Given the myriad of groundbreaking new biotechnology products coupled with accelerating costs of research, development, manufacturing, and regulatory mandates, the healthcare industry today finds itself at a crossroads. Consumers, hospitals, and governments are petitioning for fairly priced goods and services without compromising top-tier quality or extending risk exposure. However, the narrowing global economic environment is persuading market-leading manufactures to reevaluate not only their value chain processing, but also their premium pricing models. Under the aforementioned conditions, it is often in the best interest of suppliers, consumers, and shareholders to empower profit maximization by outsourcing core operational services for efficiency.
What is something that we have we learned from medical epidemics? Globalization is a gift and a curse. As the world continues to unite and globalize goods, services, and cultures, there is one element that is still lagging behind - the globalization of healthcare. With globalization, traveling has never been easier as you can go from and to any part of the world in 24 hours. On top of that, growing cooperation between countries has decreased the alertness on country borders. Ultimately, this has become one of the causes of the global spread of diseases and infections, since they can spread at a rapid and dismantling pace. Attempts at addressing this problem and increasing globalization have been demonstrated through medical tourism, which has made progress but also suffered some setbacks.
International trade has allowed business to grow all around the world and has created an interconnected marketplace for goods and services. However, despite these major benefits, risks have also emerged. Experts estimate that 10 percent of medicinal goods around the world are counterfeit and the sale of counterfeit medicine has risen 90% in the last five years. This phenomenon has been attributed to the increasing amount of merchandise crossing borders and the growing sophistication of counterfeit methods. How has counterfeit medicine affected the global healthcare industry?
While Liberia was trying to become the next economic superstar in Africa, Ebola came and brought a sharp break in economic growth. The decline in growth is not just happening in Liberia. Across Africa, The Ebola outbreak has brought a series of pessimistic consequences: construction has halted, people have lost jobs, and foreign investors have left. Above all, Ebola has ravaged the health sector and the agriculture industry.
In the global healthcare industry, glocalization is an emerging trend. Glocalization, a term derived from combining the words globalization and localization, describes the adaptation of global products and services to meet the needs of people in a specific geographic location. Many healthcare industry challenges are shared around the world; however, the effects of these challenges are generally influenced by local issues. A surge in global healthcare spending, along with glocalization, is presenting pharmaceutical companies with both great challenges and opportunities.
The global price of oil has fallen sharply since June, when oil prices hit $115 a barrel. Now, only four months later, the price for a barrel of oil has dropped to $85, and it could keep dropping. Global supply of oil has increased in recent years, especially in countries outside OPEC, which is one reason for the drop in prices. A more concerning reason that could be adding to the lower prices is a global drop in demand, due to slowing economies, which could signal another global economic downturn. Whatever the reasons, the suddenly low oil prices could have huge impacts around the globe, positively or negatively affecting economies that rely on the production or use of oil.
The latest segment of the How to Sell in the Americas: Trade Wind Conferences took place in Bogotá, Colombia. This segment focused on the numerous export opportunities available in Latin America and how the Trade Winds program can assist US exporters in reaching new markets. The embedded video below specifically addresses the market opportunities in Colombia, Panama, Mexico, Brazil, and Peru. Additionally, the video discusses the benefits that NAFTA, CAFTA-DR, and other free trade agreements can have on doing business abroad.
Ireland has in the works plans to change some of its tax laws. These changes could have radical effects on global companies, who as of right now, are taking advantage of Ireland's “Double Irish” tax loophole. Global companies have been looking for ways to decrease their tax liabilities and have done so by registering their companies in Ireland and moving profits to offshore tax havens like Bermuda and the Cayman Islands. The exact amount of money being sent through this process is not known but is estimated to be around tens of billions of dollars.
A new collection of resources has come to globalEDGE: the Global Best Buying Practices Video Library. This is a collection of videos, set in several different countries, that showcases case studies in the world of international retail and global buying practices. The videos are divided into four different categories: assortment planning, pricing, product promotion, and sourcing. Check out the library today!
The slogan, “Time is Money, Efficiency is Life”, has driven China to become the world’s largest manufacturing power over the last decade. But the era of cheap China seems to be drawing to an end now. A similar issue is happening in another part of the world. Australia, the old auto-manufacturing giant, is seeing an increasing number of auto-production lines drawing out of the country and moving to lower-cost destinations around the world. The global manufacturing industry is currently undergoing dramatic changes.