1Students, Ashokrao Mane institute of Pharmacy, Ambap.
2,3Assistant Professor , Ashokrao Mane Institute of Pharmacy, Ambap.
The pharmaceutical industry is experiencing rapid transformations in response to dynamic market conditions, technological advancements, and evolving regulatory landscapes.explores the key strategies employed by pharmaceutical companies in their marketing efforts and the challenges they encounter in this ever-changing environment.Effective pharmaceutical marketing goes beyond traditional approaches, encompassing digital channels, social media, and targeted outreach to healthcare professionals. Companies are adapting to the shifting dynamics of patient engagement, focusing on personalized medicine, and employing data-driven insights to tailor their marketing strategies.navigating the pharmaceutical marketing landscape is not without its challenges. Stringent regulations, ethical considerations, and increasing scrutiny demand a delicate balance between promoting products and ensuring patient welfare. Furthermore, the emergence of generic alternatives, pricing pressures, and the demand for transparency pose additional hurdles for pharmaceutical marketers.
Profit maximization is the end goal of marketing, which also seeks to satisfy the demands of target audiences. Achieving the organization's goals is the end result of this social and managerial process. The goal of marketing is to provide a product or service to a target market in a way that benefits both parties. The same holds true for the marketing of pharmaceuticals. Prescribing your product is the final step. Marketing drugs differs only in that it focuses on the consumer. A consumer or customer is the term used to describe the person who will be using the product in various forms of product marketing. On the other hand, in pharmaceutical marketing, the target audience consists of doctors or groups of doctors who recommend pharmaceutical products to patients. Consequently, marketing efforts will take the prescribing doctor into account. Reason being, convincing and educating doctors about your products is the main focus of pharmaceutical marketing. When looking at volume, India's pharmaceutical market is third, while when looking at value, it ranks thirteenth. When it comes to the number of generic pharmaceuticals exported, India is unrivaled. The country is responsible for about 20% of the world's total. There have been major shifts in the pharmaceutical industry throughout the world throughout the last decade. Globalization, rising levels of competition, and the struggle for global market supremacy all provide new challenges to the pharmaceutical industry. Due to fast globalisation, the whole pharmaceutical industry is merging. The industry is currently in a state where innovations are crucial to its existence, thanks to the constant innovation in the sector. When it comes to the pharmaceutical industry, pharma marketing is king. Marketing pharmaceuticals is very different from traditional marketing, but the focus is the same: identifying a need and providing a solution.first to third With global revenues of almost US$2.8 trillion, the pharmaceutical industry easily surpasses all others. Major shifts in the pharmaceutical sector in the last several years have necessitated new approaches from makers, payers, and providers. The pharmaceutical sector is facing the same level of customer demand for convenience and variety as any other market segment. Many factors are pointing to the Indian pharmaceutical industry experiencing strong and continuous growth in the next years. Ranbaxy, DRL, CIPLA, and Dabur are just a few of the top Indian companies that have already set up shop. New products and expansion in the pharmaceutical sector are mostly reliant on research and development (R&D) because the industry is knowledge driven. Nevertheless, huge global conglomerates control basic research because it is a costly and time-consuming process (finding new compounds).[4] India has the third-largest pharmaceutical sector in the world.The pharmaceutical business in India had a total turnover of US$21.04 billion between 2008 and September 2009, according to the Department of Pharmaceuticals, Ministry of Chemicals and Fertilizers. However, the value of the home market was $12.26 billion. Market research firm Brand India Equity Foundation predicts that between 2012 and 2016, the Indian pharmaceutical industry will expand at a CAGR of 14.1–17%.Among the world's top five emerging markets for pharmaceuticals, India is now ranking high. With a cumulative yearly growth rate of 21.25%, India's pharmaceutical product exports jumped from $6.23 billion in 2006–07 to $8.7 billion in 2008–09.In 2010, India became one of the top ten pharmaceutical marketplaces in the world, and by 2020, its worth will have reached US$50 billion, according to PricewaterhouseCoopers (PWC).[5]
OBJECTIVES OF THE STUDY:
Pharma Marketing Process and its Challenge:
