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MARKETING PROJECT ON World’s Largest Research Based Pharmaceutical Company
Working together for a healthier world UNDER GUIDANCE OF: PROF.RAHUL.G.CHOUDHARY By Group 3 Abhishek Jaiswal Anirban Bhattacharyya Karthik Bollineni Pavan Kumar Vaishnavi
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INDEX
TOPICS
PAGE NO.
TIME LINE
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COMPANY BACKGROUND AND PROFILE
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PFIZER’S MARKET SHARE
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VALUE PROPOSITIONS
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FACTS AND FIGURES
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ETHICS AND CORE VALUES
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PFIZER STANDARDS
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PERFORMANCE WITH INTEGRITY
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MARKETING INETEGRITY
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DISTRIBUTION CHANNEL
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SWOT ANALYSIS
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BUSINESS DIVISIONS
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MARKETING STRATEGY OF PFIZER
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PFIZER’S COMPETETIVE STRATEGY
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MARKET SEGMENTATION IN PFIZER
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COMPANY ORIENTATION TOWARDS MARKET PLACE
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MARKETING MIX
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MARKETING MANAGEMENT TASKS
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PERCEPTION & OPINION
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PRODUCT LIFE CYCLE
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PREVENTIVE MEASURES
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SUMMARY
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THANKS AND REGARDS
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COMPANY BACKGROUND AND PROFILE “Pfizer is world’s No 1 Research based pharmaceutical company”
•Pfizer incorporated is global pharmaceutical company established in 1849 •Ranked as number one in sales in the world •Head Quarter in New York city
•One of the highest spenders in pharmaceutical R&D globally •Diversified global health care portfolio: human, animal biologic, small molecule medicines and vaccines •Pfizer has won several awards including that for the multinational pharmaceutical company of the year and the most respected MNC •Headquarter in Mumbai(India)
•Over 2,300 employees •State-of-the-art manufacturing facility at Thane, Maharashtra •Pfizer Limited (India) has a turnover of US$ 165.86 million •Six Pfizer brands feature among the Top 100 pharmaceutical brands in India. Few of
Pfizer brands - Lipitor, Viagra, Corex and Becosules etc
‘Marketing Powerhouse’ in the Pharmaceutical Sector Pfiz Pfizer er Indi Indiaa is reco recogn gnis ised ed for for its its mark market etin ing g stre streng ngth th.. Pfiz Pfizer er was was awar awarde ded d the the prestigious ‘Express Pharmaceutical Pulse 2002’ award for overall excellence in the Indian pharmaceutical industry.
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•Corex was the first brand in the Indian pharmaceutical pharmaceutical industry, industry, to cross the US$ 22 million mark • Has the unique distinction of having two of its brands, Corex and Becosules, ranked at the top among all industry brands for three successive years
KEY PERSON: •
Ian Read CEO & Chairman of the Board
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David.L Vice Chairman
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Frank d’Amelio Chief Financial Officer & Sr Vice President Strategy and Business Development and Senior Vice President: William R. Ringo Jr.
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General Counsel, Corporate Secretary and Senior Vice President: Amy W. Schulman Chief Chief Commu Communic nicati ation onss Office Officerr ( CCO) CCO) and and Seni Senior or Vice Vice Pres Presid iden ent: t: Sally Susman Pres Presid iden entt of Worl Worldw dwid idee Phar Pharma mace ceut utic ical al Oper Operat atio ions ns and and Seni Senior or Vice Vice President: Ian Read President of Global R&D and Senior Vice President: Martin Mackay
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Kewal Handa- Managing Director (India)
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PFIZER’S MARKET SHARE: Pfizer India market share market is valued at Rs 34,000 crore in India's highly-fragmented domestic drug retail.
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SALES OF TOP BRANDS OF PFIZER IN MILLION US$
VALUE PROPOSITION: To understand the potential value proposition for the business, the comprehensive assessment of Pfizer's path forward strategic priorities such as:
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Find and capitalize on new opportunities for established products
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Grow in emerging markets
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Grow their diversified businesses
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Instill a culture of innovation and continuous improvement
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Optimize the patent portfolio
These values have essentially become the business drivers for Pfizer.
