tell us about Genpharm
Genpharm is a pharmaceutical specialty company created in 2012. It focuses on specialty diagnostics and treatments and is mainly focused on the rare and genetic disease space. It's headquarters are in Dubai and it has operations across the MENA region. Genpharm partners with multinational companies looking to expand into the MENA region. It helps them navigate the business challenges and the cultural nuances of this part of the world, one of the fastest growing pharmaceutical markets.
For more info you can visit our website Genpharm
how do you see the current Pharmaceutical industry and the key challenges?
The markets are very dynamic and are maturing rapidly. We have witnessed a slowdown in growth in some of the major global markets such as the US, Europe and Japan due to several structural changes such as the pricing pressures, the introduction of generics, the substitution of originator drugs and the low output from R&D. Nevertheless, the emerging markets of which MENA is part continue to present companies with a major opportunity for expansion and growth. These markets come with their own challenges and are undergoing major reforms.
The MENA pharmaceutical market is expected to grow by 9-11% over the next five years although it still represents only 2% of global pharmaceutical sales.
In MENA, we have a very young but aging population requiring better healthcare and an improved access to diagnosis and medicine.
Governments are spending heavily in this regard both in building healthcare infrastructure and in providing access through mandatory insurance schemes.
There are several key challenges facing the industry in the region:
- The geopolitical risks in the region might force companies to redirect their investments away from the MENA region
- Regulatory pathways are long and uncertain. The GCC has provided an opportunity to harmonize and reduce the timelines through a centralized regulatory procedure but other parts of the region remain fragmented in their approach
- Intellectual Property protection is a challenge and not very well understood by multinational companies when looking at MENA. There are several countries providing IP but this also remains to various degrees.
- Pricing pressures and reduction of drug pricing across the area
- Increased competition from local or regional generic manufacturers and the threat of bio-similars appearing on the horizon.
what do you expect from a recruitment partner?
The region faces a challenge when it comes to attracting and retaining talents. The recruitment partner must be able to help companies differentiate between candidates and staff that is committed to a long-term relationships. The industry faces a high turnover with employees changing companies regularly.
A recruitment partner must understand first and foremost the company culture and values to be able to select the right candidates. It is important when assessing candidates to consider behavioural aspects and cultural fit potential as much as the individual skills and competencies. This requires an in-depth knowledge of the company strategy and objectives.
how would you describe your experience with Randstad?
We have hired several candidates that were recommended by Randstad. These candidates have been all good additions to our team and are contributing positively to our growth and ambitions.
Randstad has access to a large database of candidates and this reduces significantly the time to fill the vacant position. Candidates go through an interview process with Randstad before being presented to us which in fact means that the pre-selection has already been made. This lowers the risks of error particularly because we also have a thorough interview process driven by our HR department to complement the work done by the recruiter.