With global revenues of almost US$2.8 trillion, the pharmaceutical industry easily surpasses all others. Payers, providers, and manufacturers have all been hit with new demands due to the dramatic developments in the pharmaceutical sector in the past few years. Nowadays, consumers expect the pharmaceutical sector to provide them with the same variety and ease of use as other industries. There are a lot of reasons why the Indian pharmaceutical industry is going to have a lot of constant growth in the coming years. Notable Indian companies like as Dabur, Ranbaxy, DRL, and CIPLA have already set up shop. Research and development (R&D) plays a crucial role in the pharmaceutical sector, which is knowledge driven and growth oriented. But because it's a costly and time-consuming procedure, big corporations control basic research (finding new compounds). Only very recently have Indian enterprises begun to operate in the region. In 1901, the Bengal Chemical & Pharmaceutical Company began its initial operations in Calcutta, marking the beginning of the Indian pharmaceutical sector. The pharmaceutical sector went through a number of stages in the following decades, mostly as a result of government regulations. Beginning with the repackaging and formulation preparation of bulk medications imported into the country, the Indian sector has progressed to become a source of net foreign currency and has established itself as one of the world's top 35 drug producers, highlighting its prominence in the pharmaceutical field. More than 2,500 Indian pharmaceutical companies are currently registered. In the pharmaceutical industry, there are 25,000 businesses that have permission to operate. About 430 of the 465 bulk medications used in India are made here. Among nations other than the United States, India boasts the highest number of FDA-approved pharmaceutical production facilities. Doctors without Borders treats 65,000 patients in over 35 countries with AIDS medications supplied by Indian generics businesses, which account for 85% of the meds.
From organizational perspective following are the most prominent performance related issues:
Patents:
Research and development, manufacturing, and distribution of medicinal substances are all part of the pharmaceutical industry's purview. Pharmaceutical businesses can legally deal in both name-brand and generic pharmaceuticals and medical equipment. Drug testing, marketing, and patenting are all areas where they must adhere to a patchwork of rules and regulations. The majority of the major pharmaceutical firms that exist today may trace their origins back to the late 19th and early 20th centuries. Insulin, penicillin, and other groundbreaking medicines developed in the 1920s and 1930s were mass-produced and delivered. Particularly robust industries were found in Switzerland, Germany, and Italy; the US, Belgium, and the Netherlands were close behind. In order to regulate the testing and approval of pharmaceuticals and to mandate proper labeling, legislation was passed. As the pharmaceutical industry developed, the law began to differentiate between prescription and over-the-counter medications. The field really took off in the 1950s, when advanced manufacturing processes, a better knowledge of human biology (including DNA), and rigorous scientific approaches all came together. The 1950s saw the development, production, and marketing of a plethora of new medications. Among these were several heart treatments, the first oral contraceptive (often known as "The Pill"), Cortisone, and medications to lower blood pressure. The era of psychiatric drugs was ushered in by monoamine oxidase inhibitors, chlorpromazine (Thorazine), haloperidol (Haldol), and tranquilizers. Before concerns about addiction and habituation arose, diazepam (Valium), which had been in development since 1960, was commercialized in 1963 and quickly surpassed all other drugs in terms of prescriptions written. There were efforts to tighten regulations and cut off financial ties between pharmaceutical corporations and doctors who prescribe their drugs. This included the relatively young U.S. Food and Drug Administration (FDA). In the 1960s, when the thalidomide tragedy surfaced, these demands intensified. The drug had been used to treat nausea and vomiting during pregnancy, but it had devastating effects on the unborn children. The Declaration of Helsinki, published in 1964 by the World Medical Association, established guidelines for clinical research and mandated that participants be required to provide informed permission before to participating in any study. It is now mandatory for pharmaceutical companies to do clinical trials to show the efficacy of their treatments before they can commercialize them. Medications for cancer were used in the 1970s. India surpassed the United States as the leading country producing pharmaceuticals without patent protection beginning in 1978.
