In the pharmaceutical industry, greater market share is rarely achieved without commercialization. The marketer's efforts not only provide more sales, but also establish a reputation in the market, allow penetration into more stores and new geographies, and also help retain existing customers. Well, marketing is now the key driving force behind shareholder value. More specifically, marketing enables pharmaceutical companies to identify, anticipate and provide solutions to customer requirements.
Analysis is something that should be at the top of the agenda at any high level, because, when used correctly, it has the power to transform results. Pharmaceutical marketers will have the power to predict what actions will produce what results. This, in turn, will improve credibility and give them a leadership position, since marketing is the vital element that drives the bottom line for any company. Market research is an essential part of product lifecycle management activities in the pharmaceutical industry.
They called their company Intercontinental Marketing Services (IMS), and introduced it at an opportune time, when pharmaceutical executives had little data to consult when they were in the midst of strategic or tactical planning. In fact, in pharmaceutical markets that have become highly commodified, where the product itself has little intrinsic value (e.g. based on a data analysis performed for 311 members listed in the ESOMAR Directory in terms of location, market sectors and types of services offered, age of the market and number of employees. A well-established market is home to competitors who will try to undermine the new product and protect their own market share.
The development of a marketing pricing policy is preceded by the analysis of the external and internal factors of its formation, in turn, as part of the pricing policy investigation of the consequences of price changes depending on a situation in the market (reaction of buyers and competitors, business actions in responding to price changes by competitors, etc. Defining your capacity, need, level of demand (and supply capacity) and the motivations of customer segments determine the marketing strategy, as well as the budget, of a pharmaceutical product or service. In pharmaceutical markets around the world, the duration of the maturity phase is longer in some than in others, depending on the propensity of physicians to switch to new drugs.
Pharmaceutical marketingis currently the most organized and comprehensive information system for updating physicians on the availability, safety, efficacy, dangers and techniques of use of medicines.
While many people still see pharmaceuticals as commodities, marketers know that branding is the only way to help differentiate these companies from each other. Control refers to analytical work that takes place day by day and month by month, where, as a result, marketing executives can determine new methods of marketing tactics, tools and management as the organization optimizes and adapts to its environment. In 1957, IMS had published its first European syndicated research study, an audit of pharmaceutical sales in the West German market. Pharmaceutical marketing costs are considerable, but they are typical of high-tech industries that must communicate important and complex information to sophisticated users.
The growth phase is the time when the market accepts the new entry and when its market share grows. At the stage when it appears that the drug is likely to be approved for marketing, the product manager conducts market research to identify the characteristics of the market. To this end, marketers can use analytics to measure effective marketing strategies and also to eliminate the risk of making hasty decisions that might not produce a decent return on investment. .