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How to grow your Pharma Business?

  Growing a pharma business requires a strategic approach considering the specific context of your company and the pharmaceutical industry as a whole. Here are some general pointers to get you started: Market and Customer: Identify your target customer: Deeply understand the specific needs and challenges of your target audience, whether it's doctors, patients, hospitals, or other healthcare providers. This helps tailor your products, services, and marketing efforts. Focus on unmet needs: Look for gaps in the market where existing solutions are inadequate or unavailable. Addressing unmet needs can give you a competitive edge and drive innovation. Track market trends: Stay updated on regulatory changes, technological advancements, and emerging diseases to adapt your approach and anticipate future opportunities. Products and Services: Invest in R&D: Develop innovative products or differentiate existing ones through unique formulations, delivery methods, or combinations. Remember ...
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How much % Pharma company actually gets benefit from celeb marketing?

Query:
I wanted to ask you pharma companies collaborates with celebs to market their otc products, could you throw light on how much % pharma company actually gets benefit from celeb marketing, and what according to you is more influential, brand name or well-known celeb.
I will be waiting for your response.

Response:
I think pharma companies get a lot...
Not at that brand which they are advertising but also in overall company reputation in the eyes of the medical community i.e. doctors, chemists, hospitals etc. That is about advertisement but when it comes to celebrity collaboration, mainly they collaborate with celebrities because celebrities have their own branding so they try to mix celebrity branding with their otc brand. But in my opinion, advertisements matter more than whether they have a celebrity in the advertisement or not...
In the pharmaceutical market, there are a lot of restrictions and companies have to follow advertisements and promotional guidelines related to mainly prescription drugs. They have mainly one tool that is to reach a doctor in any way either by visiting or through conferencing or any other mode and convince them to prescribe their products. Other than this they can't do more at prescription drugs.

So when it comes to advertisement of otc brands they want to promote that brand and also they want to give recognition to their overall business. So, they benefit in prescription drugs.
Even if companies don't have any celebrity in advertising and present a doctor who is recommending their product then I think it creates the same effect as of any well known celebrity...
It's not the Brand name or well-known celebrity, it's the advertisement and its message that matters most.

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