New Drug Approval :
Before releasing their products in any country, pharmaceutical companies must register their patents to safeguard their interests. The drug regulators in that nation must give their stamp of approval to the product before it can be sold to the public. The patent registration process is often the first step in requesting permission.
WTO:
Under the World Trade Organization (WTO; formerly GATT, the General Agreement on Tariffs and Trade), the world's industrialized nations have been pushing for patent law universality. At this time, patent types and durations vary among nations. An international standard of 20 years for product patents has been established by the WTO.
RESEARCH & DEVELOPMENT (R&D):
One of the most advanced sectors of the Indian economy is the pharmaceutical business, which ranks third globally. With a growing trade surplus, a highly skilled and innovative workforce, robust national laboratories, cheap production costs, and no reliance on outside suppliers, India's pharmaceutical industry is technologically formidable and completely self-sufficient. In terms of technology, quality, and the breadth of medications manufactured, the Indian pharmaceutical sector now is regarded world class. Almost all medications are now manufactured domestically, ranging from simple headache tablets to complicated cardiac chemicals and antibiotics. The pharmaceutical sector is proud to produce 350 bulk pharmaceuticals, which are chemicals with therapeutic value and used to make pharmaceutical formulations, in addition to the whole spectrum of pharmaceutical formulations, which are medications that patients can take. sector estimates place the worth of India's pharmaceutical sector at around US$12.26 billion. On a compounded annual growth rate basis, this sector is expanding at a rate of 10–11%. About 65% of the pharmaceutical industry's overall revenue comes from exports, even though the industry's total turnover is estimated at 21.04 billion. Investments in R&D account for about 18% of its total income. There is a strong growth rate of 23% in India's clinical research industry, which is projected to be worth US$ 2.2 billion. Also, with cheap R&D expenses and a large skill pool, the Indian pharmaceutical offshoring business is expected to grow into a US$2.5 billion opportunity by 2012. Today, Indian industry is a global leader in exporting high-quality generic medications, thanks to the product patent system that has been in place since 2005. The United States, Germany, France, Russia, and the United Kingdom are among the numerous countries to which India ships drugs. Increased investment and development in India's pharmaceutical industry is a top priority for the country's government. It opens the pharmaceutical industry to full foreign direct investment (FDI) via the automatic method. Foreign direct investment (FDI) in the pharmaceutical industry reached a staggering $1,882.76 million between April 2000 and March 2011, according to DIPP data. Most pharmaceuticals and medicinal supplies do not necessitate industrial permits in India. Once the medicine Control Authority gives the go-ahead, manufacturers can make any medicine they choose. Numerous pharmaceutical companies have invested in India as a result of its patent regime. They are now seeing India as a prime site for R&D, especially for clinical trials and other services, in addition to its long history of excellence in contract manufacturing. According to a KPMG analysis, 3,498 product patents were awarded by the Indian Patent Office between 2005 and 2010, indicating that patented drug launches in India are being maintained by both domestic and international corporations.
