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Pharma marketing means the marketing of drugs and medical devices by public and private organizations to doctors, clinicians, and consumers.
FREMONT, CA: With massive investment being involved, most companies understand the significant role and importance of marketing in pharma. Well, marketing is now the driving force behind shareholder value. More specifically, marketing allows pharma companies to identify, anticipate, and provide solutions for customer requirements. Meanwhile, marketing is not always seen as a priority for pharma CEOs, which is why professional marketers are generally taking responsibility for pharma branding and the ROI on investment. While many people still view pharmaceuticals as commodities, marketers know that branding is the only way to help in distinguishing these companies from each other.
The worldwide market for pharmaceuticals is $900 billion, and this figure is expected to surpass $11 trillion in the next few years. Studies show that the industry is growing at a rate of 5 percent, which is just behind the two other major healthcare segments, medical services, and equipment. The driving factor behind this is drug affordability and disease prevalence, but government policies and regulations can slow down this growth. However, it is evident that this demand is not going to slow down anytime soon, and online trends can also attest to this statement. Either way, pharma is a big business and one of the most in-demand and profitable industries in the world.
According to studies, most pharma CEOs consider new products to be the driving force of revenue, but the professional marketers think otherwise. The reason behind the growth in the pharma space is more closely associated with understanding consumer needs as opposed to creating or improving products. Keeping this in mind, pharma marketers will emphasize identifying customer needs and finding solutions to meet these needs. Meanwhile, CEOs can focus on deploying their time and effort elsewhere, while knowing their pharma marketers can implement effective strategies for success.