The pharmaceutical industry is expected to grow exponentially over the next decade in emerging markets such as India, China, and Brazil. Much of this growth can be attributed to the surge in chronic diseases and medical conditions in both the developed and developing countries. The emerging markets are significantly contributing to the overall sales and driving the revenue of the global pharmaceutical industry. But what are the pointers the pharmaceutical companies must keep in mind to leverage the benefits of the market opportunities, you ask? Read on for more.
Pharmaceutical Industry: What Does the Future Hold?
Pharmaceutical companies must realize the future growth potential of the market and build their capabilities to enhance their value offerings. The present market condition is highly unstable, both economically and operationally, and responds too slowly to the changing market conditions. Over the next ten years, pharma companies will develop products that offer total health care packages as the healthcare industry clients are channeling their efforts towards disease prevention. Along with this, the traditional sales model will make way for a more, well-thought marketing strategy – where the sales representatives will focus on cross-selling and up-selling activities. Additionally, implementing a robust pharma supply chain will help eliminate the wholesalers, paving the path for direct-to-consumer channels that relax distribution and logistics requirements.
The Future of Marketing in the Pharmaceutical Industry
Traditionally, the pharma industry followed a bulk sales force hiring strategy and a mass-market approach, while pitching their products and services to potential customers. The pharma industry revolved around developing me-too products, selling the most drugs, and incremental innovation. However, the pharmaceutical companies are now adopting a targeted approach and streamlining their sales strategies with a comparatively smaller, smarter, and agile sales force that helps drive business growth. Pharmaceutical companies must develop marketing strategies that create value for the patients and offer premium products and healthcare services. The companies in the pharma industry can achieve their marketing objectives by improving their sales force effectiveness, adopting a flexible pricing strategy, and developing their sales and marketing functions to embrace future trends.
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