Product Strategies in Pharmaceutical Marketing: A Perspective of Pakistani Pharmaceutical Industry
Middle-East Journal of Scientific Research 21 (4): 681-688, 2014
8 Pages Posted: 18 May 2014
Date Written: May 17, 2014
This study examines the important and imperative parameters in order to bring a new product in a Pakistani pharmaceutical Industry/market. Although, there is good quality international literature available for the under examine topic, but it carries the perspective of developed countries, where things are very different from a developing country like Pakistan. The study identified that Pharmaceutical products can be classified under two main categories: Prescription products and OTC products. The criterion for division is whether a product is marketed to the medical professionals or directly to the consumers in Pakistan. In pharmaceutical industry, selling function is invariably handled by the company’s own sales team due to highly technical and specialized nature of job, whereas the distributor is responsible only for the logistics part. It is further concluded that once we have defined the product, we can clearly see a difference. In general marketing terms, a product can even be for satisfying a psychological need with no tangible benefit whatsoever. However, in pharmaceutical terms, a product will only be termed as one if it helps in curing a disease or at least help in curing or improving the condition of a patient.
Keywords: Prescription Products; OTC Product; Product Strategies; Pharmaceutical Industry
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