry is highly suffering from
a gap of knowledge between the current competitive industry and the market which they
need to bridge. Their investments are low in this sector which is continuing to be there
major weakness. Due to a lack of resources, they are unable to compete with
multinational corporations in the areas of new drug discovery, research, and
commercialization of molecules on a global scale. Strong links between industry and
academics, which are necessary for industry growth, are lacking in SPL.

Lowering tariff barriers has increased competitiveness in local markets, causing profit
margins to erode. Other company’s mergers and acquisitions may fundamentally alter the
pharmaceuticals industry's situation. With their tiny number of discoveries have made
other MNCs are posing a threat. Their sales and marketing techniques are also outdated
and with limited knowledge and experience they are up for an extreme challenge.
However, besides all of these key challenges, there will always be a market for SPL’s
pharmaceutical items and this sector will continue to thrive. One of the main reasons for
the industry's high competitiveness is that, as an going concern, the pharmaceutical
business appears to have an indefinite future.

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