Marketing Strategies for Pharmaceutical Industry

Abstract

Purpose: The purpose of this study was to investigate the various sales tactics employed by pharmaceutical firms in a "pharmerging" market and to learn how to mitigate their unfavorable impacts.

Method: Because many participants, especially corporate employees, might not have felt at ease outlining their sales techniques in a group session or survey, this approach was adopted.

Results: Numerous sales techniques, both legitimate and unethical, are consistently used. These techniques are aimed towards doctors, patients, pharmacists, and the general public. The means employed include various business models, associations, professions, scientific theories, and moral standards. Businesses take fast action to stop trends that could harm sales and take advantage of the demand for infrastructure and education. In contrast, doctors lack adequate training on how to deal with the tactics and drugs on the market and are overconfident about the impact of marketing, which leaves them open to attack. Policies designed to provide frameworks for pharmaceutical collaborations have fallen short in the face of these circumstances, as well as global competition and economic volatility.

Conclusion: Activities are fundamental, including laying out a public medication strategy, diminishing showcasing openness, and taking care of the instructive and foundation prerequisites of prescribers. Without these actions, firms will keep on exploiting escape clauses for their own benefit, and the issues with showcasing will persevere.