WORK AND EUPHORIA

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.