Summer internship on sales promotion

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.“STUDY OF SALES

PROMOTION FOR IKON REMEDIES PVT LTD”

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EXECUTIVE SUMMARYObjectives of studyTo understand how pharmaceutical company launch

their product.To know what promotional strategies are used by

pharmaceutical companies to sell their products in the market.

To Effectively target potential doctors, hospitals and pharmacies in PCMC area.

To understand what is the role played by sales representatives in this regard.

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INDUSTRY PROFILE The pharmaceutical industry in India is the world’s third

largest in terms of volume & stands Ist in terms of value.

The total turnover between 2008 and September 2009 was US 21.04 billion dollar.

Major pharmaceutical hubs in India are Mumbai, Hyderabad & Ahmadabad.

The domestic market is worth US 12.26 billion dollar as of 2012 & is expected to reach US 49 Billion dollar by 2020.

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.Top 10 publicly listed pharmaceutical companies in India by

market capitalization as of July 2015-1. Sun pharmaceuticals.2. Lupin ltd.3. Dr. reddy’s laboratories.4. Cipla.5. Aurbindo pharma.6. Cadila healthcare.7. Glenmark pharmaceuticals.8. Glaxosmithkline pharmaceuticals ltd.9. Divis laboratories.10. Torrent pharmaceuticals.

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COMPANY PROFILE“We feel pride that God has given us the

opportunity to play an important role in ensuring the healthier life of millions.”

The company has huge range of formulation about 600+ products covering therapeutic segments like - Urology Care, Neuro-Care, Physicians, General Practitioners, Psychiatric Care, ENT Care, Dental Care, Surgical Care, Orthopedics Care, Gynac Care, Pediatric Care, Cardio Diabetic, Derma, Ophthalmic Care, among others.

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.VISION & MISSION

 “Our Vision is to be a leading pharmaceutical company by providing high quality, affordable and innovative solutions in medicine.”

 Our mission is to discover, develop and successfully market the pharmaceutical products to prevent, diagnose, alleviate and cure diseases.

 Our entire efforts are towards providing total customer satisfaction through excellence in technology and services.

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PROJECT OVERVIEWPharmaceutical marketing and promotion are an

important component of educating an informing consumers and health care professionals about new treatments.

Direct-to-consumer (DTC) advertisements aim to inform patients of important treatment option, while pharmaceutical sales representatives work to get accurate, up to date information’s of medicines to health care professionals.

Doctor-directed promotion methods

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Promoted drugs-Ultrasoft- milk protein, vitamin A & E,

glycerin, Aloe Vera, lanolin, coconut oil

Zenworm- Albendazole suspension.Zincomax- Multivitamins &

multiminerals drop.Picozide- sodium picosulfate, liquid

paraffin, milk of magnesia suspension.

Tricodex & tricodex A etc…09/12/2015

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RESEARCH METHODOLOGY Exploratory research Research design- Nature of data- Primary research Secondary researchData collection- • Primary data- Sample size: 100 sampleArea: PCMC region PuneSample unit: Medical practitioners of PCMC region. Secondary data- Articles, Reports, Journals, Internet, Company

documents. Sampling technique: Non-probable sampling technique  Judgmental sampling.Data analysis-

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1. For how many years you are practicing as a medical practitioner (doctor) ?

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2. Do you agree that India’s pharmaceutical industry is one of the fastest growing segment of the Indian economy?

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3. Do you agree that the marketing strategy of the pharmaceutical industry should be different from the marketing strategy in non-pharmaceutical segment?

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4. Do you agree that institutional selling is quite prevalent when it comes to pharmaceutical market in India?

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5. Do you agree that the pharmaceutical companies need to use innovative & better promotional measures for selling their products?

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6. Do the pharmaceutical companies offer their gifts to the doctors to influence their prescription in favor of their company medicines?

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7. Out of the following which one is more correct when it comes to the promotional strategy of pharmaceutical companies in the view of the doctors?

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8. Do you agree that unethical standards exist in the promotion of pharmaceutical products in India ? 

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9. Your recommendation to the industry and government regarding the promotional strategy of the pharmaceutical companies? You can choose more than one option.

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10. Do you think that the entry of multinational is a major challenge to the domestic players in the pharmaceutical market and are they ready to face the challenges of the foreign players ?

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11. Do You Think That These Non-Conventional Marketing Methods Are Effective Methods Of Pharma Marketing In The Present Age?

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12. What type of marketing strategy does you as more profitable ?

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13. What do you think is the major challenge from the marketing point of view for the pharmaceutical industry is India?

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14. Are you aware that the pharmaceutical companies in India are shifting their focus from conventional method of marketing to non-conventional method of marketing ?

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15. Major weakness of the pharmaceutical industry’s marketing strategy ?

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Findings & observations- 36% doctors have experience of 5-10 years where as there are only 20%

with more than 10 years experience.  43% doctors agree and 37% strongly agree that the pharmaceutical

companies in India are the fastest growing segment of Indian economy.  50% doctors agree and 32% strongly agree that the marketing strategy in

pharmaceutical industry should be different from the marketing strategy in non pharmaceutical segment.

  44% doctors agree & 30% strongly agree that institutional selling is quite

prevalent when it comes to pharmaceutical market in India.  60% doctors & 37% strongly agree that the pharmaceutical companies

need to use innovative & better promotional measures for selling their products.

  95% doctors says yes that pharmaceutical companies offer their gifts to the

doctors to influence their prescription in favo.r of their company medicines

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Continued… 60% of doctors suggest that the pharmaceutical Company’s aim to persuade

the doctors to purchase is one of the best promotional strategies of pharmaceutical products.

  52% doctors believe that promotion in pharmaceutical product carry

unethical standards.

54% doctors believe that the entry of multinational companies is not a threat to the existing domestic players in the pharmaceutical market.

86% doctors say, yes that they are aware that the pharmaceutical companies in India are shifting their focus from conventional method of marketing to non-conventional method of marketing.

47% doctors say that B2C marketing strategy is more profitable as compare to B2B marketing strategy.

54% doctors says no and 36% says yes that These Non-Conventional Marketing Methods Are Effective Methods Of Pharma Marketing In The Present Age.

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Suggestions-

Pharmaceutical companies should take measure to improve the transparency of their marketing activities & implement, improve & monitor legislation.

  Nonconventional methods are very effective methods of pharmaceutical

marketing so the company should follow / adopt this marketing strategy.  B2C marketing strategy is more profitable for pharmaceutical industry so

a company must follow B2C strategy.  R & D is the major weakness of pharmaceutical industries marketing

strategy so the industries should improvise their R & D.  Unethical standard in the promotional activities of pharmaceutical product

should be abolished. 

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Conclusion-Promotional strategies of pharmaceutical company are

mostly focused towards the doctors that mean the sales directly depend upon the doctors.

The promotional strategies of the pharmaceutical industries are different from other sectors because the end consumers are patients but pharmaceutical industries focus on doctors.

 Brand image in the pharmaceutical industry matters a lot

as it is very much responsible for the sales of company. 

5/8/2012

Thank You