Pharmaceutical marketing and selling types
Many types of marketing and selling business strategies are available in the pharmaceutical sector. Some are given as below:
- Brand Marketing
- Generic Drug Marketing
- PCD Pharma Franchise
- OTC Marketing
- Institutional Supply i.e. corporate hospitals, dispensaries, government, pharmacy chains etc.
- Online Pharmacies sell
By using any of the above business type, pharma companies are expanding their business. But we can’t decide any type of business so easily as it is difficult or better than others. Each type of business model has its own advantages and disadvantages in pharmaceutical industry. First you need to understand that each type of business models are selling medicine, earning profit-reputation and working fine in the market. Every type has tough competition level so we can’t choose on the basis competition factor. You choose particular market segment as per your knowledge and expertise. As startup we have to play safe and avoid any experiments as we can’t take much risk at starting level.
Brand Marketing: In brand marketing, you will launch your own pharma products in market. Promote products to doctors and convince them to prescribe that to their patients. This is the direct selling technique because you approach directly to doctors and your product sale is dependent on doctor prescription. In this method you can create strong product brand and earn high margin. If you have good knowledge of brand marketing then you can easily set up your business but if you have not any contacts with doctors then it is not easy for you. Similarly new molecules and inventions are key to success in this method.
Generic Marketing: In this type, your pharma products are selling through chain of distributor and retailers. You need to deal with pharmacies, chemists and retailers because they can sell your products directly to patients with or without prescription. Pharmacies are known as point of sale where they can easily substitute branded medicine with their generic medicine. It is price depending marketing and one can easily win by offering low pricing pharma products.
Pharma Franchise: In pharma franchise marketing, you will find out area wise pharma franchise/ distributors/ associates on monopoly basis. These franchise partners sell your pharma products in their allocated area either through brand marketing or generic marketing. In this method you don’t have to appoint marketing or sales team but market your products with the help of franchise partners, who are responsible for product marketing and distribution. In this method you don’t have control over sales team because they work under individual pharma franchisees but simultaneously you can cover whole country without investing in sales force.
Conclusion: These above are the main type of marketing and selling your pharma products. In these given methods you can’t decide better or worse with each other. You can just choose the best suitable business method as per your knowledge, experience and expertise.