THE COMPETITION:
The acute categories have long formed the backbone of the pharmaceutical industry in India. Being in a tropical nation gives this a distinct seasonal flavor. The Indians have no control over the seasons. The monsoon season is a breeding ground for water-borne diseases, viruses, coughs, and colds. Seasonally, the acute segment usually has its best months from June to September due to water-borne infections, whereas the anti-infective segment usually has its worst months in the winter. 'Healthy' months are actually January through March. A spokesperson for Sun Pharma said, "Acute therapy products still make up more than 75% of the Indian market, and this hasn't changed in recent years." The chronic ailments area, however, has seen a noticeable uptick in sales. Cardiovascular disease and diabetes treatments are anticipated to experience the most rapid expansion rates due to the rising incidence of chronic diseases. In 2007, the chronic sector grew at a rate of 21% while the acute segment grew at a rate of 11%, according to ORG-IMS. The chronic sector maintained its robust growth rate of 18% in January 2008. Malaria, dengue, and chickenguniya are mosquito-borne diseases that saw a surge in 2006, driving up demand. The pain and analgesic segments exhibited substantial growth rates, reflecting this. In January 2008, sales in India were 72% from the acute sector.There is a great deal of daily rivalry in the acute segment, but not nearly as much in the chronic therapy region. Because patients with chronic conditions often require long-term medication prescriptions and are expected to adhere to the prescribed brand without deviation. Even though the doctor is switching brands daily for acute cases. However, there is a lot of rivalry from regional and propaganda businesses in the acute region. [6-8]
MARKETING MIX IN PHARMA MARKETING:
The marketing mix is essentially encompassed by pharma marketing. The '10 Ps' are a set of ten manageable marketing variables that make up this typology for integrated attempts: This article introduces three new Ps—packaging, partnership, and policy—to capture the peculiarities of integration in integrated care, in addition to Booms and Bitner's three additional Ps—people, process, and physical evidence—to capture the peculiarities of services. These Ps build upon McCarthy's four core Ps. In order to better meet the demands of customers, patients, and other stakeholders, the 10 P's frameworks adopt a business-centric approach. This is because it is necessary to integrate fragmented alternatives in the corporate environment, such as health and social care providers. Consequently, this typology is useful for marketing strategies that try to get health and social care providers, their stakeholders, and potential clients to accept and participate in integrated care.
Product:
It is the most important factor to think about within the promotion mix framework. Products are the health and social care solutions that integrated care providers offer and promote. Patients' health can be improved, restored, or preserved with the help of these solutions, which can include both physical integrated care products (like medications) and enhanced integrated care products (like scheduling and follow-up assistance, credit and instalment options, and security measures like CCTV, escorts, and guards). The company's operations are made easier with product consideration.
Price or the Pricing Strategy:
Is surely an important motivation to business. The pharmaceutical industry's pricing strategy is based on the value pricing method, which states that the severity of an illness and the amount spent on research and development determine the price. Cost of care refers to the amount that potential customers must pay to medical professionals in order to get medical and social assistance. Not only does price affect healthcare providers' profits from social and health care solutions, but it also affects patients' capacity to pay and their assessments of the solutions' worth and quality.
Place or Physical Distribution:
The strategy has a significant effect on how the company runs. This is the process by which health and social care products are transferred from integrated care providers to patients; it includes the distribution method and point of sale, also called a channel or intermediary. Pharma care providers use this to deliver health and social care solutions to patients in a way that meets or exceeds their expectations. Nowadays, customers can choose between physical and online service providers; regardless of the choice, businesses still think about how to get their products to customers.
Promotion:
When compared to common fast-moving consumer goods (FMCG) or consumer items, the perspective of pharma products is distinct. There is a usual promotional path for Pharma Life Savings medications, but there is a more conventional one for over-the-counter products. At each level, the Professional Sales Representatives work to entice stakeholders in a unique way; the process begins with physicians, continues through pharmacies, and finally reaches the end users. Among the many possible actions and tools are advertisements, direct marketing, personal selling, public relations, sales promotions, and social media communication. Both payers and independent health and social care providers can benefit from using the same activities and tools to promote integrated care (horizontally, vertically, structurally, or virtually), and payers can also support integrated care providers as panel institutions that offer patients health and social care services.
People:
Certainly, they are an important target audience for marketing campaigns. Personnel who are directly or indirectly involved in contacts with patients and stakeholders throughout the delivery, management, and organization of pharmaceutical products are referred to as "people in integrated care." Such personnel include physicians, clinical staff, laboratory and medical assistants, officers, and scientists, cardiologists, dentists, dieticians, nurses, paramedics, pharmacists, psychologists, radiographers, medical social workers, surgeons, therapists, and an array of other staff members trained for offering health and social care services or administrative work.
Process:
Pharma marketing is an important factor because it connects the marketing efforts. The operational and tracking methods and processes used by healthcare providers to provide health and social care services (including follow-ups) in an effective and efficient manner are referred to as the service process. The procedure streamlines the operations of pharmaceutical businesses, particularly the Intermediaries function.
