The final consumer of pharmaceuticals is patient. Because the real business comes from patients, but more often than not doctors, retailers are prescribers and decision makers and business managers. Which countries are companies targeting? Countries in the area with the highest number of applications for registration mainly include upper middle income (UMIC) countries and low- and middle-income countries with a high volume of patients or a higher possibility of admissions. This is a truth well understood by innovators and disruptors.
As Steve Jobs, the late CEO of Apple, said: “You have to start with the customer experience and work towards technology again, not the other way around. For most pharmaceutical companies, this represents a major change in thinking. It requires putting not the product but the customer at the center of the launch and addressing the emotional and behavioral needs of customers, as well as clinics. The takeaway messages in this module are that the pharmaceutical market requires strategic thinking that considers a series of contingencies.
Pharmaceutical marketers think they need to go beyond customer satisfaction to truly market their products and brands to patients. In this module, you will learn how the pharmaceutical industry takes a product that has outgrown the market and sells it on the market. A market segmentation strategy will provide you with better focus, minimize waste and free up resources, and open new doors for your pharmaceutical organization in the face of rising costs and demands for developing affordable drugs and healthcare. By running ads in these authoritative publications, marketers can draw the attention of physicians and ultimately sell them the effectiveness of their pharmaceuticals.
Previously, marketers had focused on the 7 Ps of patient-facing marketing, the seven fundamentals of winning the customer. That's why marketers also turn to employees to develop their culture and marketing strategies that prioritize the customer. This approach to pharmaceutical marketing involves the individual sale or promotion of a pharmaceutical drug to pharmacy managers and physicians. Lerer suggests that a good way to elucidate the rationale behind Internet-driven small-group or micro-segment-centric segmentation is to compare it with current approaches to pharmaceutical market segmentation (table above).
People within the B2B pharmaceutical industry will often make the difference between a sale or no sale, not marketing messages. We have found mature organizations in the pharmaceutical supply chain that have lost market share to new entrants, who have failed to differentiate themselves or respond to that of the competition from a pricing perspective, due to a lack of strategic focus. The process involves dividing the market of customers and leads into segments based on characteristics, such as interests or needs, so that marketing messages, tactics and campaigns can be more focused. What's more interesting, however, is that almost all major pharmaceutical companies are now saving more dollars for sales and marketing than for research and development.
Of course, there are thousands of factors that can influence the size of the pharmaceutical sector's market. Pharmaceutical drugs are complex and highly regulated products, making the work of pharmaceutical marketers much more complicated and difficult.