As of 2020, the pharmaceutical industry of India can be valued at upto 37 billion dollars. The pharmaceutical industry has always been at the forefront in shaping up India’s economy. It has also contributed greatly in putting India’s name among the top strong economies of the world.
How Do Pharma Companies Do Marketing In India?
Pharma companies manufacture and deal with goods and services that are necessities and not privileges. Pharma products in India and pharma services have the capacity to change lives. The standard marketing trends which work for luxury brands are not applicable to the pharma industry. Data is the one reliable factor that shapes up the marketing strategy of most pharma industries in India.
Statistical data gathered after laborious research helps to identify the target audience, current health trends and also the spending tendencies of people. These factors help to peek into the mind of the customer and identify what they expect. The more data you study, the more customers you attract. Nothing screams success as loudly as an ever expanding base of satisfied customers. There are many other new marketing strategies as well, that pharma companies heavily rely on to sell their brand.
How Do You Market A Pharmaceutical Product?
There are some failsafe and age old marketing strategies that still give great results to most pharma companies. Some strategies have been modified, while some still remain unchanged. Medical Representatives form a huge chunk of the marketing department within every pharma company. They visit doctors, to discuss the product their company wishes to market. The strategy of face-to-face interaction has been around since sometime, and is still one of the best ways of marketing a pharmaceutical product.
Many pharma companies in Mumbai arrange conferences exclusively for doctors, where they market their products using power-point presentations or by directly speaking to their audience.
The key to successful marketing lies in highlighting the problems which the product will resolve. Tailormade solutions do not impress people as much as knowing the list of problems that these solutions will tackle.
How Much Do Pharma Companies Spend On Marketing In India?
While there is no solid data available, in the past, Indian pharma companies have spent upto 30 million dollars on online marketing alone.
How To Get Success In Pharma Marketing?
Over the years, the pharma industry has come up with some innovative marketing ideas, which they implemented successfully to sell their brand. Here are a few failsafe marketing strategies to taste success in the pharma industry.
● Always study the market for current trends and requirements of the mass
● Be available on social media platforms to reach out to a larger number of people
● Use creative advertising strategies to appeal to people’s emotions
● Always sell your product at a reasonable price
● Design impressive posters, pamphlets or brochures to distribute among potential customers
The pharma industry is the backbone of the Indian economy. Pharma exports from India contribute significantly towards increasing the GDP of India. This is greatly due to the efforts taken by pharma companies at marketing themselves and their products.