Physical Evidence:
helps the marketing function a great deal. Physical proof is the tangible component of the healthcare service provision. A wide range of concrete aspects of integrated care are evaluable by patients and stakeholders. These include staff qualifications and facility quality at healthcare facilities (such as clinics, hospitals, and care centers) as well as documented evidence of best practices (such as patient testimonials, awards, leaflets, media, publications, signage, and websites). Physical proof in the form of catalogs and pamphlets helps the doctor prescribe medication when Professional Sales Representatives (PSR) present it to them.
Packaging:
fundamentally encourages and maintains optimum health while simultaneously supporting product protection. Although packing has been confused with the rest of the marketing mix as well as with the product and promotion, the reasoning behind this is that packaging is a stand-alone component of the mix, with its value stemming from creativity rather than the attributes of the product. It is most directly related to the product promotion.
Partnership:
The healthcare industry and the pharmaceutical industry are interdependent, with professionals and organizations collaborating on the delivery, management, and organization of healthcare and social care solutions. By forming cooperative agreements, separate healthcare providers are able to combine their resources to offer a more comprehensive set of services to patients. From a horizontal perspective, by connecting groups that provide similar services (e.g., multidisciplinary teams); from a vertical one, by connecting levels of service (e.g., primary, secondary, tertiary); from a structural one, by merging into one new organization; and finally, from a virtual one, by creating an online community of health and social care professionals who work closely together. Thanks to the partnership, patients can get comprehensive care that addresses all three phases of health: prevention, promotion, and restoration. Integrative treatment providers and payers are just two examples of the types of stakeholders that can be motivated to participate in more partnerships by the value and cost-effectiveness gained from existing ones.
Policy:
supervises the development of healthcare processes and the construction of partnerships. A governing body or integrated care board is essentially in charge of planning, implementing, and overseeing the integration of health and social care services, and it is this group's job to approve policies. Therefore, policy plays a pivotal role in integrated care by coordinating the many components of the marketing plan to ensure that consolidation proceeds in a rational manner to improve health outcomes in a comprehensive manner. [9]
Success factors determining the global introduction of new pharmaceutical products:
There has been an assessment of the factors that significantly impact the effectiveness of the worldwide launch of new pharmaceutical goods. A medicine was considered to have successfully entered the global market if it was approved in six major industrialized nations during the first four years after its launch. In this regard, five variables were determined to be statistically significant using logistic regression:
Within the framework of an effective launch strategy that handles concerns like positioning within the industry and stimulates responses from competitors, these five criteria collectively influence the overall worldwide success of a new treatment.[10]
Pharmaceutical Company Business Strategies:
The days of India's pharmaceutical business being associated with low-priced generic medicine manufacturing are over. Many firms have embarked on the lengthy journey of drug research, unique product development, and pharma services, although generics still play a significant role in the industry's success. The Indian pharmaceutical sector is a potential partner or competitor due to its educated workforce, low production costs, and high-quality research. India is home to a thriving pharmaceutical industry, ranking fourth in the world in terms of volume and contributing around 8.5% of total production. About 1.7% of the global total is attributable to output in terms of value. There are about 600,000 persons directly employed by the extremely dispersed Indian pharmaceutical business. Even though only about 3,500 companies in India actually produce pharmaceuticals, there are about 280 big research and development (R&D) based pharmaceutical companies, including private, public, and multinational organizations, and about 6,000 smaller licensed generics manufacturers. The majority of smaller businesses rely on the excess capacity of larger pharmaceutical companies rather than owning their own production facilities.
A New Approach:
The guidelines were rewritten for Indian corporations in January 2005 with the advent of pharmaceutical product patent recognition. The Indian industry underwent transformation prior to and during the new post-patent period. To focus on discovery research and creating new medication delivery systems, R&D departments are abandoning reverse-engineering. Many believe that Indian companies' past success with selling generics abroad may help them sell their own branded items to foreign markets down the road.
