Pharmaceutical marketing CRITICAL ANALYSIS OF SKILLS
B. International pharmaceutical marketing challenges 6 III. Research questions 6 III. Research objective 6 III. Literature Review 7 III. The research entails philosophies or frameworks and apt research design which is in consistency with the research questions. Alternative research methodologies are also required. It also entails a demonstration of vivid understanding of various sources and types of business data/information and associated quantitative and qualitative methods of collecting data. The research also endeavors to demonstrate the methods of analyzing data which comprise of quantitative and qualitative and mixed methods. These skills are demanded so as for one to come up with a well-researched report. This current pharmaceutical marketing practice is believed to be modern, however, it is merely a 19thC patent medicine advertising direct continuation.
“Nostrum-mongers,” as Henry James calls them are regarded to be leading spenders in advertising as well as its originators. They employed variety of advertising strategies and methods (Applbaum & Kalman, 2006, p. They pioneered print advertising, the use of distinctive packaging and use of trademarks. They also designed and commissioned medical almanacs which worked as vehicles for encouraging disease awareness. For instance, they can make use of drug repositioning approach in order to capitalize on research investments and increase of the saleable life of the product. To realize stronger exclusivity, however, is achieved by merging novel formulations with new indications which tend to preclude the use of off-labels in generic drugs. In addition, patenting combination formulations which encompass two or more drugs within one dosage unit and marketing is another approach.
Fixed dose combinations (FDCs) can minimize emergence of resistance, improve compliance, streamline complex treatment regimens, give synergistic benefits and balance adverse effects among patients. Among drug developers these demonstrate lucrative lifestyle extension strategies which enable sustenance of generating revenue. Eliashberg, J. Stremersch, S. p. However innovation demands years of research. One can also give more value for the money. Venturing into the international markets is achieved easily by partnering with other entities. The government has to approve those deals and any restrictions in place might affect the agreement. III. Research questions 1. To what extend is the pharmaceutical marketing important for the company when the patent is near expire? 2. In areas with new diseases and unmet needs, companies make use of branding and rely on sales and marketing when there is high competition.
The values associated with a brand name other than technical excellence is essential for patients, doctors and health authorities. In the presence of competition and low priced generics, creation and maintenance of brand loyalty is vital from patients and the physicians. Brands enables safety and quality as well as trust and hence impacts human health. Customer commitment towards a certain brand ensures sustenance of revenues in pharmaceutical companies. Concerning prescription drugs, doctors play a vital role on purchase decision making whereas advertising, brand name, in-store promotions, friends and family recommendations are essential in non-prescription drug purchase decision making. However, there exists a doubt on whether advertising helps in defending a brand against generic competition and act as a barrier to entry.
The perception is that advertising enables consumers to view a product as slightly different from another product. And as a result, competitors cannot fully replace the original ones. This creates a barrier for entry as well as making it hard for competitors to attain consumer acceptance. Internet marketing is one of these strategies as it aligns itself in the ways customers arrive on their purchasing decisions. Internet has become accessible to a large section of the population and consumers perform prior social media research regarding certain brands which ends up influencing their purchasing decision making (Mulinari, S. p. Internet marketing enables entities to promote positive relations with consumers by making use of low cost and regular personalized communication. Internet marketing is convenient for consumers as it is in their reach.
Internet marketing is vital in developing relationships between entities and consumers and hence elevating consumer retention levels. Internet marketing and non-internet marketing approaches have been essential in pharmaceutical business (Kothiyal, A. These two however have their differences. Internet/online marketing makes use of emails and web to promote direct sales through electronic commerce. On the other hand, non-internet marketing does not involve use of internet although it makes use of tools that do not give customers the option to search which can be realised through digital marketing. Has any of your patents expired in the last five years? a. Yes b. No 2. Has pharmaceutical marketing proven beneficial when your patents expire? a) Yes b) No 3. Is internet marketing beneficial to your pharmaceutical company? a) Yes b) No 4.
How effective is internet marketing and non-internet marketing? 6. What are the differences between international and national (local) pharmaceutical marketing? III. Data analysis Questionnaires Yes No Has any of your patents expired in the last five years? 70% 30% Has pharmaceutical marketing proven beneficial when your patents expire? 70% N/A Is internet marketing beneficial to your pharmaceutical company? 100% 0% Do you use both internet and non-internet marketing? 90% 10% Is there any difference between internet and non-internet marketing? 100% 0% Which one (internet /non-internet) is more effective? Both N/A III. Results and interpretation During the interviews, averagely, most of the respondents stated that only two of their brands faced patent expiry in the last five years. They also gave a wide range of positive opinions regarding the benefits of pharmaceutical marketing and internet marketing pertaining patent expiry.
Companies can transact business with overseas consumers merely via internet and making use of digital marketing. Chapter IV: Data collection and analysis In this research, after distribute 60 questionnaire papers, only 53 questionnaire papers come back, 50 of them were valid. The analysis of these questionnaires is as shown below: Questionnaires Yes No Has any of your patents expired in the last five years? 70% 30% Has pharmaceutical marketing proven beneficial when your patents expire? 70% N/A Is internet marketing beneficial to your pharmaceutical company? 100% 0% Do you use both internet and non-internet marketing? 90% 10% Is there any difference between internet and non-internet marketing? 100% 0% Which one (internet /non-internet) is more effective? Both N/A Part 2: Reflecting on personal development Following my reflection on the experience of writing this report, I realized that I really enjoyed the entire process, well at least most of it.
I am an individual who is never tired of treading into new waters. I like trying my best to obtain more k knowledge as possible. In this 21st century, there is a wide range of information and a research is presented with a range of primary and secondary resources. He or she is mandated to choose the most precise ones to solve the issue at hand. I analysed various information related to the external and internal factors regarding pharmaceutical marketing. I realized that secondary research skills are demanded to deal with such kind of information. In this case, I can assert that my secondary research skills which I gained in due process would prove to be very vital in my career progression in the near future.
Having the knowledge of prioritizing on secondary data offered me with a range of great benefits including saving time and elevating the validity level of secondary research findings. Secondly, my secondary data critical analysis skills enabled me to craft a great report. During my initial moments of drafting the research, I lacked critical mind-set towards secondary data. At first I was prone to accepting viewpoints written in books and internet as facts with the thinking that if this person had published this book, he or she should have a deep knowledge on the topic discussed. However, my perception changed as I progressed and hence crafted the best viewpoints possible to realize the success of this research. Today’s marketplace is quite competitive and having prior knowledge of skills required for brands to survive patent expiry is essential for a business leader.
Business leaders have to be knowledgeable so that whenever they communicate with their employees and the public they need to have self-confidence. In conclusion, I did learn a lot during the overall research process. I remember vividly that my skills were much lower prior to starting the research. However, through a series of endeavours, I did gain a lot in making a critically analysed and researched report. Toulouse. Canada. Markets for new off-patent drugs. Ottawa, Ont. Patented Medicine Prices Review Board. com/blogs/2017-6/opportunities-challenges-for-pharmaceutical-industry-in-2017 Kothiyal, A. March 17). Reasons Why Internet Marketing Is Important For Your Business. Retrieved from https://www. tisindia. International Journal of Marketing and Business Communication, 4(2). doi:10. ijmbc/2015.
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