Pharma Marketing Strategies for a New Pharma Company

Pharma marketing and selling is the marketing of pharma products, branded medicines, generic medicines, OTC products, and medical equipment.

In this competitive phase in the pharma market, it is difficult for a new company to develop its brands and gain major market share.

Here I will provide the different strategies which can be implemented by a new pharma company or those who are planning to build a pharmaceutical manufacturing unit.

TRADITIONAL WAY

The traditional way of marketing pharma products is to recruit Medical Representatives, Managers of the state, develop the distribution network, contact Doctors through the field staff, generate prescriptions from doctors, and fulfil the demand through retailers by supplying to them from the distributor.

This type of marketing strategy is been used for many years successfully.

When I joined as Medical Representative in 1980 only a few pharma companies were in the market and most of the doctors were not visited by MR. 

The sales were automatically generated since most of the doctors were following the prescriptions of established senior doctors from whom we were generating sales.

At that time the literature of product information, few samples, small gifts, and visits were enough for a doctor to get prescriptions.

Here I would like to add that during those days many research products, new combination drugs, and new drug delivery system was developing and coming into the market with very low competition.

With the change of time and increasing competition between the pharma companies coming with the same molecules, the field staff started corrupting doctors instead of convincing them later on the companies were also involved in it.

Still, it’s the best strategy if you are ready to invest in marketing for a long time with some unique ideas.

The best example is Mankind Pharma which has grown fast by implementing aggressive marketing and low price of the products.

GENERIC PHARMA MARKETING

The market for generic products is developing fast.

You can start marketing your products by just appointing one or two field staff in a state.

Your field staff along with the distribution network can develop your market by selling your products at a generic price.

You have to pay attention to your price list, fast-running salts which a retailer can easily sell on the counter. The general practitioner can also be your targeted customers.

OTC MARKETING  

Many established brands are now promoted through print and Tv media to boost their sales.

Many other non-prescription products can also be promoted through print media, Tv channels, field staff, promotional materials, promotional canopy, trade centres, and trade fairs.

To establish the brand you have to be prepared for the advertising budget. 

I know this budget is much more than the production cost of the product but it also increases the brand value.

Remember KESH KING oil, Zandu Balm is been purchased by Emami at very high prices.

FRANCHISE MARKETING 

Marketing through the franchisors by giving them permission for marketing in a selected area. 

The franchisor may be a pharma distributor, an ex-Medical representative, or an ex-Manager.

You can also select some NGOs that are working in the medical field having good contacts with doctors. 

You have to provide only a few promotional pieces of literature, visual aid, a detailing bag, and a few small gifts.

All other marketing expenses have been beer by the franchisor within the fixed margin(app. 40-60%) on the purchase provided by you.

You can provide incentives with rewards to develop sales in their areas.

TELEMARKETING

You might be astonished at how a pharma product can be sold by telemarketing.

It’s marketing to generate leads from the pharma distributors for particular products.

It requires 20-30 cold calls every day to pharma distributors. Phone numbers are easily available on the internet, yellow pages…

There are thousands of pharma distributors who are looking for a unique brand for a monopoly to avoid competition.

They can set up your brand in their areas and can get benefits.

You have to develop trust with them to retain their monopoly and regularly feed their demand for the products.

This is beneficial for the companies as well as the distributors.

ONLINE PHARMA MARKETING  

Although it’s not new a few companies worldwide are doing online marketing for products related to healthcare. Examples are the few banners above in this post.

Still, in India and worldwide, a lot of scopes exist. As the urban population’s awareness regarding healthcare and online purchasing habits is increasing daily.

It doesn’t require much time to create a site. However, a lot of effort is required to develop and increase online sales.

For online marketing 

1 You have to choose certain healthcare OTC products like skincare, anti-ageing, ayurvedic products, and health-supporting products.        

2 Creating an online store It’s very simple with very little investment.

For creating an online store you need

a) A Hosting platform to run your site on the internet.

b) A domain name(your company name) the address of your site on the internet.

c) A website building platform like WordPress or some other website builder.

d) A few online tools for online marketing.

3 If you feel difficulty in creating an online store you can hire online a freelancer web developer from Fiverr.

4 For online marketing, you can promote your site on social media. You can also use autonomous tools from Buffer or contact any social media marketing agencies. We provide these services at very nominal charges. Check Here

5 You can also introduce an affiliate program on your site. You have to give a commission on sales to your affiliates. You have also to provide promotional banner links and unique affiliate tracking links for the products.   

READ MORE

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The Final Thought

Pharmaceutical marketing is different and unique as compared to other products. Hence we have to use different strategies at different times depending on the situation.

You can take my advice as your consultant full-time or on a contract basis, feel free to contact us.

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