Marketing Pharmaceuticals

 Technology, Strategy, Survey, Methods, Company Profile, Consultancy, Study, Report, Market

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Information @ a Glance

  • The business of promoting the sale of pharmaceuticals or drugs is called medico-marketing or Pharma marketing or pharmaceutical marketing.

  • Aim is to change a non-usage of a product to usage or repeated usage.

  • Marketing is a high-stakes proposition in the pharmaceutical industry, with billions of dollars spent annually to promote new drugs.

  • Marketing practices has become an essential part of the pharmaceutical industry.

  • One of the prototypical example of a science-based market because products in science-based markets are largely supported by scientific reviews that appear prior to and during its lifecycle.

  • Pharmaceutical companies are capitalizing on the advent of the internet and the development of new media forms to promote their products.

  • The internet is helping to globalize and to change the nature of pharmaceutical marketing, and thus raises some new challenges for regulators.

  • Marketing of legitimate non-prescription medications, such as pain relievers or allergy medicine, has also long been practiced.

  • In order to develop internet-based marketing, Consultancies have been established and books are written to help the pharmaceutical industry.

  • Use of medical representatives for marketing products to physicians and to exert some influence over others in the hierarchy of decision makers has been a time-tested tradition.

  • When it comes to digital targeting, Pharma is between a rock and a hard place, even though its annual digital spend is over $1 billion dollars.

  • IFPMA code has been in operations indicates the objective of ensuring promotion of all products and defining baseline standards for marketing practice and applies to all pharmaceutical industry.

  • Marketing is perhaps one of the primary reasons that helps organizations succeed in expanding their horizons.

  • The primary technique of media used to promote these products included samples and package inserts given to healthcare professionals, advertisements in professionals journals.

  • The pharmaceutical companies sold drugs worth 1.032 billion euro in 2010, which is a 9.0% increase compared to 2009, according to data from global market research company IMS Health.

  • Analysis shows that the Indian economy continues on its current high growth path in Pharmaceuticals Market and will triple to US$20 billion by 2015 & move into world's top 10 in the market.

  • Pharmaceutical companies mainly market their products through contact between their sales force and healthcare providers.

  • Main objective of marketing in pharmaceutical industry for its profitability and its highly effective & sophisticated.

  • Following factors would increasing the pharmaceutical market which are increasing incomes, improving healthcare infrastructure, penetration of health insurance and adoption of patented products.

  • The pharmaceutical market will continue to change and adapt to the new economic reality.

  • The Pharma market is growing due to several factors like the integrated model, biotech drugs, and increased average life cycles.

  • Pharmaceutical companies marketing strategies appear to be a driving force in the treatment preferences of physicians.

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