Pharmaceutical Sales and Marketing

Abstract

The mechanics of the pharmaceutical industry are evolving incredibly quickly. Millions of millions are spent on the creation of new drugs, which are then subjected to arduous clinical trials before receiving the drug administration agency's approval to go on sale. Thus, the cycle time for the medication development process is typically between 10 and 15 years. To increase sales, a lot more money is spent on marketing these medications. Only while the patent is active is there a chance for financial success; following that, generic drug manufacturers can produce and sell the same medication. The drug marketing cycle needs to be more effective if revenue returns are to be maximised. The revenue generated by each salesperson is decreasing over time, as is the efficiency of the sales force. Although there are more sales people, the rise in revenue does not match this expense. Companies are considering ways to boost sales without adding more salespeople by cutting down on operating expenses and other downtime. Unlike most other industries, which have more readily adopted business intelligence and performance management drives Pharmaceutical companies have been somewhat hesitant to use this new technology. The goal of this whitepaper is to demonstrate the sales and marketing possibilities that BIPM offers pharmaceutical companies.