Focus on current and future markets:
Foreign expansion has long been a goal of Indian industry due to the nature of the Indian domestic market. Some businesses have had to reorganize due to the costs associated with expansion. Recent examples include the divestiture of Esparma, Wockhardt's German company, and Orchid's generic injectable formulations business, which it sold to Hospira in March 2010 along with a long-term supply arrangement for its active pharmaceutical ingredients.
INDIA:
For most Indian businesses, India is still a crucial market. Roughly 70% of the nation's medications come from the domestic industry. Each company's strategy and level of international market penetration determine the percentage of revenue generated from India. For instance, in fiscal 2008/09, 55.8% of Zydus Cadila's income came from India, the country that the company aspires to expand into quickly abroad. Even though Cipla has been increasingly focusing on international markets, India is still a critical market for the company, accounting for about half of its revenue in 2008/09. In 2008–09, India accounted for just 17% of Dr. Reddy's total sales, demonstrating that other companies are not as dependent on the Indian market.
INTERNATIONAL DEVELOPMENT:
Although there will be some exciting new opportunities presented by the impending patent annihilation of several big products and the US government's decision to finally address the biosimilar regulatory issue, these will have to be weighed against the price-cutting demands of the continuing economic slump and the fierce competition for market share.
USA:
The United States is the most desirable market for Indian generic businesses because it has the biggest generic market. There was a meteoric rise in the number of ANDAs granted approval as more and more businesses acquired the knowledge necessary to submit for FDA clearance. The figure rose to 52 in 2005 and continued to rise year until it reached 132 in 2008. A total of 125 ANDAs were approved in 2009. Twenty more were green-lit in Q1 of 2010.
UK:
General prescriptions account for more than 80% of the market in the developed UK. With nine corporations operating eleven production locations, the United Kingdom has long been an important market for Indian companies. The Medicines and Healthcare Regulatory Agency (MHRA) of the United Kingdom authorized about two hundred and sixty marketing authorizations for various goods made by Indian companies between 2009 and 2010. There were 55 approvals for Ranbaxy, 54 for Dr. Reddy's, 39 for Aurobindo, and 25 for Lupin during this time.
Europe:
Other than the United Kingdom and Germany, many major European markets have been hesitant to implement a strict policy regarding generic medications. But nations like France, Italy, and Spain are investigating ways to boost generic medicine usage in response to mounting drug prices and economic downturn. Many Indian businesses are keeping tabs on them or have seen opportunities for expansion; Ranbaxy, for instance, has offices in four European countries.
Brazil:
Among the many new generic drug markets that have emerged in recent years, Brazil stands out. Although generic versions of brand-name medications can be as much as 50% less expensive, the Brazilian generic business association Pró-Genéricos states that this difference must be at least 35%. With a volume increase of 19.0% to 330.0 million units in 2009, generic medications accounted for 19.4% of the pharmacy business. Drugstore sales of generic medications surged 24.0% to R$4.5 billion (about $2.2 billion) in value terms. The Brazilian market has seen the presence of Indian enterprises for a while now. Indian pharmaceutical exports to Brazil accounted for a substantial portion of India’s total commerce with Latin America in 2008, with an annual value of approximately US$166 million.
