The pharmaceutical industry is the part of the healthcare sector that had its revenue in excess of US dollar one trillion in 2014. This evolving and growing industry comprises different subfields pertaining to the development, production, and marketing of medications. Along with the growth in these subfields, growing is the need for analytical solutions such as those from the DCube which tend to ease the everyday challenges face by healthcare sector.
The marketing of pharmaceuticals plays a huge role in the pharmaceutical innovation by transferring information to physicians and providing an informed choice of carefully characterized agents which assists physicians in matching drug therapy to individual patient needs.
Pharmaceutical marketing is the business of advertising or promoting the sales of pharmaceuticals or drugs. With past few decades witnessing significant profits for the American pharmaceutical industry, the pharmaceutical marketing strategies need a shift from a focus on mass markets to a target market approach to increase revenues in the present scenario of Pharma industry no longer being rewarded for incremental innovation. Although the pharmaceutical companies have increased their spending, overall promotional spending has been decreasing over the years.
The dynamics that pharmaceutical marketing companies face in the reshaping pharmaceutical market places influence the success and readiness of healthcare companies to compete significantly. Some of these dynamics include –
- The third world market places, where the demand for medicines is expected to grow, is varied.
- The governments around the world are focusing on prevention rather than treatment.
- The chronic diseases are soaring.
Healthcare policy makers are increasingly mandating what the doctors can prescribe to the patients.
To be successful the pharmaceutical marketing companies will need to recognize the interdependence of provider, the pharmaceutical service providers, and the consumers. They need to develop plans for Pharmaceutical marketing and selling specialist therapies. The pharmaceutical marketing companies need to focus on developing marketing and sales functions that are also fit for the future. They need to demonstrate that they are spending wisely. Moreover, they must be able to understand how to deal with the challenges faced, respond to the challenges, and be able to prove that these activities are leading to increased bottom line growth for the company in a justified manner.
- The Pharmaceutical marketing takes three forms:
- Activity by pharmaceutical sales representatives,
- Provision of drug samples,
- Sponsoring continuing medical education (CME).
The mass marketing of the pharmaceuticals to the users is banned in over 30 industrialized nations but not in New Zealand and the US. Others feel that the user education is required and they need independent comparative information about the products and not the promotional information. For these reasons, most countries impose limits on the mass marketing of healthcare medicines that otherwise are not imposed on other products.
Physicians are perhaps the most important component in the pharmaceutical marketing strategies. They prescribe the patients with the drugs they should consume and therefore directly influence the sales. The pharmaceutical marketing companies use information such as accessibility of the physician, effect of managed care formularies on the ability of the physician to prescribe a drug, tendency of the physician to use a wide palette of drugs, adoption sequence of the physician, tendency of the physician to use the pharmaceutical company’s drugs and the Influence that physicians have on their colleagues.