Pharma-Biotech Marketing Problem
Abstract: Pharmaceutical and Biotech companies have to market their products first to the doctors who then prescribe it to the patients, who are the final consumers. It is a big marketing hurdle with little or no differentiation in the drugs which are marketed to the doctors. This results in high costs due to promotional offers, free samples, etc given to the doctors. This budget sometimes even exceeds the R&D budget. This is a huge problem in today’s world where R&D forms the backbone of Pharma-Biotech companies. Also DTC (Direct to Consumer) advertising is restricted in India creating problems is mass media advertising of drugs. Marketing restrictions further make direct marketing to doctors extremely important. This results in high drug prices.
INTRODUCTION:
The Pharmaceutical industry researches, manufactures, and markets drugs licensed for use as medications. Pharmaceutical companies can deal in generic and/or brand medications. They are subject to a variety of laws and regulations regarding the patenting, testing and marketing of drugs.
The Biotech industry focuses on research, manufacturing and marketing of products formed from biological processes. These can also be novel products or biosimilars. They are also subject to a number of laws and regulations including the patenting, testing and marketing.
Business Model of a Pharma-Biotech company
Recently the line between pharmaceutical industry and biotechnology industry is blurring as each forays into others arena. So in our paper we use the term Pharma-Biotech to symbolize the synergy between the two industries.
Revenue
End user/Patient
Core business- Manufacturing and selling Pharma-Biotech products
Doctor
Other Pharma-Biotech... [continues]
Abstract: Pharmaceutical and Biotech companies have to market their products first to the doctors who then prescribe it to the patients, who are the final consumers. It is a big marketing hurdle with little or no differentiation in the drugs which are marketed to the doctors. This results in high costs due to promotional offers, free samples, etc given to the doctors. This budget sometimes even exceeds the R&D budget. This is a huge problem in today’s world where R&D forms the backbone of Pharma-Biotech companies. Also DTC (Direct to Consumer) advertising is restricted in India creating problems is mass media advertising of drugs. Marketing restrictions further make direct marketing to doctors extremely important. This results in high drug prices.
INTRODUCTION:
The Pharmaceutical industry researches, manufactures, and markets drugs licensed for use as medications. Pharmaceutical companies can deal in generic and/or brand medications. They are subject to a variety of laws and regulations regarding the patenting, testing and marketing of drugs.
The Biotech industry focuses on research, manufacturing and marketing of products formed from biological processes. These can also be novel products or biosimilars. They are also subject to a number of laws and regulations including the patenting, testing and marketing.
Business Model of a Pharma-Biotech company
Recently the line between pharmaceutical industry and biotechnology industry is blurring as each forays into others arena. So in our paper we use the term Pharma-Biotech to symbolize the synergy between the two industries.
Revenue
End user/Patient
Core business- Manufacturing and selling Pharma-Biotech products
Doctor
Other Pharma-Biotech... [continues]
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