Pharma Business: Has market dynamics changed marketing practices or has marketing practices changed market dynamics ?

Pharmaceutical marketing practices have been evolving with the changing market dynamics over the last three decades.

Broadly speaking pharmaceutical marketing practices has witnessed following five phases in the last three decades

1. Knowledge Marketing:
During eighties, MNC’s had an advantage over local companies when doctors relied heavily on field force of MNC’s for their expertise in product knowledge. It was the era where MNC’s were dominating the pharmaceutical business

2. Relationship Marketing:
Then came the era of relationship marketing in early nineties, where local companies started building strong relationships with doctors to gain market share. This approach adopted by local companies helped them to gain market share

3. CRM Marketing:
During early twenty when relationship marketing reached its peak, local companies started setting up speciality divisions and CRM marketing programs became the key success factor to gain market share.

4. Digital Marketing:
Commenced few years back when pharma marketing folks wanted to differentiate from their competitors. It gained momentum during Covid times when field force activities were compromised

5. Patient-Centric Marketing:
Forward looking pharmacos are now moving forward to the next orbit which is Patient-centric marketing

Patients are now becoming increasingly important target audience for Rx brands due to increased awareness of brand substitutes by patients. This momentum is gaining grounds because of e-pharmacies providing ready-made information to patients regarding brand substitutes along with their prices.
To counter the loss some pharma companies have started their generic divisions and more will follow.

Brand substitution by patients will get stepped up further in the times to come and pharmacos have to devise patient-centric strategies to protect their revenues and keep growing . Interesting times ahead .