When you launch a PCD pharma company and want to attain great heights, it is critically important that you follow the right marketing strategy. Since the market is dynamic and a lot of competition is there, you should tap the right customers at the appropriate juncture. However, here you must understand one difference between the pharma sector and others. Here, you do not tap the end consumer directly.
You are supposed to go by the supply chain route, or your representatives should get in touch with the doctors who will endorse your medicines. In the background of this, let’s understand what the different marketing strategies are.
Brand Marketing
When specialist doctors endorse your product, the credibility is the maximum. A renowned doctor can make or break the brand image. Hence, pharma companies use this method extensively. Cost is high as you need to spend considerably on brand promotion, incentives, and rewards. Moreover, you need a fleet of medical representatives who will approach doctors.
PCD Pharma Franchise
Many companies build the marketing program around the pharma franchise model. It has been found quite effective in the past. The cost of franchise model depends on several factors such production cost, distribution, building franchise network and product promotion.
Experts say that the franchise model is more successful when the products are not specialized.
Over the counter or OTC Marketing
This marketing strategy isn’t suitable for all pharma companies. Cosmetic products, general purpose items are the best for this. Product promotion, branding and advertising, and distribution strategy are the key elements. Many companies are following pharma franchise model today; because it is considered a cost-effective model.
Generic Marketing
Here, retailers and stockiest are the prime clients. The model doesn’t take doctors and patients into consideration for product marketing. Since this model handles products in bulk, the cost of marketing is low. Return on investment is high. As the parameters in the external environment change, there is an impact on the business. Change in the government, economic change, and change in the competitive scenario are a few examples. When such changes happen, you need to alter marketing strategy. Thus, it is not a static, but a dynamic scenario.
At times, you need to change the strategy slightly. At times, you may have to change it completely. It all depends on how the market moves. Leaders must consider the situation and act accordingly. Then only the company can show sustained growth.
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