Can Strategic Marketing of Pharmaceutical Brands be Measured?
14 March 2006, NetworkPharma Ltd, Oxford, UK have published another in their new KeywordPharma series of Expert Reviews intended for individuals working in and around the global pharmaceutical industry.
Can Strategic Marketing be Measured? is now available for purchase. In this Expert Review, Mike Rea examines why strategic marketing is of pivotal consequence to the success or failure of a pharmaceutical brand, putting the case for earlier implementation of rigorous, externally triangulated assessment of strategic marketing plans.
In an industry where analyses suggest that only one launched drug in four repays its investment, there is a significant need to measure marketing effectiveness. The past decade has seen an increasing realisation that ‘commercialisation’ and ‘development’ are one and the same. Yet the overwhelming majority of proprietary measurement tools focus their attention on elements within the tactical marketing mix, but are unable to examine the effectiveness of strategic marketing.
This Expert Review argues that marketing has a role to play in identifying, redirecting and appropriately commercialising the three drugs in four that currently stay below the cumulative break-even line, and that ensuring the quality of strategic marketing is of pivotal consequence to the success or failure of a brand. Furthermore, leaving assessment of the strength of strategic planning to beyond the implementation of promotional campaigns, and ultimately to a point beyond product launch, is far from optimal in ensuring an appropriate return on overall investment.
This review also puts the case for earlier implementation of rigorous, externally triangulated assessment of strategic marketing plans, to ensure that brand trajectory is fully optimised.
The author, Mike Rea, said: "The pharmaceutical industry has begun to embrace the more active concept of measuring the impact and effectiveness of the components in the marketing and sales mix, and applying the lessons learned. This kind of marketing audit is becoming more commonplace in an increasingly cost-driven environment."
Peter Llewellyn, Managing Director of NetworkPharma Ltd commented, "Priced at just GBP 25.00 (approx USD 45.00, Euros 38.00) the KeywordPharma Expert Reviews provide a unique slice of expert opinion at a price that most individuals can afford. Until now much of this information has remained too costly to access easily for many individuals working within our industry."
All KeywordPharma publications can be purchased from ThePharmYard at www.ThePharmYard.com
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About the author
Mike Rea is CEO of Q2/IDEA Group, a leading consultancy group in pharmaceutical marketing, which includes ID Pharma, IDEA Pharma Consulting and Q2 Audit.
He has worked in international healthcare communications for almost 20 years, and has developed global marketing solutions for most of the world’s top 10 pharmaceutical companies. Mike’s principal point of interest is the incorporation of best practice into pharmaceutical marketing strategy, and he has helped lead the strategic direction of over 50 pharmaceutical brands.
Mike is the author of Medical Marketing Manual: Branding Pharmaceuticals, is a frequent expert reference for articles on pharmaceutical branding and has chaired several international conferences on pharmaceutical marketing.
Written by pharmaceutical industry specialists, KeywordPharma publications are designed to be authoritative, relevant, succinct and helpful to pharmaceutical industry executives in their day-to-day work and in their longer term career development. Available to purchase individually as e-documents, they build into a specialist knowledge library for everyone working in and around the global pharmaceutical industry.
Developed and managed by NetworkPharma Ltd, ThePharmYard provides instant access to a unique database of specialist information which is particularly relevant to individuals working within the medical and pharmaceutical industries around the world. Titles from a diverse range of independent publishers are available to purchase in electronic document format for immediate access.
NetworkPharma Ltd is an independent, specialist company founded by Peter Llewellyn, to focus on novel approaches to disseminating information within the global medical and pharmaceutical industries. Peter Llewellyn previously founded and built the leading industry portal site, InPharm, which was subsequently purchased by John Wiley & Sons to manage alongside their other industry services, PharmaFile and Pharmafocus.
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For more information please contact us via our web site or directly contact Peter Llewellyn, Managing Director, NetworkPharma Ltd, email: peter@networkpharma.com, tel: +44 (0) 1865 865943
