Pharma Marketing

Marketing is an important part of pharmaceutical industry...

What is Pharma Marketing?

Marketing is an important part of pharmaceutical industry. In other words, marketing is back bone of pharmaceutical sector and pharmaceutical companies. It is directly responsible for sale of each and every pharmaceutical company whether it is big Pharma or small Pharma. Pharma Marketing role is defined as a people who boost sale of drugs to patients, provide product information, answer queries, and keep doctor up to date about latest changes in Medical sciences deliver products sample etc. with promoting company and products & generate sale for the company.

Important Role of Marketing Team in Pharmaceuticals:

  • Strategizing domestic or international marketing & sale plan.
  • Market Research about drugs molecules and doctors
  • Presentation and demonstration of company products to healthcare professionals and doctors
  • Organizing conferences and seminars for doctors and healthcare professions new business generation
  • Fulfill requirements of healthcare professions and answering queries, and handling complains
  • Reviewing sale and stock availability
  • Completing monthly, quarterly and yearly sales
  • Maintaining relationships with Doctor, Distributors and Healthcare professions
  • Market review of new products and services
  • Keeping detailed record of contacts
  • Keeping up to date about company products, services and schemes
  • Monitoring activities, products and services of competitors

Global Pharmaceutical Market

The global pharmaceuticals market is going through constant growth due to the worldwide rise in life expectancy, as well as the increasing incidence of chronic and infectious diseases. The constantly increasing demand for innovative drugs has thus triggered a significant rise in R&D investments in the pharmaceuticals industry. Leading industry players keep around 20% of their turnover to R&D to maintain a competitive edge. The pharmaceuticals industry is led by the U.S. which holding around 45% of the global market share. However, the markets in emerging economies like in India and China are expected to show a double digit growth. This is because global pharmaceutical giants are increasingly outsourcing R&D to lower costs and to take advantage of the scientific work pool in these nations.

The pharmaceutical industry is responsible for the development, production and marketing of medications. Total spending on medicines is forecast to reach $1.5 trillion by 2021, up 33% from 2016 levels, according to a recent analysis by QuintilesIMS, Outlook for Global Medicines Through 2021: Balancing Cost and Value. Medicine spending will grow at a 4% to 7% compound annual growth rate (CAGR) during the next five years. The short-term rise in growth in 2014 and 2015 was driven by new medicines in hepatitis and cancer that contributed strongly to growth but will have a reduced impact through 2021. On a volume basis, the total volume of medicines consumed globally will increase by about 3% annually through 2021, only modestly faster than population and demographic shifts.

The total global spends for pharmaceuticals through 2021 will increase by $367 billion on a constant-dollar basis, according to QuintilesIMS. Spending is measured at the ex-manufacturer level before adjusting for rebates, discounts, taxes and other adjustments that affect net sales received by manufacturers. Thus immense importance of a global pharmaceutical sector is inarguable.

Indian Pharmaceutical Industry

Over the years, India has become a leading pharmaceutical producer, with a fast growing generics and biosimilar market. India is among the top highest generic pharmaceuticals producers and contributes 20% of global generic drug exports. As India continues to establish itself as a force in global pharma, investors may choose to look east for potential investment opportunities.

There are several compelling reasons for India’s rising pharma stature, including inexpensive labor, strong government support, and lower production costs. While India’s domestically-owned pharmaceuticals companies may be few in number, many multinational pharma behemoths appear to be taking advantage of the country’s inexpensive labor through India-based subsidiaries. India also boasts lower research and development (or R&D) and manufacturing costs, given government initiatives that support the pharmaceuticals sector, including fiscal incentives and streamlined development procedures. The cost of production has been a leading source of India’s industry strength, as India is 60% cheaper than the U.S. and 50% cheaper than Europe in terms of drug production costs.

The Indian pharmaceuticals market increased at a CAGR of 17.46 per cent during 2005-16 with the market increasing from US$ 6 billion in 2005 to US$ 36.7 billion in 2016 and is expected to expand at a CAGR of 15.92 per cent to US$ 55 billion by 2020.

By 2020, India is likely to be among the top three pharmaceutical markets by incremental growth and sixth largest market globally in absolute size.

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