Various Aspects of Pharmaceutical Marketing
Question
please please carefully read question.
no need for conclusion, you can directly answer questions.
in case you give example, please do it by using UK.
use at least 2, max 3 aspects of pharmaceutical marketing.
refer to "Foucault's Power theory" when answering
in-text referencing example:
(Sheth, 1998 p. 56-57)
example of referencing at the end;
Sheth, J.N., Sisodia, R.S. and Sharma, A. (2000) The antecedents and consequences of customer-centric marketing. Journal of the Academy of marketing Science, 28(1), pp.55-66.


Solution
Various Aspects of
Pharmaceutical Marketing
Most of the time, marketing is about
anticipating potential customers' requirements and wants and ensuring that you
fulfil them better than your rivals in the same sector. Pharmaceutical
marketing involves marketing medical devices and drugs to consumers and healthcare
professionals. Thus, looking at the products that pharmaceutical marketers take
to the market, it is significant that in order to succeed, they need to define
consumers' needs and find solutions to meet their needs. For instance, the
target consumers of the pharmaceutical industry are classified as follows;
pharmacists, distributors, prescribers and pharmacists. It is clear most
pharmaceutical companies, in most instances, spend more on the marketing of
their products than on their development. This indicates that there are most
presently organized and comprehensive marketers that ensure they meet the need
of consumers in the market by ensuring they are updated about availability,
efficacy and techniques of using medicines. Therefore, this paper aims to
discuss the various aspects that help to make pharmaceutical marketing
successful in the market.
Characteristics of the Market
Given that medical marketing helps
make consumers more aware of their health, marketers need to know the
characteristics of the market. The aspect of market characteristics is vital to
pharmaceutical marketing because it is a market with a large degree of
administrative oversight and regulation and multiple decision-makers. This
constraint restricts the marketing of pharmaceutical products and services in
some ways. It is evident that innovation cannot be overstated, as medical
businesses utilize it to develop new medicines that provide enhanced clinical
benefits over existing therapies (The Pharma marketer, 2017). Given that
medical marketers are focused on ensuring that they make profits, they need to
be aware of market characteristics. Understanding of the market is critical for
pharmaceutical firms, which require product distinction in both B2C and B2B
markets.. Based on this aspect, it is clear that pharmaceutical marketers can
know manufacturing patterns, therapeutic patterns, and competition, thus
thriving to achieve their market value and profitability (Willis and Delbaere, 2022, n.p).
It is also significant that marketing characteristic makes the pharmaceutical
companies understand the needs of the consumers in the market.
Product
Positioning
It is fundamental that pharmaceutical
marketing is competitive; thus, the aspect of product positioning is important because
it makes the medical companies remain profitable in the market. It is necessary
to distinguish a pharmaceutical brand and service in order for a company to
obtain good market acceptance in comparison to competitors' goods when
marketing a pharmaceutical brand and service. However, this implies that the
firm must conduct market research in order to figure out which product and
marketing approach is most likely to succeed. Pharmaceutical marketing requires
a distinct set of skills than other types of marketing. The goal is to make the
product stand for something and how to assess it. This involves establishing
the company's brand position (Lawson, 2021). The aspect of product positioning
is essential to the pharmaceutical in making the consumers satisfied with their
products and giving them a competitive advantage in the market. For instance,
medical companies use the aspect to position their services and products based
on four variables: price, service quality, product quality, and fulfilment
time. Further, using positioning, the pharmaceutical organization can define
the product strategy, which has made them remain profitable in the market. In
pharmaceutical marketing, product positioning articulates a drug's unique
selling proposition. Therefore, it is clear that medical organizations have
been using this aspect to ensure that it remains competitive in the market and
meets the consumers' needs. The view Foucault's Power Theory indicates that
where there is power, there is also resistance which this aspect of product
position has tried to encounter by showing that strategizing on how to maintain
competition is essential in marketing.
Pricing Factors
Another aspect of pharmaceutical
marketing that is vital is pricing because, as indicated by Foucault's Power
Theory, the sovereign power existing history is essential. This aspect is
important to medical companies marketing because it helps plan and develop
effective pricing of the company product. Pricing is important in the
pharmaceutical business since it aids in the recognition that each company and
marketing plan is not isolated. As a result, pharmaceutical firms are able to
compare pricing with their marketing message. The broad market value ensures
that pharmaceutical marketing establishes the proper use of medicines and lower
drug costs due to the industry's competition. Using this aspect, the firms can
develop drugs that meet the patients' needs (Lawson, 2021, n.p). Like Foucault's
Power Theory, pharmaceutical marketing is the last element of the information
continuum where the information is made more useful to the health system. It is
true that medical companies use this aspect to set policy that determines
products and service price, discounts and extra charges payments for goods and
services of the pharmaceutical companies. Pharmaceutical marketing uses this
aspect in most instances to manage its prices by taking into account the
preferences and possibilities of the consumers, thus maintaining a profit.
References
Lawson, C., 2021. The
management of Pharmaceutical Marketing. Orientation Marketing. Available
at: https://www.orientation.agency/insights/pharmaceutical-marketing-management
[Accessed May 16, 2022].
The Pharma marketer.
(2017). Overview of Pharmaceutical Marketing. thepharmamarketer.com.
Available at: https://www.thepharmamarketer.com/post/overview-of-pharmaceutical-marketing
[Accessed May 16, 2022].
Willis, E. and Delbaere, M., 2022.
Patient Influencers: The Next Frontier in Direct-to-Consumer Pharmaceutical
Marketing. Journal of Medical Internet Research, 24(3),
p.e29422.




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