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Global issues in Pharmaceutical marketing

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Global issues in pharmaceutical marketing: Marketing literally means promoting. It is the process of identifying the consumers' wants and needs and making the product to satisfy these. The term includes advertising, distribution and selling of a product or service. It is also concerned with anticipating the customers' future needs and wants, often through market research.Any thing that is produced by a company needs to be put forward to the consumers and customers. Both consumers and customers are different with respect to pharmaceutical marketing. A customer is the one who for example is purchasing an OTC whereas a consumer can be classified as the one purchasing the drugs using a prescription from a doctor. A costumer differs from the consumer because he/she may go for medication of choice whereas a consumer' purchase is largely predetermined by the physician. In brief, marketing is a tool to make the consumer group aware of the presence of the product in the best possible way in order to increase the sale and step up in a competitive world. The marketing of medicine dates all the way back to the selling of miracle cures. Marketing of legitimate non-prescription medications, such as pain relievers or allergy medicine, has also long been practiced. Gradual evolution from the domestic infant stage to a multinational global stage at which the pharmaceutical marketing now stands is truly commendable. ...read more.


The tax and duty applicable on goods manufactured, specific manufacturing practices, (does not include binding to the process, the process of mfg. remains as it was in the home country), pricing of the products, its channels of distribution, marketing scenario have to be studied and pre determined. Marketing factors in the pharma sector are at present industry self-regulated.2 As an example, there are basically two categories of drugs: OTC and PRESCRIPTION drugs. What is classified as OTC differs from country to country depending on the legislative framework. For example in united state some anti-histamine are prescription only which is not the case in some developing countries.2 Again it is also noted that 14 of 15 top pharmacy companies have their base in Ireland, not because it's a diseased region, but because of its favorable market environment. The corporate tax is 12.5%which is lowest in EU. Duties on copyrighted goods is considerably low and the pricing is not controlled. Well the problem that arises eventually from such a system is that the MNC's get severely affected and there is cut throat competition between the manufacturers. Another example that can be stated is that of Novartis AG which was warned by U.S. regulators that promotional material overstated the effectiveness and approved uses of Exelon, the drug maker's treatment for dementia caused by Alzheimer's disease. ...read more.


Elements of the Global Pharma Marketing The "three P's" of marketing: product, price, and promotion are all affected as a company transit to become a global company. At the global marketing level, a company is faced with many challenges when creating a worldwide marketing plan which differs in the terms of its implication in the base country. Product When the company becomes global it manufactures the same product with same parameters as it did in its home country. The manufacturing process is not compromised with the transition of the company. Price This parameter largely remains unfixed and is mostly variable on the region where the company moves to, its drug pricing policy is applicable and not the home country's policy. It may either be higher or lower as compared to prices back home. Promotion How the product is distributed is also a country-by-country decision influenced by how the competition is being offered to the target market and what is the sector to be targeted primarily. It depends upon the company how to assess its strategies to advertise its product and launch it in the market with the existing competition. This is the largest cost share holding parameter for a global marketing company and is mostly aimed to reduced cost to create benefits. REFRENCES: 1) https://www.frost.com/prod/servlet/market-insight-top.pag?docid=88875033&ctxixpLink=FcmCtx1&ctxixpLabel=FcmCtx2 4th OCTOBER. 2) http://ejbo.jyu.fi/pdf/ejbo_vol9_no2_pages_4-11.pdf 4th OCTOBER 3) http://www.forums.pharma-mkting.com/showthread.php?t=964 4th OCTOBER 4) www.shikanda.net/general/compas.htm 4th OCTOBER 5) https://www.frost.com/prod/servlet/market-insight-top.pag?docid=88875033&ctxixpLink=FcmCtx1&ctxixpLabel=FcmCtx2 4th OCTOBER ...read more.

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