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FACTS AND FIGURES: •Has already announced a plan to invest $10 million a year for the next 5 years to help start-up biotechs in san-diego •Also decided to cut research spending by $3 billion •Increase the outsource business •Company purchased king pharmaceuticals, the maker of the morphine drugs for $3.6
billion
Sales (millions)
$ 67791
$ 64532
-5%
R&D
9338
7212
-23%
Adjusted net income
17983
17430
-3%
EPS
2.23
3
15%
ETHICS & CORE VALUES: Pfizer conducts and channelizes itself under various ethics in order to achieve specific goals. Pfizer is committed to participating actively in improving the communities in which they do business. They strongly believe in the spirit of working together for a healthier world. The following are the few ethics which the company believes in: • Support our communities • Protect your safety and the environment • Respect human life and the welfare of animals • Respond to all public, media, and government inquiries appropriately • Conduct political activity responsibly • Cooperate with our local host governments
PFIZER STANDARDS:
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As a Pfizer colleague, one shares the privilege and responsibility of upholding the Compa Company ny’s ’s ho honou noura rable ble repu reputat tatio ion. n. You do this this each each time time you act act ethic ethicall ally y and and legally. While such conduct may be second nature, there are many situations where makin making g the “right “right choic choice” e” can can be chall challeng engin ing. g. It is a gu guid idee to the the Compa Company ny’s ’s compliance structure, applicable laws, and key policies and procedures that govern doing business in a legal and ethical manner. Performing with integrity and adhering to comp complia lianc ncee stan standa dards rds is a share shared d respo respons nsib ibili ility ty betwe between en the the Compa Company ny and and employees. The Company is responsible for defining how Pfizer will comply with appli applica cable ble laws laws and and regu regulat latio ions ns (thro (throug ugh h syste systems ms,, polici policies es,, and and proce procedu dures res); ); monitoring efforts; and correcting any non-compliance. Pfizer also holds its vendors and contractors to high standards. Vendors and contractors are expected to comply with all policies that relate to work conducted on Pfizer’s behalf. All employees are subject to the laws and regulations of the country where they work.
PERFORMANCE PERFORMANCE WITH INTIGRITY Pfizer counts on you to uphold the Company’s reputation and standards by always performing with integrity. To do so, keep in mind the following guiding principles: •
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knowing, und underst erstandi anding, ng, and acting acting in Know Know and live live the standa standards rds.. By knowing, acco accord rdan ance ce with with Pfize Pfizer’s r’s Value Valuess and and the appli applicab cable le laws laws and and Compan Company y policies outlined herein, each of us can serve as a role model. Know the law and ask tough questions. You are expected to be familiar with the laws that apply to your specific job function and level of responsibility. If you have any questions, ask your supervisor, a member of the Legal Division, Division, or the Corporate Compliance Group. Don’t make assumptions. Do not assume that “senior management already knows” or “management “management doesn’t care about this.” Also, do not assume that no action will be taken. Pfizer management is dedicated to ensuring that the standards of legal and ethical behaviour are upheld. In fact, fact, resp respon onsib sible le mana manage gers rs are ob oblig ligate ated d to respo respond nd to an employ employee ee’s ’s concerns. Tell us if something is wrong.
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Don’t ignore violations. We all need to take the law and Company policies seriously. If you think someone may be violating a law or policy, please take steps to address the situation by speaking with them directly or by notifying your supervisor, Human Resources or the Corporate Compliance Group. Help improve controls and processes. Some violations may not be easy to detect within our current controls and processes. If you have a suggestion for improvement, please do not hesitate to make it. Always act with integrity . You are never expected to violate a law or policy, nor should you ever feel encouraged or pressured to do so — even if the violation will improve imp rove the bottom line or help meet a performance goal.
