Unilab Vitastat
itUNILAB’S VIDASTAT: The Price Buster
I. SITUATIONAL ANALYSIS
A. Company philosophy “Bayanihan”- working together to achieve a particular goal.
It is a key principle for unilab and the foundation of a true genuine relationship between management and employees.
A. Current strategy that the company is using is cost differentiation wherein they offer a lower price for their products than their target competitor.
B. Relevant history
* In 1945 Jose Y. Campos established Unilab and opened a small drug store in Binondo, Manila, Philippines. * In 2004, when mercks patent was about to expire, unilab had already started the groundwork to launch Vidastat, its own brand of simvastatin * In 2009 Unilab receive the Philippine Quality Award (PQA) for Performance Excellence.
C. Financial Analysis
* Prices of Vidastat were 50 percent lower than Zocor in 2004. * 10mg of Vidastat is priced at $0.40. * 20mg of Vidastat is priced at $0.50.
D. Marketing Audit
* Market Development - the Unilab already introduced its product throughout Southeast Asia particularly in Indonesia, Thailand, Malaysia, Singapore, Hong Kong, Vietnam, and Myanmar.
* Product Development - the Unilab is selling healthcare products such as multivitamins and minerals (Enervon and Ceelin), cold and flu remedies (Decogen and Neozep), and pain and fever relief (Biogenic and Medicol). They also dominate the prescription drug market and manufactures and sells drugs that can combat infections, cardiovascular disease, asthma, and tuberculosis. And
* Market penetration - in order to capture market share, Unilab used Price penetration strategy or lowering of its prices. Also, On top of the usual sampling and detailing conducted by the sales team, product symposia( such as speaking on the merits of Vidastat to a large group of doctors) were held simultaneously in all big hospitals to communicate the low price of the product to target
I. SITUATIONAL ANALYSIS
A. Company philosophy “Bayanihan”- working together to achieve a particular goal.
It is a key principle for unilab and the foundation of a true genuine relationship between management and employees.
A. Current strategy that the company is using is cost differentiation wherein they offer a lower price for their products than their target competitor.
B. Relevant history
* In 1945 Jose Y. Campos established Unilab and opened a small drug store in Binondo, Manila, Philippines. * In 2004, when mercks patent was about to expire, unilab had already started the groundwork to launch Vidastat, its own brand of simvastatin * In 2009 Unilab receive the Philippine Quality Award (PQA) for Performance Excellence.
C. Financial Analysis
* Prices of Vidastat were 50 percent lower than Zocor in 2004. * 10mg of Vidastat is priced at $0.40. * 20mg of Vidastat is priced at $0.50.
D. Marketing Audit
* Market Development - the Unilab already introduced its product throughout Southeast Asia particularly in Indonesia, Thailand, Malaysia, Singapore, Hong Kong, Vietnam, and Myanmar.
* Product Development - the Unilab is selling healthcare products such as multivitamins and minerals (Enervon and Ceelin), cold and flu remedies (Decogen and Neozep), and pain and fever relief (Biogenic and Medicol). They also dominate the prescription drug market and manufactures and sells drugs that can combat infections, cardiovascular disease, asthma, and tuberculosis. And
* Market penetration - in order to capture market share, Unilab used Price penetration strategy or lowering of its prices. Also, On top of the usual sampling and detailing conducted by the sales team, product symposia( such as speaking on the merits of Vidastat to a large group of doctors) were held simultaneously in all big hospitals to communicate the low price of the product to target