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
Sales Vs Marketing | Difference between sales and marketing I remember when I was starting my career in pharmaceutical sale then I didn’t know about the difference between marketing and sales. We all friends had made up mind to start our career as a medical representative . We didn’t know anything about Industry even we were pharmacy graduate . So, I got a job as a medical representative in a MNC company. I got interview and selected. In the first zonal meeting in Delhi, whole sales team were gathered. I went and there my General Sales Manager asked me why you chose this profession. I said that I want to make career in marketing and want to work as a product manager someday. He knew the difference between sales and marketing but I didn’t. He said some thing, I didn't remember exactly at moment. But it took me to learn a lot of years to understand what is marketing and what is sales? They both are interconnected but still hold own values. Sales Vs Marketing: Sales is like to mee