Fortunately, this product has an extensive prospective customer list if marketed effectively. The first potential customer on the list is pharmacies this is an important customer because when Doctors prescribe our product to patients they will more than likely send them to pharmacies to purchase the drug. Second, on the list will be insurance companies they will most likely be one of our biggest clients. If our product isn't on our list than more than likely patients won't buy the drug. The reason being because insurance companies usually pick up most of the difference when customers go to purchase their medicine from the pharmacy. It is extremely vital that this drug is supported by insurance companies. Our third and most important customer, …show more content…
There are several key decision buying decision makers of this product. The first two being hospitals and pharmacies they must decide if they want to purchase the drug and prescribe it. If these two entities believe that the product is ineffective or unsafe they will not advise patients use it which will cause sales to decline. Another key decision maker is health insurance companies they must decide if the drug is cost effective and worthy of covering on their coverage plans. Since most health care for United States citizens is provided through some form of health care it is extremely important that this drug be affordable otherwise customers won't purchase it. A recent example of this situation happening was the epipen crisis, one the price of the pen's went up by about double there was an outcry about it's affordability. This type of situation must be avoided at all costs. The most important key decision maker is the patients who must decide if they want this drug to possibly save their life. A customer will weigh heavily whether or not the side effects are necessary when it comes to dealing with their …show more content…
If we could potentially get the product to be on coverage plans like the Affordable Care Act we would have a solidified and guaranteed client. Also our clients would be located in Pharmacy markets like Walgreens and CVS to name a few. It would also behoove us to market the product on television since The product is used to prevent blood clots during cardiovascular procedures. This entails multi-faceted uses the first being as an anticoagulant in patients with unstable angina undergoing percutaneous transluminal coronary angioplasty. The second is as provisional use of a glycoprotein IIb/IIIa inhibitor (GPI) as indicated for use as an anticoagulant in patients undergoing percutaneous coronary intervention (PCI). It also is intended to be taken with an aspirin, which helps relieve the pain. For our customers who plan on reselling our drug such as: pharmacies, government agencies, and hospitals the benefit would be money. Much like us they are also trying to make a profit from the drug. Customers also benefit from the drug because it provides them with breathing relief which is much needed. The product is ideal for cardiovascular procedures prevent blood from
Working in the pharmaceutical industry, there are different types of environments you could possibly work in. There are chain pharmacies, like any kind of grocery store or CVS. There are franchise pharmacies, which are also known as apothecaries. Also, there are community pharmacies, which are also known as retail pharmacies. Some of them are independent pharmacies, which is usually owned by a pharmacist or a group of pharmacists.. There are hospital pharmacies, in which are in the hospital. There are many more different types, these are only a few.
In order to sustain the market share in this highly competitive industry, the pharmacies have to establish and maintain strong working relationships with PBMs that have power to divest particular clients from a pharmacy by denying reimbursement privileges to their customers. Buyer Power Strong It is not hard to obtain the same drugs from different sources, so the customer loyalty is virtually non-existent and the pharmacies have to try extremely hard to sustain their consumer base. Threats of substitutes Weak There are very few alternatives to drugs. Alternatives are practically limited to traditional medicine.
Auton, Frank. “Opinion: The Case for Advertising Pharmaceuticals Directly to Consumers”. Future Medicinal Chemistry. July 2009. http://www.ncbi.nlm.nih.gov/pubmed?term=Auton%20F%5BAuthor%5D&cauthor=true&cauthor_uid=21426028. Web. 20 April 2014.
Many cultures in this world have rites of passages that could impact a person’s life, like celebrating Bars and Bat Mitzvahs for Jewish people to demonstrate and commit their faith and the Seijin-no-Hi in Japan for their coming of age (at age 20). In The Medicine Bag, by Virginia Driving Hawk Sneve, there is a native American named Martin who is struggled with his Lakota heritage. His dying great-grandfather, Joe Iron Shell, gives Martin a spiritual medicine bag passed on to males in his family, but he is embarrassed to wear it. He is relieved to find out that he does not need to wear it and resolves his emotions about his Lakota heritage. A video called Apache Girl’s Rite of Passage by National Geographic, it shows an Apache girl named Daschina
In order to take advantage of this demand, five billion dollars is spent by the pharmaceutical industry on marketing each year. This marketing, usually in the form of advertisements, often distorts facts and makes the necessity for drug treatment seem greater.... ... middle of paper ... ... Washington, D.C.:
Or with what the product promise to cure. F T C brings action under 13 (b), 15 u.s.c. 53 (b) to
Doctors work under intense pressure, and if a pill could fix a patient’s problems than many saw nothing wrong with that. What exacerbated the problem was that many hospitals also changed their modus operandi with regards to treatment. In some hospitals, “doctors were told they could be sued if they did not treat pain aggressively, which meant with opiates (95). However once the patient became addicted and could no longer get their prescription legally refilled, the drug dealers saw their chance. What is surprising is the fact that pharmaceutical companies acted in the same manner as drug dealers. Both sides did not care about the end user, and the problems they would have to deal with after using what was given to them. Their motive was purely to profit as much as possible, and they did not care about who would get hurt as a result of their
Lipitor, a cholesterol-lowering medication marketed by Pfizer is the top seller with sales of $12.5 billion. In 2009 there were a total of seven new blockbuster drugs, with combined sales of $9.8 billion.
