23Oct 2018 by admin

Marketing of Pharmaceutical Products in India (30 Important Suggestions)

Business
After the thorough understanding of pharmaceutical marketing the suggestions and recom­mendations made by the researcher are compiled as;1. Researcher suggest that to improve ethical sale of pharmaceutical products that is con­tributed through the prescriptions of consulting physician (doctors) is achieved through identified three major thrust areas as sales force (including medical representatives, field managers), medical practitioners (consulting physicians, dispensing doctors, para­medical staff) and stockists (including distributors or dealers and chemists) to promote its product range.2. It is suggested that decentralization is more preferred as it has a due importance to minimize the communication gap between top authority and field executives.Arfterthe thorough analysis of organizational hierarchy, it has been suggested that they have a capabilities to handle whole marketing functions for successful product promotion. Image Source: iampyourbrand.com ADVERTISEMENTS: The marketing department…
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23Oct 2018 by admin

Comprehensive Essay on “Pharmaceutical Industry” in India

Decision Making
Indian pharmaceutical industry is divided into two categories as bulk drugs and formulations by its physical properties and marketing point of view ethical, generic and OTC and line of treatment the industry is further divided as Allopathic, Ayurveda, Homeopathy, Unani etc.In our context Allopathic is more relevant as it occupies more than 80% of market share. Furthermore Indian pharmaceutical sector has successfully crossed all phases from monopolistic phase to multi-brand phase to emerging market phase and now commoditisation phase stepping ahead to give a new shape for pharmaceutical marketing.It is observed that Infrastructure base of Indian pharmaceutical industry comprises of more than 3.9 lakhs allopathic practicing doctors with 15 thousands hospitals and 1.6 lakhs pri­mary health centres and with a highest doctor chemist ratio of 2: 3 i.e. of around…
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23Oct 2018 by admin

What is the Role of Medical Representative at Doctor, Chemist, Dealers and Social level?

Marketing
In pharmaceutical marketing strategies are implemented through medical representative in the thrust areas as doctors, chemists and dealers and society in general. Therefore it is necessary to analyze and interpret the views of medical representative towards the various marketing strategies framed by pharmaceutical companies and the difficulties faced by them.And understanding the complete system will help to improve the current system of strategy implementation through medical representative. 1. Doctor’s level: Survey confirms that personal relations and regular calls are equally important at doctor’s clinic level. Few of them emphasis on the fact that knowledge built and company inputs are also play a vital role but has its own limitations, as degree of acceptance copied by competi­tors is much high. It has also agreed by 70 percent of respondents that these…
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23Oct 2018 by admin

Evaluation of Sales Force Management in a Pharmaceutical Company

Industry
It is true that Evaluation of sales force management is widely considered as a strategic element in effective human resource management in pharmaceutical marketing.It has seen that pharmaceutical Companies has always given a top priority for Maharashtra region. The number of Management trainee/ marketing executive and district managers in Maharashtra is 350 that is comparatively half all India field staff that is reason for strong presence and continuous growth in the market. Also as per survey, average P.C.P.M (Per Capita Per Month sale) of the pharmaceutical industry is maintained around Rs. 2.75 laks and with Cipla P.C.P.M is average Rs. 4 laks per months that is far better than the expecta­tion, which is a result of good human resource planning. Rapid Staff Turnover: As per industry data Pharmaceutical Companies ranked…
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23Oct 2018 by admin

Pharmaceutical Marketing Strategies in India (2 Case Studies)

Case Study
Pharmaceutical Marketing Strategies in India (2 Case Studies) explained below: Case Study 1 The highly regarded medical center called “Pride Hospital” has provided medical care for over 35 years. The center serves a primary population of 200,000 and an extended service area of over 300,000. ADVERTISEMENTS: One of the centre’s websites is devoted to weight loss surgery. The site offers a significant amount of educational information, including: a detailed glossary of terms, a weight loss surgery library, a weight table and information about surgical weight loss options. Addi­tionally, the site offers a surgeon/hospital locator system and a message board.This client operates in a competitive online market against a range of hospital, support group and informational websites. Therefore, their online marketing goals included increasing the search engine visibility of the website…
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23Oct 2018 by admin

