Pharmaceutical Marketing – Boon or Bane?

Marketing is at the core of every product's success

. A slapdash marketing effort will show at the product being retained on the shelves for a long time. Ergo, marketing helps bring justice to the immense hours of research and development activity behind manufacturing a product.

The fact stands true in the case of pharmaceutical products as well. Pharmaceutical marketing, sometimes called medico-marketing, is the business of advertising or otherwise promoting the sale ofpharmaceuticalsordrugs.Effective marketing is at the heart of success for high-growth pharmaceutical brands and companies.

However, evidences show that marketing practices can negatively affect both patients and the health care profession. Hence, many countries have measures in place to limit advertising bypharmaceutical companies. To respect the consumer's and the regulatory authority's rules, the pharmaceutical industry has to conjure up pharmaceutical marketing strategies that adhere to the laws and are yet effective in selling the product.

Pharmaceutical industry spending on marketing far exceeds that spent on research. In Canada, $1.7 billion was spent in 2004 to market drugs to physicians; in the United States, $21 billion was spent in 2002. In 2005 money spent on pharmaceutical marketing in the US was estimated at $29.9 billion with one estimate as high as $57 billion. Thereby a more concentrated effort by the marketing consultants is required to make the hours of research and development bear fruit.

To assist marketers and marketing consultants alike, there are benchmark reports available that can provide crucial information on improving the process of pharmaceutical marketing. Organizations who compile these reports have extensive experience in helping clients navigate all phases of the marketing process from new product development and commercialization through launch and brand lifecycle management.

The information provided in these reports can help you derive diligence from the experiences of the marketers, marketing consultants and sales forces in top pharmaceutical industries. The information is gathered from interviews with marketing executives at leading companies along with quantitative surveys to identify performance measures, metrics, best practices and lessons learned thereby delivering fresh, relevant and timely marketing guidance to marketers.

Few of these organizations form teams who work with their client to first help their clients assess their existing processes and performance systems. Following the completion of this internal practice collection, the organizing team and the client team members confer to prioritize the issues and areas that will have greatest economic and operational benefit.

The reports then include researches such as early-stage commercialization, specialty drug marketing, communicating clinical trials and e-marketing, all important processes leading up to a successful product.

Ultimately, an action plan is then developed and used to guide the benchmarking project of the client. If you desire a great marketing plan for your pharmaceutical product, get hold of one of these reports for a detailed plan of how to achieve pharmaceutical marketing success.

Pharmaceutical Marketing Boon or Bane?

By: Kirthy Shetty

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