As each product has its own unique segment, target market, and symptoms relief, those differences are going to be essential to promote each product value to prevent cannibalization. Thus the best advertising agency was selected to provide us the best response.
1. Diversity should provide greater alternatives and inputs into the decision process, but if diversity is blocked due to organizational infrastructures that do not allow the free flow of information, than the diversity goes unutilized. Johnson & Johnson (J&J) structured its company to insure the positive impact of diversity in regards to decision making through its creation of FrameworkS. Through Frameworks, the executive committee is partnered with a variety of managers from around the organization that concentrate on specific, unprogrammed organizational decisions. FrameworkS matches the problem with appropriate decision making method. In this approach, managers share the problem with others and engage the group in consensus to arrive at a final decision.
Office, U. A. (2002). Prescription drugs: FDA oversight of direct-to-consumeradvertising has limitations (GAO-3-177). Washington, D.C.
Augustine Medical, Inc. should decide on the price of their product then make all the information available to hospitals and distributor organizations. The company should then attend as many medical trade shows as possible to increase the visibility of their product by providing demonstrations to prospective buyers. To obtain first mover advantage it is important that Augustine Medical, Inc. puts together a sales force to prospect and qualify potential buyers. The sales force should proceed by using direct selling tactics as well as guerilla marketing tactics to effectively penetrate the market. Because the Bair Hugger will be priced lower than our direct competitor’s products it is important that Augustine Medical, Inc. stays focused on it objective to increase sales volume and capture large portion of the market share in the early stages. Building a portfolio of current buyers, and potential buyers will secure the company’s profitability in the long run because of brand loyalty and brand recognition. The implementation process should be completed within a 3-4 month period.
With the low success rated private firms invest millions into several produces. When a drug does make it too market and is successful companies need to make-up money spent in development as well as the cost of drugs which did not make it to market. After all investments are taken care of there is still the need for profit. Some are concerned if the United States government implements control over prescription drug cost then private firms will be less motivated to invest in pharmaceuticals development of our fear they would not make their investment back. This would supply pharmaceutical companies with less finances for the research and development process. According to the information collected by Abbott and Vernon a drop in the price of pharmaceuticals would result in significant loss in investment of research and development (Abbott and Vernon). If drug cost were to drop 40-45% the amount of a drug to move from animal testing to human clinics would decrease by 50-60% (Abbott and Vernon). With such high risk and low reward pharmaceutical companies will likely stop or slow research on new technologies and compounds. In 1969 Canada imposed regulations on drug prices (Weidenbaum). After the regulations were imposed there was a decline in new drugs being created (Weidenbaum). This change in the pharmaceutical
...er year (Ventola 1). In Canada DTCPA is not completely illegal, it allows pharmaceutical companies to mention only a drug’s name, price, and quantity (CHSRF 1). “Reminder ads” are the advertisements that tell consumers to “ask their doctor” and they usually only promote the drug name (CHSRF 1). It is claimed by the pharmaceutical industry that drug advertisements are meant to simply educate the public by raising awareness of newer therapies, which as a result will improve the overall health of the country (CHSRF 1). The problem with any kind of direct-consumer advertising is that it only stimulates the sales of new drugs that have been recently released into the market that are also more expensive than pre-existing medications on the market. Another problem with new drugs released into the market is that they are not necessarily any better than existing medications.
1. There are many different cultures in the world in which we live today, and it is important for any organisation planning to globalise their firm to know and understand the cultural differences that occur between nations. This theory is specifically important when it comes to two firms operating in different countries decide to merge to become one, as is the case with Upjohn and Pharmacia. The differences that became apparent during this merger were important as they affected the way business was conducted, in a negative way.