Marketing Strategies of Pharmaceutical Industries
When you launch a pharmaceutical unit, it should be clear that the rules of the game are different here.
You can’t follow the concepts of conventional marketing. Like other businesses, you don’t approach to the end customer.
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The product marketing must be done to the doctors who will prescribe your products. Also, you need to have a close interaction with the distribution channel.
Whether you are a generic company or branded one, or a PCD; the rules are the same.
The blog talks about several marketing strategies prevailing in the pharmaceutical market.
Generic Marketing
In this, your primary customers are retail counters or stockiest. Here, you get bulk business. The margin is minimal, but you get the benefit of volumes.
In this case, not much emphasis is given to market the products to patients or doctors. The channel partners are the people who convince about the products to the end customers.
Branded Marketing
Here, you need to tap the doctors who endorse your products by prescribing to the patients. In this marketing strategy, patients and channel partners are not focused much.
The chemists play a pivotal role because they have the power of substituting your product with the similar product by your competitor.
Generally, branded products are high-value products because they least bother about the end customer.
When the doctors prescribe medicine and chemist doesn’t substitute it, the sale is guaranteed.
However, certain regulations have been imposed by the government to control the disproportionately unaffordable prices of branded products.
Franchise marketing or PCD Pharma
In the Franchise or PCD pharma marketing, distributors and franchise are the targeted audience.
The whole marketing strategy is built around these entities.
Since the price of the products largely depends on the product cost and channel margin, a highly marketed product is sold at soaring rates.
OTC Marketing
If you manufacture medicine that doesn’t need the prescription of a doctor and it is readily available over the counter, then the marketing strategy is entirely different.
Companies promote these products through advertising and market promotion. The products should have the mass appeal, and they should get clicked immediately.
However, OTC products are normally low-priced products. Hence, the economy of scale plays a key role here as well.
OTC marketing relies on the distribution channel and the chemists who convince the customer about it.
Based on the nature of your product, choose the best-fit marketing strategy. It will take the popularity of the products at soaring heights.
If you are looking for Pharma Franchise Compnay in India then Ambit Bio Medix is is a leading and one of the best PCD Pharma Franchise Company in India offers pharma franchise at best price with outstanding marketing support.
Also Read:
How to Start Pharma Franchise Business in India?
Which Pharma Franchise Company to Choose for Franchise Marketing?