Show up,
work hard, be kind and take the high road!
– George Meyer (American producer and writer)
Euphoria!
It is the need for euphoria that is
driving many dedicated people to work! Euphoria is a
heady feeling of enjoyment. For
pharmaceutical marketers, field-work is euphoria. Doctors too work for long intense hours in
surgical and clinical practice, it is euphoria for them! Euphoria of course cannot run without the material
rewards!!
Trending
in euphoria!
The constant flux of events, the reality
of MR-brand-company clutter, the need
for differentiation, hunt for breakthrough disruptive practices, and newer
market dynamics (like the current GST challenge), create work opportunity and
more euphoria moments.
Essences
of pharma business
There are several things happening in
companies at various departments, and all company activities, actually, are geared
towards increasing consumption of the value offerings…this is the core of all
business goals in a firm. To increase
sales, pharma companies work on messaging
and relationship management.
Nevertheless, for a company to be a
market-stable and a potently expanding force, three essences are there:
a)
Rack
stock management
b)
Collection
c)
Product
messaging and promotion
Rack
stocks
refers to the inventory of a company’s product(s), in units, which are present
in the central warehouse, C and Fs or regional hubs/depots, at distributor
(stockist spots) places, and shelves of the retailer or dispensing doctor. Those companies that have real-time or
periodic robust data of rack stocks at the above points will naturally
undertake various programs to ensure healthy rack stocking (at all the above
points) through either liquidation programs or returning of stocks.
If a MR is monitoring the stockist rack
stock continuously, he will ensure to focus on liquidation programs for
specific SKUs or will ensure indenting of relevant SKUs from C and Fs to the
stockist points.
Similarly, such a rack stock monitoring
at chemist shelves and dispensing doctor level is vital for ensuring
consumption specific activities.
In fact, Pfizer has a mobile app for
their MRs, and they get the stock level at stockist (wholeseller) level through
this method. This helps Pfizer MRs
launch marketing programs, liquidation of goods and optimal inventory level.
Collection refers to the
money flow from market to company coffers.
Timely and sizeable collections on a daily basis is the dream of every
company management.
Product
messaging and promotion is the vital essence of marketing to ensure demand
creation. The main approach for product
messaging and promotion, in pharma marketing continues to be the MR’s focus on
doctors and chemists (pharmacies) … however; patient-centric communication and
activities are also roped in to ensure demand creation. Digital and other non-MR approaches for
product messaging and promotion play a complementary and supportive role.
If any company manages above three
essentials, surely it will be in the pink of health! This requires new dimensions of thought and
activity, for rack stock management and fund transfer to company treasury;
along with this the core activity of product messaging and promotion.
Thanks
for reading this blogpost, please do read all others by scrolling down and
clicking on older posts…do recommend this blog to your acquaintances.