Product Life Cycle and Market Life Cycle in Pharmaceutical Marketing in India

Marketing
“Product life cycle in the pharmaceutical market is same as our life cycle, i.e. introduction (birth), growth, maturity and decline (death)”.In human life we needs various types of calories at different stages in the same way, product of pharmaceutical marketing needs various types of inputs to sustain or maintain longer life of the product.In introductory phase, product is introduced into the market and needs a lot of efforts to get prescription from doctor. Here sale is very low and confers only availability at Chemist level. This phase demands lot of inputs like product detailing, physician’s sample and refer­ence print etc. Image Source: infonam.com ADVERTISEMENTS: Growth phase involves actual sale of product and number of prescriptions should be in­creased. Here fear of competitors to enter and snatch the sale is more…
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23Oct 2018 by admin

3 Pricing Strategies Used in Pharmaceutical Market­ing in India

Marketing
Pricing strategies are set as per company objective, market sensitivity, product category, competition etc.There are selective successful pricing strategies in pharmaceutical market­ing are discussed as, 1. Marginal Cost Pricing: In simple terms “marginal cost pricing is the cost of producing one more unit as fixed cost already been covered with existing sales volume”. It means company utilizes its capacity for additional production where profit on small sales remains same but chances of additional margin may increase. Marginal cost pricing is helpful when company gets a bulk order from any institution tender or hospital supply to supply were quoting lowest price is more produc­tive. ADVERTISEMENTS: Torrent pharmaceutical Ltd a Gujarat based pharmaceutical company has their brand Hexidol well settled in market. Hexidol has been used as an anti-psychotic drug containing Halo-…
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23Oct 2018 by admin

7 Differences between “Memorandum of Association” and “Articles of Association”

Management
The Memorandum contains the fundamental conditions upon which alone the company is allowed to be incorporated. They are conditions introduced for the benefit of the creditors, and the outside public, as well as of the shareholders. The Articles of Association are internal regulations of the company.The main points of difference between memorandum and articles are as follows:1. Memorandum of Association is the charter of the company. It contains those fundamental conditions upon which alone the company is granted incorporation. Articles of Association contain the rules and regulations framed to govern the internal management of the company. ADVERTISEMENTS: 2. Different clauses of the Memorandum cannot be easily altered. They can be altered for specified purposes and in accordance with the mode prescribed by the Act. Alteration of some of them requires…
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23Oct 2018 by admin

3 Circumstances under which the Doctrine of Indoor Management is not applicable

Management
The doctrine of indoor management is subject to the following exceptions when the protection under the rule may not be given to the persons dealing with the company: 1. Knowledge of Irregularity: The protection of the doctrine is not afforded to a person who had the actual or constructive knowledge of the irregularity besetting the transaction. In Howard v Patent Ivory Co., for example, the directors of the company had the authority to borrow up to ? 1000 without sanction of the resolution at the general meeting.Directors lent to the company ? 3500 without any resolution being passed. It was held that the company would be bound only by ? 1000. The Turquand rule was not applied as the directors ought to know that the resolution was not passed so…
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23Oct 2018 by admin

9 Important Requirements for the Issue of a Valid Prospectus (Companies Act, 1956)

Management
Issue of prospectus, in order to be valid, must satisfy the following legal requirements: 1. Obligations of SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2009: These regulations inter-alia deal with appointment of Lead Merchant Banker, Bankers to the issue, Registrar to the issue, filing of various documents along with a draft prospectus, pricing of the securities, promoters contribution, minimum public offer, and disclosure in the offer document.The company is required to file a draft offer document through the lead merchant banker to the SEBI, at least 30 days prior to registering the prospectus with the Registrar of Companies. 2. It must be dated: ADVERTISEMENTS: Every prospectus must be dated. The date given in the prospectus shall be taken to be the date of its publication unless proved to the…
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