Global issues in pharmaceutical marketing

Global issues in pharmaceutical marketing - Global issues...

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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. Thanks to the developed countries, support from the developing countries and the major rationale – CONSUMERS.
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GLOBAL MARKETING: The Oxford University Press defines global marketing as “marketing on a worldwide scale reconciling or taking commercial advantage of global operational differences, similarities and opportunities in order to meet global objectives.” When a company wishes to launch it’s product at an international level then a company gets into what is called global marketing of its product. The method of marketing, strategies, purpose and the class at which the product is aimed can either be same as the home country or depending on the country of market it may vary largely. The company will have to adapt to the method of sale and marketing as to the trends of the local scenario which may be altogether different mostly relying on the demographic, cutlural and financial status of the country. Thus if a company/pharmaceutical firm wants to establish its market in a different country it has to face the above said parameters and act or setup its market accordingly. But the question that arises is why do the companies wish to undergo this transition and establish a global market?? It can be summarized in three main reasons: 1) Saturation of domestic market: The rise of more and more companies in the pharma-sector in a particular region in turn leads to competetion and ultimately reduction of the market share of a company which is unable to sustain itself. The only solution left for such a company is either to venture in a less dense market or come up with unrivaled marketing strategies to occupy the
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Global issues in pharmaceutical marketing - Global issues...

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