Pharmaceutical marketing is also called pharma marketing or medico-marketing in some countries. As the name itself speaks about this term, this is the business of promoting the sale of pharmaceutical drugs. Or can say this is the method of advertising the drugs. The marketing techniques of pharmaceutical drugs differs from traditional product marketing, because of the reasons like, drugs are taken only after the prescription of doctors.
At the present time, internationally the pharmaceutical companies are spending more finance on marketing in compared to spending on the research and development of the product. In Canada, during the year 2004, pharmaceutical companies spent $1.7 billion to market their drugs to physicians; whereas in the United States, in 2002, the amount of $21 billion was spent on by the companies for the same purpose. And same is the tale of other countries as well. Moreover, the marketing budget of drugs is increasing every year.
Though with this marketing technique, drug manufacturing companies are making profit, but study reveals that this has a negative effect on the health care industry and patient care.
Advantages that companies get from the pharmaceutical marketing
The companies get a huge amount of profit with their marketing strategy. And the marketing of products involves free sampling of products, giving different types of gifts, giving some pharmaceutical gifts, etc.
However, all these methods have become old, and some are even banned by the regulatory bodies of this industry.
The drug manufacturing companies are taking a different approach to market their products.
Avail the service of pharmaceutical marketing in Singapore
In Singapore, if someone has to market their drugs, then there are a number of service providers present who offer this service. There is a complete information book present, which gives the details of these companies.