Marketing Strategies in Pharmaceutical Industry for Products

Monday, April 4, 2022, 9:06 AM GMT-5

Solutions that are based only on a strategic approach lead to production success. It is important to define the ultimate goal of the organization – to conquer the international market or to focus on narrower objectives, such as successful sales in a certified Mexican pharmacy Medsmex or similar outlets.

Basic marketing strategies for the pharma industry

There are several decision-making models in today’s marketing strategies:

  • Competitive analysis, the so-called Porter matrix
  • Study of product market development – Ansoff’s matrix
  • The ratio of attractiveness and competitiveness – McKinsey matrix
  • Comparison of market share growth – the matrix of the Boston Consulting Group.

Let’s look in more detail at two of the most successful ones that any Mexican pharmacy can choose. 

Nuances of Ansoff’s marketing matrix

For deep market penetration, it is necessary to calculate the real sales volumes, and also to predict their possible growth. For this purpose, they take data from the existing market and project possible profit to an increase in production. Pricing and analysis of competitors play a significant role. Do not ignore the nuances of the registration of the drug in different countries. For example, to sell in the best Mexican pharmacy online and sold in the U.S. requires not just different documents, but also a completely different level of research and evidence base. 

An effective product development strategy must necessarily include the improvement of existing developments in the existing market. It is beneficial to supplement sales lines with new products. It is on these principles that Ansoff’s marketing matrix is based. At the same time, the key working points are characteristic of other models listed above. 

Porter’s marketing model

This marketing model is based on alternatives for planning within individual segments or the entire area. It takes into account not only the competitiveness of the price but also the uniqueness of the product and an in-depth analysis of the target market. It should be understood that one thing can be successfully sold through Mexican online pharmacies, while another will be in demand in European international chains. 

To cover the target market as successfully as possible, conduct concentrated marketing, as well as differentiation in the selected areas. This is especially important if the company plans to cover several segments of the market, rather than produce and sell one or a very narrow number of drugs. This is quite advantageous for small firms with an insignificant market share. 

The main task in developing a marketing model for a pharmaceutical company is not to let the company stay in the middle segment. Professionals call such a position a swamp, out of which it is quite difficult. Getting out of the middle segment requires a lot of money and successful solutions, which would not have been needed at all if the course had been planned correctly from the beginning. 

Is the marketing model critical for working in the online pharmaceutical market?

Every day, the networks of American, European, and Mexican online pharmacies are growing almost exponentially. Networking is a forced measure of any company, as it is strictly dictated by the consumer. 

Any manufacturer, without calculating the possibilities of online sales, automatically seeks the very middle segment, which we talked about in the previous section.

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