Australia:
Generics have not yet made a dent in the Australian market since branded products are so inexpensive. Many popular medications will soon lose their patent protection, yet when a treatment is no longer protected by a patent, price competition is usually low. But, in an attempt to control the total pharmaceuticals bill, the government is presently investigating methods to increase generic consumption. Indian businesses are starting to show interest in the industry, and some of them have even gotten their production facilities and goods approved by the Therapeutic Goods Administration. The pharmaceutical industry in India is no stranger to fierce rivalry. With over 300 structured companies and branded promotional charges attached to every product in the Indian market, the sector manages to deliver low-priced products while still remaining profitable. Nevertheless, given the present economic situation, it is doubtful that the Indian sector can sustain the rate of global expansion. [11-13]
CONSUMER BEHAVIOUR IN PHARMACEUTICAL MARKET:
More of the customer's strategy behind buying a product is included in consumer buying behavior. So, marketing campaigns center on getting people to buy products, ideas, and participate in events. Marketers place a premium on knowing how customers buy their products. It comprises 5 consumer decision-making signals: what, why, when, and how often. Anyone who buys things for their own use rather than to resell is considered a consumer, regardless of their gender, age, religion, or race. Important figures like consumers are swayed by ads and marketing while deciding whether or not to purchase a product. What a person does when they buy something is only one part of consumer purchasing behaviour. Consequently, marketing campaigns center on the customer's service consumption, together with his actions and ideas. In order to fulfill their needs and desires, people or groups engage in consumer purchasing behavior when they buy, use, or throw away goods, services, ideas, or experiences. If you want to know why people buy things, this is a key factor to think about. Incentives for consumers are outlined by the four P's. Major elements of the consumer environment that impact buying choices include economic changes, technological advancements, politics, and culture. The buyer's experience quotient is the sum of all these separate sparks, and it's likely that responses like product choice, quantity, and buying time will emerge from it. Among the many benefits of consumer behavior research is its usefulness in assessing demands, Evaluates the performance of companies Accurate cost estimation and timely product delivery are two outcomes of this prediction. Actually, there are many different areas of study that contribute to the complicated science of consumer behavior, including marketing, economics, psychology, and consumer politics. Both the physical product or service and more abstract concepts like ideas, ideals, and the pursuit of one's own self-actualization are components of consumer behavior. Providing a systematic and representative picture on the issue is crucial for gaining a better knowledge of consumer behavior in a broad environment. In order to come up with successful strategies, pharmaceutical marketers must consistently and regularly analyze doctors' prescribing habits. Because of the intense competition among pharmaceutical companies, doctors' prescribing habits are subject to frequent and quick changes. If a doctor has personal ties to a certain brand, it's likely that they will try and enjoy the product. [14]
IMPROVED PROTAGONIST OF PHARMACY INTERMEDIARIES IN PHARMA MARKETING:
Intermediary conflicts have been recognized as a problem issue in the marketing industry. Distributorship management is unquestionably a top priority, which adds another layer of difficulty to pharmaceutical marketing. The members of the Channel are able to communicate better with one another because to the Resolution. In the not-too-distant future, digitalization will be noticeable even among smaller organizations. Moving forward, pharmaceutical companies should prioritize data management and data integrity. Brand management with the help of intermediaries is another viable option, particularly for OTC product categories. There may be a thriving distribution route for these drugs as they do not require a prescription from doctors. Intermediaries must be seen as business partners in their current guise if the brand management initiative is to succeed. [15]
Improved Role of Pharmacy Intermediaries
CONCLUSION:
In landscape of pharmaceutical marketing is undergoing a transformative shift, marked by the integration of innovative strategies and the need for adaptability in the face of challenges. The industry's move toward digitalization and personalized approaches reflects a commitment to meeting the evolving expectations of both healthcare professionals and patients.As pharmaceutical companies navigate complex regulatory frameworks, it becomes imperative for them to strike a delicate balance between promoting their products and upholding ethical standards. The challenges posed by generic competition, pricing pressures, and demands for transparency highlight the importance of resilience and strategic foresight in pharmaceutical marketing endeavors.Despite these challenges, the opportunities for growth and impact in the pharmaceutical marketing sphere are substantial. Leveraging data-driven insights, embracing technological advancements, and fostering collaborative relationships with healthcare stakeholders are essential components of a successful marketing strategy. Moreover, an unwavering commitment to patient-centricity not only ensures ethical marketing practices but also establishes trust and credibility in an increasingly discerning market.
REFERENCE:
Satyam Pawar, Pritam Salokhe, Nilesh Chougule, Strategies And Challenges In Pharmaceutical Marketing, Int. J. of Pharm. Sci., 2024, Vol 2, Issue 7, 1-12. https://doi.org/10.5281/zenodo.12602423