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PHARMACEUTICAL MARKETING : AN OVERVIEW

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Presentation on theme: "PHARMACEUTICAL MARKETING : AN OVERVIEW"— Presentation transcript:

1 PHARMACEUTICAL MARKETING : AN OVERVIEW
By Dr. S.R.Lahoti Professor Dr. Rafiq Zakaria Campus Y.B.Chavan College of Pharmacy, Aurangabad.

2 Marketing an overview Difference between sales and marketing ?
Evolution of Marketing Concept. Product oriented view/ Customer oriented view Production concept Product concept Selling Concept Marketing Concept Types of Pharmaceutical products Sales: Trade Sales Institutional Sales

3 Pharmaceutical Marketing
Different from consumer marketing? Customers and consumers are different/ Indirect Marketing. Customer is very well qualified and intelligent Consumers have no choice. Scientific Marketing /Technical marketing Governed by laws and Government regulations For purchase of product needs prescription Types of Pharmaceutical Products Dosage forms/ formulations ) OTC 2) Prescription based Bulk drugs and surgical appliances Four P of Marketing (Marketing Mix) : Product, Price, Place and Promotion.

4 Product life Cycle Journey of product from the development up to removal from the market. Phases in product life cycle: 1) Gestation phase/ Developmental phase 2) Introductory Phase 3) Growth phase 4) Maturity Phase a) Growth b) Stable c) Decline 5) Decline Phase

5 Product life Cycle Factors governing the length of the phase:
Complexity Price Need of market Competition---1) Innovative 2) Imitative The Changes in marketing mix at various stages of products life cycle: Place Product Promotion Uses: Development of marketing strategies Modifications in product to extend the Cycle Launching of new product Re-entry of product

6 Product Acceptance Process (Customer Behavior)
Types of doctors: Brand loyalist Portfolio Man Impulse Prescriber Value Seeker Rational decision maker/ Emotional decision maker Types of customers as per Product acceptance Process: Innovators (2-3%) Early adaptors (10%) Early majority (35%) Late Majority (45%) Lizards (8%)

7 New Product Development
New Product: New to company, New to market Innovative, Imitative or Replacement (SR or CR) Steps in development: Exploration (Idea Generation) Screening Specifications Development Testing / test marketing Commercialization Feedback

8 New Product Development
Reasons for Failure : Inadequate market research Higher production cost Poor timing Competition Insufficient marketing efforts Inadequate sales force Weakness in distribution Wrong target customer

9 Sales Promotion It is marketing communication that attempts to inform and remind individuals and make them to accept, recommend, resell or use a product or service. Buying process: Unawareness Awareness Interest Evaluation Trial Usage Repeat use Part of promotion Mix: Personal Selling Advertisement Sales promotion Schemes Publicity

10 Personal Selling Direct contact with customer.
Sales by convincing the customer Very old, reliable and result oriented method Control over inventories Effect can be evaluated directly Competitors activity can be known directly Flexible presentation Can not be used for consumers products (High No. of customers) Costly method Limited coverage Very successful in pharmaceutical marketing Suitable for technical, costly and industrial products

11 Personal Selling Steps in personal selling :
Prospecting : Identifying and qualifying (SVL) Preparation : Pre-approach and call planning Presentation: Approach and demonstration Objection Handling Closing the sale Follow up Ideal Characters of a sales representative: Physical dimensions: personality, appearance etc Mental dimensions: Knowledge of product, market, customer Emotional dimensions : Attitudes, dependability, initiativeness etc.

12 Advertisement Non personal and paid form presentation of idea, massage or theme Economic due to vast coverage No guarantee of sales Non flexible communication For pharmaceutical governed by law: D&C act, objectionable advt. act and schedule J. Steps in development of advertisement: Legal aspect of advt. Selection of Product Advt. Budget Selection of media, duration and frequency. Massage framing Major effect of Advt.

13 Sales Promotion Schemes
Temporary activity to increase the sales on immediate basis To liquidate the inventories, short dated or slow moving products To introduce new product To boast the normal sale To increase sales in decline phase To motivate and attract new customers To overcome competition Methods: Quantity /discounts rebate scheme Incentives to MR Display at retailer point Container premium Product premium (Slow moving product) Gift to doctors/ chemists

14 Price Role Of DPCO and NPPA Pricing Strategies: High Skimming
Low Skimming Penetration Customary Ongoing price Psychological Marginal Price As Per Government Rules.

15 Various Avenues in Pharmaceutical Marketing
Sales Team Product Management Team Training Team Scientific Support Team Brand Management Team Market Research Team Export Team International Marketing Team

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