Why Localization is Important for the Pharmaceutical Industry
The pharmaceutical industry is one of the world’s most globalized industries. Most large companies in this industry operate in various countries across the globe. Because of this type of global reach, it is crucial that new drugs and products in foreign markets are correctly localized at launch. If not, your company could miss out on potential revenue from these countries, or even face potential legal issues. Here are a few ways to ensure your company is localizing your pharmaceutical products correctly in overseas markets.
- Regulatory standards. Of course, your product information must be translated. However, you must meet regulatory standards in each country when it comes to medicinal product translation. There are directives and regulatory compliance requirements that dictate what content needs to be available to local users, including when and how this content is delivered.
- Hire professionals. It is imperative that the translation be handled by professionals. Consumers and healthcare workers alike rely on packaging to make sure that medicines are administered and used correctly. An incorrect translation could result in injury or death for the consumer, and a large amount of legal issues for you. You simply cannot skimp on this step; it must be handled by professionals with experience in this field.
- Marketing strategies must also be localized for foreign markets. You need to know how you are able to market and advertise in different countries. The U.S. and New Zealand are the only two countries in the world that allow direct-to-consumer advertising in the pharmaceutical industry, so no need to worry about creating consumer-directed advertisements elsewhere.
- Consider what all can and needs to be localized. Each country or locale has its own set of citizens with varying beliefs, likes, dislikes, cultures, and interests. Your product packaging, labels, website, informational brochures and other marketing materials must be localized for each region. Images, colors, language and cultural references or nuances will vary and make a great difference in how a product is accepted in different markets.
Launching your products overseas is an exciting time for your company! There is a lot to digest so it is important to remember that you don’t need to do this alone. Localization can and should be handled by experts who will help ensure that your products are released with the best chance of optimal impact in their respective markets.