Pharma Marketing ROI discussed by pharmaceutical industry experts.
3 January 2007, NetworkPharma Ltd, Oxford, UK have published the latest in their KeywordPharma series of conference reports intended for individuals working in and around the global pharmaceutical industry.
Pharma Marketing ROI; in-depth report from the eyeforpharma 6th Annual European Pharmaceutical Congress held in Amsterdam, 23-24 October 2006 and written by Dr Barrie G James. is now available for purchase.
Caught in a tightening vice between declining new product introductions and accelerating patent erosion, the pharmaceutical industry has been cutting back spending across the board to improve profits. Conversely, marketing spend is at an all-time high and is now the single largest pharmaceutical company business expenditure. Inevitably, this has triggered a growing management emphasis on accountability and on value for money for its marketing investments. Pharma marketers’ response has been to explore and implement approaches that improve return on investment (ROI).
The 6th Annual European Pharmaceutical Conference, Pharma Marketing ROI, held in Amsterdam on 23-24 October 2006, discussed the challenges that the industry faces and its implications for a healthy financial future, together with some of the measures and practices that could deliver increased ROI in pharma marketing.
The conference raised two burning issues: first, do pharmaceutical companies possess a solid bedrock of marketing expertise in terms of best practice processes and procedures? If not, the expectations of enhanced marketing ROI may not be realised. Second, how many companies have processes in place that can identify, track and allocate marketing expenses? Without these systems it is impossible to calculate an accurate ROI. The evidence presented suggests that very few companies are well positioned in this respect.
Addressing these issues will be critical for the future. It has been projected that global industry growth will continue its unbroken decline from 2000 and will slow to 5-6 per cent growth in 2005/6, down from 6-7 per cent in 2004/5. Reduced growth inevitably increases the level of competition throughout the industry, which will only add to the pressures on those companies that are unable to maximise their marketing ROI.
The author, Dr Barrie James, said: "The conference emphasised the overarching demand by pharma management for better ROI, improved marketing investment decisions and more effective performance measures. ROI was also explored from perspectives such as shareholder value, time-frames and the diffusion of innovation."
All KeywordPharma publications can be purchased from ThePharmYard at www.ThePharmYard.com
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About the author
Dr Barrie G James is internationally recognised as a leading-edge pharmaceutical thinker, for his consulting in pharma strategy, futures, ethics and evidence-based marketing. He manages Pharma Strategy Consulting in Huntingdon, UK, which specialises in creative and pragmatic solutions to fundamental strategic, ethical and marketing problems in the pharma industry.
Earlier in his career, Barrie held executive positions at Ciba-Geigy, Merck & Co., Syntex, Biogen and Schering-Plough in strategic planning, marketing, operating management and business development.
His books and reports on the pharma industry have become standard industry references and his work has been cited in Business Week, the Economist and the Financial Times. His latest publications are The Little Black Book of Pharma Marketing and PharmVision 2015: A Short History of the Future.
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.
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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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