For non professionals, pharma business is lucrative business. They consider it as huge margin market. No excuses, it was margin able market but in today circumstances, it’s one of the top most competitive market.
Not sure but there should be above 40000 pharma companies (small or big) located throughout India. Every day new pharma company is launched in the market. Main reason for growing of numbers of companies is that, it’s easy to start own pharma company.
Pharmaceutical marketing is slow process so you should have enough patience to stay focused even if you are not getting adequate results. Why pharmaceutical marketing is slow process.
It’s Different: Pharma marketing is different from other types of marketing. You can’t approach directly to your customer. You have one medium in between you and your consuming side i.e. Doctor. In pharmaceutical world, advertisement doesn’t make brands. It’s Doctor, who make brand. They provide strength to a company, a brand or a molecule. Patient don’t believe in a company, he believes at doctor’s prescription. Whether you are big pharma or small pharma, you have to be in mind of doctors, not patients.
It’s Regularized: Pharma Market is regularized market. Any of Government policy can damage your whole business strategy. You have to start with your new plan everyday. Implementation of Schedules, DPCO and new changing policies throw you toward unwanted direction.
It’s Innovative: Discovery and Innovation of new & better molecules affect your establish brand and molecule. Launching new molecules are routinely work for big pharma but for small firms, it is difficult job.
It’s Competitive: Cut throat competition, crowded market, channelized convincing makes it difficult and time consuming process. In first few calls, Doctor will not even recognize your company or brand name, prescribing brand is other matter.
Number of factors other than above also play important role in pharma marketing. Even in this competitive market, daily new companies are emerging as key player and providing competitions to big names. Your ability and market relationships can make win for you if you are capable to stand for quite enough time, that is required to establish you, your company and brand.
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