MARKETING MIX IN INDIAN PHARMACEUTICAL BUSINESS

Authors

  • Dr. R Shridhar

DOI:

https://doi.org/10.47750/pnr.2023.14.S01.147

Abstract

Purpose: This research paper gives an insight about the processes used by local and MNCs pharmaceutical companies in India.The purpose of our research is to examine that what factors affect physician prescription behavior based on ethical grounds.

Methodology: This research focuses on the strategies and marketing tools used by pharmaceutical companies in India, and how Physicians behave against all these marketing strategies in terms of Prescription patterns. The questionnaire survey method is used for data collection and SPSS is used for Correlation and Regression techniques for the understanding of Physician’s prescription behaviour.

Findings: The data analysis figuring out the correlation of these variables with the subject of the study

i.e. factors influencing the prescribing behavior of the physician. The data shows the significance level of individual independent variable as Promotional tools. According to the results of Multiple Regressions Analysis (MRA) the researchers can conclude that independent variables have significant relationship with dependent variable. Therefore other all hypotheses are accepted except on Personal Obligation. Therefore, Promotional tools (Literature, Samples, Detailing Knowledge & skills of Medical Reps, Scientific activities like RTD`s, LSP & FSP, Local &International CME`s all influence the physician prescription behavior in India.

Social Implications: The impact of social media is very huge, moving from conventional marketing and adopting social media is a very powerful tool, which can reshape the whole Pharmaceutical industry. Creating awareness about a disease (identification & cure) is an important aspect. Using technology can also help to reach the masses and educate them in a very effective way by using different techniques which have an impact on the viewer and can help them to understand in a very simple way; this could be done by using animated videos, articles, ads and awareness campaign via using search engines and social platforms.

Value: There has been an increase in competition in pharmaceutical industry due to which there has been shift in the marketing strategies of pharmaceutical companies. This study concluded that for better execution of promotional tools Pharmaceutical Marketing Mix is developed, there is greater marketing Mix spending on sales force. Pharmaceutical marketing Mix is a set of pharmaceutical promotional tactics used for marketing and selling of product. Pharmaceutical marketing Mix is developed for better understanding of different promotional activities and tactics such as sampling and sales force promotion which also help to change the prescription behavior of Physicians.

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Published

2023-02-06 — Updated on 2023-02-06

Issue

Section

Articles

How to Cite

MARKETING MIX IN INDIAN PHARMACEUTICAL BUSINESS. (2023). Journal of Pharmaceutical Negative Results, 1060-1067. https://doi.org/10.47750/pnr.2023.14.S01.147