MARKETING INTIGRITY Beyond Beyond adherin adhering g to pharmac pharmaceut eutical ical industry industry regulati regulations ons and standa standards, rds, Pfizer Pfizer is committed to fair competition as a matter of corporate conduct. They abide by all laws that apply to our marketing activities. Under these laws, it is illegal to use unfair metho methods ds of comp competi etitio tion n or un unfai fairr or decep deceptiv tivee acts acts or prac practic tices es in comme commerce rce.. Examples include, but are not limited to: •
False or misleading advertising
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Any other form of misrepresentation made in connection with sales
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Bribery of competitor’s or customers and employees
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Unfair comments about competitors’ products
DISTRIBUTION CHANNEL The distribution channel is spread across a wide network of people
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Who are involved in the distribution process of Pfizer. This network is represented in the following flow chart as follows:
MANUFACTURING MANUFACTURING UNIT
CFA (CARRYING & FORWARDING AGENT)
STOCKISTS
RETAILERS
SEMI-STOCKIST SEMI-STOCKIST
DISPENSING DISPENSING DOCTORS
END CONSUMERS
Pfizer adopts the above mentioned distribution channel to make their products reach the end consumer. Initially, the goods are manufactured and are passed on to the CFA, which is an external player who forwards the goods to the Pfizer stockiest and works on a margin basis. Pfizer follows an advance cheque system for delivery of goods. Further, the goods are sent to the retailers, semi-stockiest and the dispensing doctors. Semi-stockiest are those stockiest which are not Pfizer official stockiest. The doctors doctors who dispen dispense se medicine mediciness by their their own are known as dispen dispensing sing doctors. doctors. Through these people the goods reach the end consumer.
SWOT ANALYSIS
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STRENGHTS: •
Pfizer is market leader in the pharmaceutical sector
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Brand recognition Pfizer is a trusted & reliable company, which is preferred and suggested many doctors
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It is no.1 in research and development(R&D)
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Quality & safety of products
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Most of its products are patented Known for its integrity, ethics and work culture Follow high standards Follows Open Door Policy Among top 10 global corporations in diversity and inclusion
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Wide-spread retailing Co-branding (antibiotic Trulimax with Becosules)
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Efficient Sales force
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Low generic risk & patent expiration
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New product launches ex Betra, Raplex
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Greatest numbers of blockbuster drugs
WEAKNESS: •
Products are expensive because of high cost involved in R&D
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Marketing penetration is less
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Few Generic products
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Spends more on R&D than promotional activities
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They follow global policy (Not local)
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Diversity in products is less (As compared to generic market)
OPPORTUNITIES: •
Only market which is not affected by Recession (Life saving drugs)
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Heavy scope for market capture (Untapped market)
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Huge scope for launching generic products
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Can easily grab the rural market with cheaper products
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Instead of spending a lot on R & D they can spend more on Marketing & Promotion Increase product portfolio by launching generic products By launching generic products cost of product can be reduced, so everybody can afford Pfizer medicines Market share can be increased by merging generic drug company Can launch non medicated products as Personal care, Baby care etc (only few players in market )
THREATS: •
Major threat is generic market
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Poor people can’t afford Pfizer products(costly Drugs)
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High cost on R & D
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Less expenditure on marketing & sales promotion
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Application of global policy
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Limited product portfolio
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Market capture by other players by merger & acquisitions
