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The Complex Factors that Influence Drug Prices

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

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 meet a girl and propose her. Do it repeatedly till either she says yes or she disappears from that location.

Marketing is like to create a recognition and reputation in her eyes. Either you make it to that level, she proposes you by herself or you need help of sales part and when you approach to meet a girl and propose her, there would be maximum chances she doesn't say 'No'.

Sales is front line work- A face of company in eyes of customer where as marketing is back hand work to create awareness about company and its products/services.

Sales is to meet the persons to detailed their products/services and convince to buy it whereas marketing is to find out who could be their proposed clients and where they can find them.

Sales is all about how brilliantly you can give presentation about you, your company, your products/services etc whereas Marketing is all about how brilliantly you get attention of your so called future customers. Sales is all about just selling and marketing is all about reaching and getting noticed.

Sales is about to present information about company, product/service, their rates, benefits, why you should purchase it etc. Whereas Marketing is about to promote company or brand, its product/service with clear communication.

Sales includes connecting the potential customers through meeting, phone calls, networking events or any other means and converting them into paying customers whereas Marketing includes advertising and campaigning through internet, print, electronic, blog and social media etc and create as much as awareness about company/brand and its product/service so potential customer feel proud to associate with brand.

Why both are interconnected?

Marketing is creating environment and awareness. Creating awareness is to just waiting at road where the girl passes. You see her and She sees you. She know you like her but how much chances she will take initiative and will propose you.

I think, not much. Here, sales enter into scene.

Marketing is waiting in side to happen something great but sales step forward and ask her for marriage. Sales is not waiting. It is making things happen.

But if marketing is not present and you see a girl at first and she doesn't know you. You are trying to make things happen and propose her then what?

May be there are different skill required for both but they are interconnected.

Having a great marketing team with great sales team can create miracle for any business.

Hope this information is helpful to you... 

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