7Ps of pharmaceutical marketing and how it can be used to create successful marketing campaigns: Unlike other industries, drug companies cannot decide to place their products on the market alone. A national agency makes the final decision and must also approve the selling price. This price does reflect not only the perceived value for the end user but also the general usefulness of the product on a wider scale.
Another unique industry characteristic is the widespread asymmetry of information: Patients don’t have their medication; the physician decides on their behalf. Pharmaceutical companies should not underestimate this separation between the decision-maker and the consumer to avoid misdirection in their marketing and communication strategies.
A few years ago, the patient was content to follow orders blindly. But with the rapid development of the Internet, gathering information only takes a few clicks. Patients are increasingly performing their research to learn about symptoms and possible treatments. The pharma companies’ marketing campaigns must consider this behavior change to remain in line with customers’ expressed needs.
The pharmaceutical industry is one of the largest industries in the world, generating billions of dollars in revenue every year. However, with increasing competition and growing regulatory scrutiny, pharmaceutical companies must ensure that their marketing efforts are effective and compliant with regulations.
One way to achieve this is through the use of the 7Ps of Pharmaceutical marketing.
The first P in pharmaceutical marketing is the product. In the pharmaceutical industry, the product is the drug or medical device being marketed. Companies need to ensure that their product is effective, safe and meets the needs of their target market.
One way to ensure that a product meets the needs of the target market is to conduct market research. Market research involves gathering information about the market, including customer needs, preferences, and behaviors. This information can then be used to develop products that meet the needs of the target market.
Pharmaceutical companies must also ensure that their products comply with regulatory requirements. Regulatory requirements vary by country but typically involve testing the product for safety and efficacy before it can be sold to the public. Failure to comply with regulatory requirements can result in fines, legal action, and damage to the company’s reputation.
The second P in pharmaceutical marketing is price. In the pharmaceutical industry, pricing can be a complex issue. Companies must balance the need to recoup the cost of research and development with the need to price their products at a level that is affordable for patients.
One way to determine the appropriate price for a product is to conduct a cost-benefit analysis. This involves weighing the costs of developing and producing the product against the benefits that it provides to patients. Companies must also consider the prices of competing products, as well as the prices of generic versions of their product.
Pharmaceutical companies must also ensure that their pricing strategies comply with regulations. In some countries, such as the United States, pharmaceutical companies are required to report the prices of their products to regulatory agencies. Failure to comply with pricing regulations can result in fines and legal action.
The third P in pharmaceutical marketing is place. In the pharmaceutical industry, place refers to the distribution channels used to get products to customers. Pharmaceutical companies must ensure that their products are available to customers when and where they need them.
One way to ensure that products are available to customers is to use a multi-channel distribution strategy. This may include selling products through pharmacies, hospitals, clinics, and online marketplaces. Companies must also ensure that their distribution strategies comply with regulatory requirements.
Pharmaceutical companies must also consider the needs of their customers when determining distribution channels. For example, some patients may require specialized delivery methods, such as home delivery or courier services.
The fourth P in pharmaceutical marketing is promotion. In the pharmaceutical industry, promotion involves advertising and other marketing efforts to raise awareness of a product and its benefits. Pharmaceutical companies must ensure that their promotional efforts are accurate, ethical, and comply with regulatory requirements.
One way to ensure that promotion efforts are accurate is to conduct clinical trials and other studies to gather data on the safety and efficacy of a product. This data can then be used in promotional materials to demonstrate the benefits of the product.
Pharmaceutical companies must also ensure that their promotional efforts are ethical. This includes avoiding misleading or false advertising, and ensuring that promotional materials do not make unsubstantiated claims about the product.
Pharmaceutical companies must also ensure that their promotion efforts comply with regulatory requirements. In some countries, such as the United States, pharmaceutical companies are required to submit promotional materials to regulatory agencies for review before they can be used.
The fifth P in pharmaceutical marketing is people. In the pharmaceutical industry, people refer to the individuals who are involved in the marketing and sales of the product, including sales representatives, healthcare professionals, and customer service representatives.
Pharmaceutical companies must ensure that their people are knowledgeable and well-trained. Sales representatives should be able to provide accurate and detailed information about the product, as well as answer questions and address concerns from healthcare professionals and patients.
Pharmaceutical companies must also ensure that their people comply with regulatory requirements. This includes ensuring that sales representatives do not promote the product for off-label use and that they do not provide inappropriate gifts or incentives to healthcare professionals.
The sixth P in pharmaceutical marketing is process. In the pharmaceutical industry, process refers to the procedures and systems used to market and sell the product. Pharmaceutical companies must ensure that their processes are efficient, effective, and comply with regulatory requirements.
One way to ensure that processes are efficient and effective is to use customer relationship management (CRM) software. CRM software can help pharmaceutical companies track customer interactions, manage sales leads, and streamline the sales process.
Pharmaceutical companies must also ensure that their processes comply with regulatory requirements. This includes ensuring that customer interactions are accurately documented and that the company’s marketing and sales practices do not violate any laws or regulations.
7. Physical evidence
The seventh and final P in pharmaceutical marketing is physical evidence. In the pharmaceutical industry, physical evidence refers to the tangible aspects of the product and the marketing materials used to promote it. This may include packaging, labeling, brochures, and other marketing materials.
Pharmaceutical companies must ensure that their physical evidence is accurate, informative, and compliant with regulatory requirements. Packaging and labeling must accurately reflect the contents of the product and must comply with regulatory requirements for safety and efficacy information.
Pharmaceutical companies must also ensure that their marketing materials are informative and accurate. This includes ensuring that promotional materials accurately reflect the benefits and risks of the product and that they do not make unsubstantiated claims.
The 7Ps of pharmaceutical marketing provide a framework for creating effective and compliant marketing campaigns in the pharmaceutical industry. By considering the product, price, place, promotion, people, process, and physical evidence, pharmaceutical companies can develop marketing strategies that meet the needs of their target market, comply with regulatory requirements, and promote their products effectively. By carefully considering each of the 7Ps in pharmaceutical marketing strategy, pharmaceutical companies can increase the effectiveness of their marketing efforts and improve their bottom line.