BUSINESS DIVISIONS
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Pfizer in India has three business divisions: Pharmaceutic Pharmaceutical al Division: Division: This This divisio division n markets markets both both presc prescrip riptio tion n and
OTC
products. The key brands of Pfizer are Corex, Becosules, Gelusil and Benadryl Animal Health Division: This division caters to animal pharmaceuticals and is
amongst the top four players in the Indian market with revenues of US$ 12 million Resear Research ch and Develo Developme pment nt Divisi Division: on: This divisio division n includes includes Pfizer’s Pfizer’s clinical clinical
research operations as well as the biometrics division. Over the years, Pfizer India has participated in Phase II, III and IV global trials and has contributed significantly to advancing standards and the research culture in India. The biometrics group also perfo performs rms statis statistic tical al and and data data manag manageme ement nt activ activiti ities es on beha behalf lf of Pfize Pfizerr Globa Globall Research and Development centres in the United States, Europe and Japan. Further Pharmaceutical division is divided into following division--
PROXIMA
ULTIMA
CRITICA
INTIMA
SPECIALITY
NEUROPSYCHIATRTY
In this this repor reportt we talk talk abou aboutt PROXIM PROXIMA A & NEUROP NEUROPSYC SYCHIA HIATRY TRY divis division ionss of Pfizer. Products under this division are--1. BECOSU BECOSULES LES/Z /Z CAPSUL CAPSULES ES 2. DOLO DOLONE NEXX-DT DT 3. TRU TRULIM LIMAX 4. DOLON LONET 5. CORE COREXX-T T SYRU SYRUP P 6. DAXID 7. ATIVAN 8. PACI ACITAN TANE 9. LYRICA 10. DILANTIN 11.DALACIN-C
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PFIZER PORTFOLIO
MARKETING STRATEGY OF PFIZER
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Pfize Pfizer’s r’s marke marketin ting g strat strateg egy y helps helps to asse assess ss and and deve develop lop strat strateg egie iess and and plans plans for for marketin marketing g channe channels ls / device devices, s, e-comme e-commerce rce capabil capabilitie itiess and marketin marketing g operati operations ons platforms. This strategy will provide a strategic leadership and creative thinking to the analysis of technology trends and the identification of new opportunities. The following are the different strategies that are laid down at different domains:
STRATEGY DEVELOPMENT
•Define •Define Marketin Marketing g Solutio Solutions ns Center Center technol technology ogy strateg strategy y to guide guide develop development ment,, execution, and to move people to action •Develop sound business cases for new technology strategies that improve customer loyalty and increase brand and company value • Create strategies that can be executed upon in a repeatable, value-add fashion •Create digital technology roadmaps to guide execution of programs and initiatives •Colla •Collabo borat ratee with with inter interna nall and exter externa nall colle colleag ague uess from from a range range of disc discipl iplin ines es including Agencies, Business Partners, Architecture, User Experience Design, and others
MULTI-CHANNEL AND CUSTOMER EXPERIENCE VISION
•Provide assessment and vision of the ideal ‘customer experience’ by defining key capabilities that differentiate brands and meet consumer needs •Define potential impact to brands of new and emerging technologies and multichannel efforts •Define cross-channel implications and opportunities
ANALYSIS AND EVALUATION
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•Analyz •Analyzee busine business, ss, marketin marketing g and digital digital perform performanc ancee across across produc products, ts, markets, markets, audiences, and channels •Drive fast, decisive process to evaluate and execute on opportunities •Create strategic and financial models to articulate articulate business value and build business cases and ROI models of high complexity •Summarize findings in a way that supports a clear and compelling story
SERVICE DELIVERY
•Lead strategic reviews of solution development; provide clear and timely feedback to ensure experiences, technology and marketing solutions are delivered on-strategy •Participate in project post-mortems; capture key learnings and develop case studies as appropriate •Lead communications efforts across senior business and BT stakeholders to include briefing project teams globally •Facilitate workshops, ideation sessions, decision-making
MEASUREMENT & EVALUATION
•Work with strategy team members to define success metrics and evaluate business impact of digital technology strategies and projects over time •Define targets for identified metrics •Develop processes for collecting and analyzing necessary data
PEOPLE & TEAM MANAGEMENT
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•Create career development opportunities for staff - develop, mentor and engage talent •Build strategy team expertise by mentoring team members and offering training in relevant methodologies, techniques, frameworks, etc. •Proactively work to improve process for strategy engagements and team workflow
