Marketing in the Pharmaceutical Industry

1647 Words7 Pages
The pharmaceutical industry has become a chief player in the marketing of their products. As its leading companies have such a strong presence in Ireland, and the fact that its marketing policies are forced to vary from country to country, I found it to be a very appropriate topic. It is a highly regulated industry, governed by different global statutory bodies, each incorporating different laws, which marketers must be aware of. I discuss how different global legislation can affect marketing strategies, and ultimately sales. I also thought this would be a fascinating area to study in terms of ethics. Pharmaceutical companies are seen to be generating huge revenue streams, while good health is not equally distributed. As I previously lived in Canada, I was able to receive insights from a sample of both Canadian and Irish residents to determine how pharmaceutical companies are viewed. Finally culture affects all multinational companies, so I will discuss how it exclusively affects the marketing strategies and campaigns of these global pharmaceutical giants. Evolution of marketing The marketing of prescription drugs has always been a controversial topic due to the sensitive nature of the product; hence heavy legislation hugely affects the promotion of a drug. The major players of the industry are huge multinationals, so must be aware of the different requirements of each market, not just legislation but also the needs of customers and the social norms of the environment which they reside. There are many trends that affect the market of pharmaceuticals including more knowledgeable consumers, the aging population, the impact of the financial crises, and rapid scientific advancements. Marketers need to consistently adapt their strate... ... middle of paper ... ...EM and pharmaceutical advertisements: it’s time for an end | Canadian Journal of Emergency Medicine. [ONLINE] Available at: http://www.cjem-online.ca/v11/n4/p375. [Accessed 09 December 2013] R. Stephan Parker, Charles E.Pettijohn. (2003). Ethical Considerations in the Use of Direct-To_consumer Advertising and Pharmaceutical Promotions: The Impact on Pharmaceutical Sales and Physicians. Journal of Business Ethics. 48, 279-290. Lidstone, J. MacLennan, J.. (1999), Marketing Planning for the Pharmaceutical Industry, England: Gower Publishing. Anon, (February 26, 2013) Top 10 Pharma Advertising Budgets - 2012, http://www.fiercepharma.com/special-reports/top-10-pharma-advertising-budgets-2012, 10/12/2013 Summerfield, (September 2013) Bribery And Corruption In The Pharmaceutical Sector Financierworldwide, http://www.financierworldwide.com/article.php?id=11025, 28/11/2013
Open Document