Lipitor-X Product Launch Plan
Pfizer Inc is the largest research based biomedical and pharmaceutical company in the world. Headquartered in New York, Pfizer has major research and development locations in England and the United States. Since its inception in 1849, the organization has remained dedicated to discovering and developing new and better ways to prevent and treat disease, while helping to improve health and well being for people around the world. In November, the Pfizer product Lipitor that is currently taken by over 4.3 million Americans and accounts for over $10.8 billion in annual sales that represents about 15.8% of the organization’s total revenue will go off-patent after the American Patent Office rejection of the company’s calcium salt re-issue application. Therefore, with the product set to be offered in generic form by several long-time competitors, the organization reviewed strategies to accelerate and refocus Pfizer’s pipeline and capture new opportunities for global growth in the Peoples Republic of China (PRC) to keep the financial pipeline flowing with this drug that would be renamed “Lipitor-X” and distributed to the Chinese public as an over-the-counter (OTC) offering (Pfizer, 2011). The second phase of the Pfizer strategy to enter the Asian market is the proposed expansion into the Republic of Vietnam The product is identified as Lipitor-X. It is a drug made up of atorvastatin, which is clinically proven to reduce bad cholesterol levels and improve a person’s physical health along with diet and exercise. Lipitor-X will act as a reductase inhibitor, which is a drug that works by basically loosening the fat and cholesterol that is clogging the arteries (US National Library of Medicine, 2010). As Lipitor-X cleans out a person’s arteries, the blood will flow more freely through the body and the risk of stroke or heart disease will be reduced significantly. Lipitor-X will be manufactured and distributed in China and Vietnam by Pfizer Company, and seeks to reduce the effects of cardiovascular risk factors that the chosen populations are experiencing for the first time due to their practice of imitating the behaviors of the United States population. The reason that this product was chosen is because people all over the world are suffering from bad eating habits that result in high cholesterol levels. Heart disease is the number one cause of death in the world, and Lipitor-X will help people fight against the agent that causes heart disease. Furthermore, Lipitor-X has a very strong name in the drug market because it has been proven very effective in the efforts to reduce cholesterol levels in the countries where the product is available. Furthermore, Lipitor, a brand similar to Lipitor-X and sold in the United States previously was the most effective drug against cholesterol. Lipitor-X has a very bright future in Asia, where poor health is becoming a major concern. Lipitor-X will give people with elevated cholesterol levels a chance to minimize the impact of bad eating habits and poor lifestyle choices. As part of the Pfizer strategy to enter into the Chinese and Vietnamese markets, research was conducted to ascertain whether the Lipitor-X product can meet the needs of the buying public in a better fashion than the alternative methods now being offered by the organization’s competitors. The market research was developed to determine how customer needs are currently being met; why potential customers would choose the Pfizer product over competitor offerings and finally, what risks Pfizer was prepared to take to launch the new product into the Chinese and Vietnamese markets. Additional components of the market research looked into potential market share by measuring market size, identifying the segment of the population that would be interested or have a need to purchase the medication and determining which relevant competitors would also be looking into expanding into...
Please join StudyMode to read the full document