PFIZER’S COMPETITIVE STRATEGY
Pfizer adopts a competitive strategy to gain advantage over its competitors. This advantage enables the company to operate in a more efficient or in a higher-quality manner than the companies that it competes with, which results in benefits to that specific company. This is usually achieved by offering consumers greater value, either by means of lower prices or by providing greater benefits and services that jus justi tify fy for for high higher er pric prices es.O .One ne of the the key key stra strate tegi gies es in achi achiev evin ing g a competitive advantage is product differentiation. Product differentiation is the idea that certain features make one product appear different from competing products in the same market. Pfizer achieves this strategy through brand loyalty and advertising. Pfizer is a very well respected company; which makes them strongly trusted amongst their consumers. The way Pfizer achieves this trust is through their advertising and brand loyalty.. Adverti loyalty Advertising sing and bra brand nd loy loyalty alty are very important important in the pharmac pharmaceut eutical ical market due to the large interchangeability of its products. This basically means that there are a lot of products products out there, in the Pharmaceutical Pharmaceutical industries, which are close substitutes to that of Pfizer’s and other companies. The following are the few potential competitors who give a stiff competition to Pfizer in India: •Johnson & Johnson •Novartis •Sanofi-Aventis •Ranbaxy MARKET SEGMENTATION IN PFIZER
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Pfizer's Pharmaceuticals Segment includes its human pharmaceuticals and animal health businesses, as well as Capsugel, a producer of two-piece capsules used in manufac manufacturi turing ng prescrip prescription tion and over-th over-the-co e-counte unterr pharmac pharmaceuti eutical calss and nutritio nutritional nal supplements. Most of the company's human pharmaceutical revenues come from prod produc ucts ts in three three major major therap therapeu eutic tic clas classe ses: s: card cardio iova vasc scula ularr disea disease ses, s, infec infectio tious us diseases and central nervous system disorders. The company also has products for the treatment of diabetes, erectile dysfunction and allergies, as well as a co-promoted product for arthritis. In 2000, the company had eight human pharmaceutical pharmaceutical products with sales to third parties of $1 billion (£680,4 million) or more each. These products were Lipitor, Norvasc, Zoloft, Neurontin, Celebrex, Zithromax, Viagra and Diflucan. Lipitor, Pfizer's largest-selling product, is for treatment of high lipids, cholesterol and trig trigly lyce ceri ride des, s, in the the bloo bloods dstr trea eam. m. Norv Norvas ascc is a on once ce-a -a-d -day ay medi medica cati tion on for for hypertension (high blood pressure) and angina (heart pain). The company's other cardiovascular products include Procardia XL, Cardura and Accupril/Accuretic. In the the infe infect ctio ious us dise diseas asee medi medici cine ne cate catego gory ry,, the the comp compan any' y'ss majo majorr prod produc ucts ts are are Zithroma Zithromax, x, Difluca Diflucan n and Viracep Viracept. t. Pfizer's Pfizer's other other major major pharmac pharmaceuti eutical cal produc products ts include Glucotrol XL, for the treatment of diabetes, and Zyrtec, used for the treatment of allergies and related problems. This explains the large and diverse nature of market for Pfizer.
COMPANY ORIENTATION TOWARDS MARKET PLACE: A) Production concept: Accor Accordin ding g to produ product ction ion conc concept ept cons consume umerr will will prefe preferr prod produc ucts ts that that are are widely widely available and inexpensive but in case of Pfizer, as it a research based company most of the products are new to market which involve a high R&D cost. Therefore, their relatively high costlier but they deliver a high quality and hygiene.
B) Product concept: Pfizer offer best quality and new drugs to the market
C) Selling concept: Selling concept in the case of Pfizer does not hold completely true because, as it is a drug a manufacturing company and it makes few like life saving drugs, which people
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have buy. But this concept concept stands true in case of OTC drugs because the promotional activities determine its sales.
D) Marketing concept: Pfizer extensively markets its products to a large spectrum of its costumers by sheer quality; packaging and the safety factor which contribute towards to the sales of the company in order impress its clients and customers.
MARKETING MIX Marketing mix tools are of four broad kinds known as ‘4p’s of marketing’: product, price, promotion and place
Product:
1. Produc Pro ductt variet var iety y: Pfizer offers a great variety of products ranging from hyper tension to cancer related diseases. They have a diversified global health care portfolio which includes human, animal biologic, small molecule medicines and vaccines.
