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  • Essay / Marketing in the pharmaceutical industry - 1647

    The pharmaceutical industry has become a major player in the marketing of its products. Given that its main companies have a large presence in Ireland and its marketing policies must vary from country to country, I found this to be a very appropriate topic. This is a highly regulated industry, governed by different global statutory bodies, each incorporating different laws, which marketers need to be aware of. I explain how different global legislations can affect marketing strategies, and ultimately sales. I also thought this would be a fascinating area to study in terms of ethics. Pharmaceutical companies seem to generate huge revenue streams, while good health is not evenly distributed. Having previously lived in Canada, I was able to receive input from a sample of Canadian and Irish residents to determine how pharmaceutical companies are perceived. Finally, culture affects all multinational companies, so I will discuss how it exclusively affects marketing strategies and campaigns. of these global pharmaceutical giants.Marketing EvolutionThe marketing of prescription drugs has always been a controversial topic due to the sensitive nature of the product; heavy legislation therefore greatly affects the promotion of a drug. The main players in the sector are huge multinationals and therefore must be aware of the different requirements of each market, not only legislation, but also customer needs and social norms of the environment in which they reside. Many trends are affecting the market. pharmaceutical products, including more informed consumers, the aging of the population, the impact of financial crises and rapid scientific progress. Marketers must constantly adapt their strategy...... middle of paper ......EM and pharmaceutical ads: it's time to end them | Canadian Journal of Emergency Medicine. [ONLINE] Available at: http://www.cjem-online.ca/v11/n4/p375. [Consulted December 9, 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 Pharmaceutical Advertising Budgets - 2012, http://www.fiercepharma.com/special-reports/top-10-pharma-advertising-budgets-2012, 10/12/2013Summerfield, (September 2013) Bribery and corruption in the pharmaceutical sector Financierworldwide, http://www.financierworldwide. com/article.php?id=11025, 28/11/2013