Factors that distinguish the pharmaceutical from the FMCG industry?

The pharmaceutical sector is known for having a robust R&D and a sizable sales staff. However, over time, pharmaceutical businesses have encountered a number of difficulties, including high R&D costs, product patent expirations that coincide with price erosion, and the consolidation of pharmaceutical firms. Figure 1: The following illustrates a schematic view of the distinctions…

What makes a medical representative most effective in their detailing to doctors?

In the healthcare sector, sales agents are required to run their “territories” like their own businesses. Top-performing medical sales representatives have an entrepreneurial mind-set for this precise reason. Knowing which clients generate the most business and what their “purchasing” style is will help you match your selling approach to it. It will also help you…

PHARMA BRAND PLANNING IN 2022: CONSIDER THESE 3 FACTORS

Every year, pharma marketing teams engage in multi-phased, cross-functional, multi-organizational strategic planning and also in aligning work-stream dubbed “Brand Planning” by many in the industry. Brand planning is often a three-phased process that includes Strategic Planning, Tactical Planning, and Budget Planning. Every quarter, marketing teams (Consumer, HCP, and Payer) align on the brand’s mission, strategic…

THE NEW REALITY OF ESTABLISHING A CORPORATE BRAND IN THE PHARMACEUTICAL INDUSTRY

Introduction The global pandemic has raised everyone’s awareness of the importance of healthcare. During the rush to develop COVID-19 vaccines, an unexpected thing happened: The public view of the pharmaceutical industry improved – and pharmaceutical companies themselves began to become more well-known. Until businesses had their coronavirus vaccines licensed, the names of the companies behind…

How to Create a Marketing Budget

Know your buyer’s journey The steps your audience takes on their way from prospect to becoming a paying client are referred to as the buyer’s journey. Knowing how your audience interacts with your marketing allows you to better determine where to put your goals and budget to better reach your customers. While defining your buyer’s…

What is the best way to develop an effective pharmaceutical marketing strategy?

To find the best method for your pharma brand, combine opportunity, strategy, and action. For many of us, especially those in the pharmaceutical industry, the last 18 months have been a rollercoaster ride. The COVID-19 pandemic has had an impact on how pharmaceutical companies advertise and distribute their products: customers are becoming more informed and…