Recently Bob Cobuzzi, Vice President of Corporate Development for Endo Pharmaceuticals, sat down in front of a camera for a few minutes to discuss the challenges faced by emerging American biopharmaceutical companies that are trying to reach markets outside the U.S.
"We don't have the ability to simply access these markets," he said, citing inconsistencies in regulatory systems and intellectual property as two examples of what growing companies face when expanding. "Case in point, outside the U.S. is 95 percent of the world's population.... So for an emerging company to be able to capitalize on that and grow our business, it's important that we be able to more directly reach those markets."
It's not just about growth of the company - it's about bringing innovative new therapies to patients outside America.
"We have the quality of products that the world wants, and we think we can help address the world's healthcare needs," he said.
Bringing more emerging companies into the global market would help America's economy, as well, by boosting foreign trade and income. According to the Battelle report on the economic contribution of the sector, "in the six-year period 2005-2010, the United States exported more than $232 billion in biopharmaceuticals." And despite the recession, biopharmaceutical exports from the U.S. increased for each of those years.
"To put this export volume into perspective, 2010's total biopharmaceutical exports of $46.7 billion compares favorably to other major U.S. exports including: automobiles ($38.4 billion in 2010 exports); plastics and rubber products ($25.9 billion); communications equipment ($27 billion) and computers ($12.5 billion)."
Clearly, by moving into foreign markets, emerging companies could contribute to additional growth of this already high level of biopharmaceutical exports.
To watch the whole interview, and learn about the hurdles confronted by companies like Endo, click here