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How To Be Successful In Pharmaceutical Business?

  Hi Guys I am Ajay Kamboj and today we will talk that if you want to be successful in pharmaceutical business or ayurvedic business or nutraceuticals business then what you have to do for that. How you can be successful we will talk about the same in this post Actually, whenever anyone asks me if they want to be successful in pharma business. Whether it is marketing, manufacturing, trading, distribution then how can they can be successful. Then I have a simple answer, for everyone, they to make their own network. They do not understand that and they feel I am talking about network marketing. I do not mean here with network marketing, networking exists in every business and for the success of any business networking is very important How much good idea you have? How much unique idea you have? You are coming with a product that is not available with anyone but till you will not have a good network Unless you know how you will deliver your product to your customer, who is its end user

Generic Drugs Marketing

Generic Drugs are the drugs which are sold with only international non proprietary name (INN) or common name. When a pharmaceutical company develop a new molecule, pharmaceutical company is granted by exclusive right of that molecule for certain period of time known as patent. After expiry of that patent, other pharmaceutical manufacturers are also allowed to manufacture that molecule. Products other than innovator’s brand are known as Generic Drugs.

Marketing of generic medicines vary market to market. In USA, only one brand name product is allowed for any molecule, other products of that molecule can only be sold with its international non proprietary name (INN) or common name or generic name. But in India, a molecule could have number of brand names and every manufacturer can sell their products by fixing a brand name. These generic medicines with brand name are also known as Branded Generics.

Marketing and promotion of generally same in all regulated markets but vary in unregulated markets. In regulated markets where sale of drugs without registered medical practitioner’s prescription is not allowed, Medical practitioners play an important role while preparing a marketing strategy for your generic medicine manufacturing company.

Hospital pharmacies are main source for sale of generic medicines in regulated market. General pharmacy stores also contribute to sell of generic medicines but not at such extent. Tie-up or contract with doctors/hospital is one of the good ways to boost generic medicine sale. A distribution channel is required to make availability of generic medicines at hospital pharmacies and chemist shop and convince medical practitioners to prescribe your products at prescription.

In unregulated market, drugs are also sold out without prescription of medical practitioner. In these markets difference between generic medicines and branded medicines are created on the basis of whether it is prescribed by RMP or not. If it is prescribed by RMP then it is branded medicine otherwise it is generic medicine if it is dispensed by pharmacy or chemists without prescription of RMP.

In unregulated market, hospitals/doctors are not the key players. Key players are pharmacy and chemist shops which are responsible for sale of medicine. It creates huge price competition among companies or distributors but this price competition is not beneficial for patients, only limited to pharmacy and chemists.

Hope above information is helpful to you...
For any query and suggestion, mail us at pharmafranchiseehelp@gmail.com

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