The optimal marketing of pharmaceutical products

While the amount of advertising to which consumers are exposed daily through an expanding array of media has burgeoned, consumers are at the same time busier and therefore increasingly unable to pay attention.

There's no perfect solution, but we believe an effective marketing mix will maximize a pharmaceutical company's chances of achieving and exceeding their sales targets.

pharma marketing strategies in indian

The industry is seriously lacking in these measures and still relies on poor metrics, anecdotes, gut feeling, basic ROI and competitor size, spend and actions to guide decisions in this area.

Pharmaceutical companies can distribute promotional material and organise interaction sessions with company personnel to deepen their relationships with consumers. By changing their messaging to analytics-identified driver messages, they were able to double their market share in 6 months with the same budget.

You want it to be effective in washing your laundry and make your whites whiter than white.

Pharma launch playbook

When you understand this, you can see how generics can come straight in and claim a large share of the market. This would deepen the relationship between consumers and pharmaceutical companies and help create an emotional, long-lasting bond. A certain brand had great clinical data on efficacy, a minimal side effect profile and strong safety but was just failing to thrive. Marketing is important but it is slipping down the priority list of CEOs. Then they require data, and not just any data…garbage in, garbage out, remember? Care must be taken to ensure that the trails reported are fair and unbiased so that they are considered credible by the medical fraternity. There's no perfect solution, but we believe an effective marketing mix will maximize a pharmaceutical company's chances of achieving and exceeding their sales targets. Two years post launch and it still had a single digit market share and was not growing. Marketing mix, simply stated, is really just a set of promotional tactics that a product is using to sell and market itself. However, they are a powerful way of reaching out to new consumers. They really didn't reflect local market differences. This gap in spending has drawn widespread criticism as drug prices have continued to rise. Currently, there is a lot of hype about analytics, so it is understandable that, especially given the experiences of CRM, Pharmaceutical executives may be skeptical. A focus on either of these dimensions would help a pharmaceutical brand gain prominence among consumers.

Simply looking at market research data, ROI of activities or response curves is not enough, and historical data or analogues also are now shown to be highly unreliable in a dynamic market like most Pharmaceutical ones.

The time to take advantage of this is now, before it is too late to recover from a huge loss. And since this process was being used for all products, senior management then was in a better position to make cross brand trade-offs. The key to tying marketing to revenue and profit successfully is not an art or science, but is mathematics - more precisely, strong current-data driven analytics.

Smelling nice may be an added benefit. It has been seen many times that no matter how loved the parent product, this does not automatically transfer into the line extension.

pharmaceutical drug marketing strategies and tactics

Currently, there is a lot of hype about analytics, so it is understandable that, especially given the experiences of CRM, Pharmaceutical executives may be skeptical. The promotional material placed with physicians can be highly effective as brand building tools.

DTC promotions should highlight values such as health, wellness, safety, simplicity, companionship along with competence and innovativeness.

Rated 9/10 based on 71 review
Download
Are You Clear About the Role of Marketing in Pharma?