The pharmaceutical industry has come a long way since the first drug was introduced in the 8th century. The industry has grown by leaps and bounds all over the world. However over the years, people are increasingly aware about the side effects of medicines prescribed by doctors. A few decades ago, patients had little say as doctors had the final word when it came to medical treatment.
Due to the increasing customer awareness, there has been a drastic shift in a way the pharmaceutical industry interacts with the consumers. Below are some of the strategies that pharmaceutical companies can follow to stay ahead in these highly competitive times:
➢ Cutting down costs- One of the major factors that the pharmaceutical industry needs to take into consideration is the price of medication. When the prices of medicines compete with that of other basic necessities, people tend to choose the latter and that is where the industry is at a disadvantage. So in order for the situation to improve, the pharmaceutical industry needs to lower the prices of the drugs so that they become more affordable.
➢ Education of Customers- Though advertising is a great way to educate the customers, but due to certain restrictions it isn’t possible to provide them with complete information. So, the consumers need to be made aware of everything about the medication they want. The doctors in these instances can not only narrate the pros and cons of various medicines to the consumers, but also make sure that all their doubts are cleared too, leaving behind no uncertainties. Once the customers are equipped with the correct and complete information, the pharmaceutical industry will flourish too.
➢ Lean Process Improvement- Lean Process Improvement denotes a method of eliminating all the activities which do not add to the value of the medicine but, are being performed during manufacturing for last so many years. This will help the companies in coping up with the losses, if any, and further cushion them against any price cuts that they plan to implement to improve their situation.
➢ Strategic partnerships & cross-company standardization- A basic principle of marketing that pharmaceutical companies could benefit from is that coping with a problem in a partnership is better than in isolation. This not only helps in improving the operations of all the companies in partnership, but also divides the burden significantly between them. This is among the top strategies which can be employed to improve the situation of the pharmaceutical industry.
These are a few ways that can help pharmaceutical companies meet the needs of their consumers as well as grow their business.