Pharma 2023 Marketing the Future

The Pharmaceutical industry operates is changing dramatically, as we noted in " Pharma2023, The Vision" seven major trends reshaping the Pharmaceutical market Place 1 All these challenges have major ramifications for the way in which Pharma market and sells the medicines it develops- the subject on which we shall focus here. The Industry has traditionally relied on aggressive marketing to Promote its products. One recent study estimates that, between 2005 and 2010, Total real spending on Pharmaceutical promotion rose from US $ 15. 4 billion to US $ 35. 9 billion in the US ( the only country for which expenditure on all major marketing and sales activities is available) 2. Another study suggest that the true figure( including meetings and E- Promotion) is closer to US $ 65. 6 billion in real term 3
However, many of the industry's biggest markets are now saturated with sales representative, and its selling techniques are becoming increasingly in effective. 4. Hence the fact that returns on detailing ( sales visit to doctors) have begun to decline in the developed world . Between 2004 and 2005, there was a 23% drop in dollar growth per detail. In the US, Although detailing still accounts for more than half the market share new brands win during their first year of life . The Picture is rather more varied in western Europe, but detailing plays a much smaller role in stimulating sales in these countries. 5. conversely ; detailing is still very important in many developing nation. In china for example, nearly three - quarters of the information doctors receive about new medicine comes from meetings with sales representatives and conferences. 6. But here too, résistance to " irresponsible" marketing practices is growing 7. and in May 2007, the member governments of the World Health Organization passed a resolution to enact or enforce legislation banning the " Inaccurate, misleading or unethical promotion of medicine 8.