Pharmaceutical companies typically use a variety of factors to determine the price of their drugs, including: Development and production costs: Pharmaceutical companies invest significant amounts of money into the research, development, and production of new drugs. The cost of these activities, including clinical trials and obtaining regulatory approval, is factored into the price of the drug. Marketing and Distribution Cost: Marketing and distribution costs may also be considered by pharmaceutical companies when determining drug prices. These costs include expenses related to advertising, sales representatives, and distribution networks. Drug Uniqueness: If a drug is the first of its kind or represents a significant improvement over existing treatments, the pharmaceutical company may set a higher price for it. If a drug has many competitors or is like existing treatments, the company may have to set a lower price to remain competitive. Market demand: Companies also consider the dem
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.
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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