2. Qual Qu alit ity y: Pfizer promises a high level of quality to all its consumers. At Pfizer safety is number onee prio on priori rity ty and and ther theref efor oree they they work work dili dilige gent ntly ly to un unde ders rsta tand nd the the safe safety ty and and tolerability of their products, so that they can provide products and information to medical professionals and patients. Quality ingrained in the work culture of their colleagues and all their values. Br and d name na me: 3. Bran Pfizer stands as symbol for excellence and trust in the pharmaceutical sector. It carries the reputation of being a market leader and has lived up to its reputation. 4. Pack Packag agin ing: g: At Pfize Pfizer, r, pack packag agin ing g is well well take taken n care care and and all the produ product ctss are are pack packag aged ed and and dispatc dispatched hed without without comprom compromisin ising g in the quality quality and therefo therefore re ensures ensures that that their their packaging is strong and durable.
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Price:
As we know, Pfizer spend a lot on R&D therefore, their products are costly but they also provide certain discounts at distributor and retailer levels. For example: on purchase of 8 boxes of becosules, they provide a travel bag as complimentary gift. They They also also offe offerr few sche schemes mes du durin ring g diwali diwali and and othe otherr festi festival valss to attra attract ct their their customer’s i.e dealers and distributors.
Promotion:
1.Sales force and sales promotion: For every month they set a sales target for their sales force and those who achieve the target, they offer those good incentives and bonus based on their performance. They also reward their best sales person by attractive gifts such as gift coupons, mobile phones, digital camera etc. they select top 10 sales executive from each country and send them on vacation to abroad. Pfizer has some unique offer in order to boost its sales such as, on purchase of five strips of trulimax(anti-biotic) they provide another strip free of cost.they also provide attractive gifts to their retailers such as water bottles, lunch box, branded pens etc. to push their product and increase their sales. They also reward their best retailer and distributor with a cash price and a certificate once in a year. 2.Advertisement: They Th ey adve advert rtis isee thei theirr OTC OTC prod produc uctt by mean mean of news newspa pape perr and and tele televi visi sion on.. For For example: Gelusil-MPS television ad. They advertize by putting company name and brand name on pens, spiral pads dairies and percept perception ion pads pads etc. etc. as we kno know, w, adverti advertisem sement ent of pharmace pharmaceutic utical al produc products ts comes under Drug and Cosmetic Acts. Pharmaceutical companies are allowed only to advertise their OTC brands. Place:
Coverage & locations: Pfizer is multinational company and operates in many countries across the world. It currently operates operates in 120 countries. countries. In India, Pfizer is a very commonly known brand
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even in small towns and cities. For example: everyone is very familiar with cough syrup Corex and vitamin B-complex Becosules.
MARKETING MANAGEMENT TASKS The management task of Pfizer reflects the success of the company. All the complex marketing operations operations is segmented segmented and are designed to minimize the marketing tasks in the following manner:
a) Developing Marketing Strategies & Plans : Pfize Pfizerr follo follow w diffe differen rentt Marke Marketin ting g strate strategie giess acco accord rding ing to the the requi requirem remen ent. t. ExPromotion of becosules in fever & infections.Co-Branding, ie promotion of trulimax (antibiotic) (antibiotic) & becosules becosules simultaneously during infections infections as we know vitamin loss is very high during infections. Special promotion of Dalacin-C (antibiotic) during rainy season (for malaria) Co-Branding of Daxid (antidepresent) with Ativan (antianxiety) in major unipolar depression. b) Brand Building:
Pfizer pay close attention to competitors. Ex- Cobadex one of its competitor for its product Becosules. Becosules. It take care of any new new move taken by its compititors. compititors.Two Two of its major brand in india Corex(200 crore brand & Becosules (120 crore brand) .
c) Positioning: For every product Pfizer has a Positioning strategies, For ex: •
ATIVAN Pfizer position this drug in front of its customers as “Antianxiety drug related with sleep disorder”.
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Becosules-A B-complex their tag line is “Everyone needs it”
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Dolonex- A Pain killer “Dissolves in sec Act in minutes”
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Corex- For dry cough
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Broncorex- For wet cough
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Pacitane-For extra pyramidal syndrome
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d) Co-Branding: •
Marketing of Becosules with an antibiotic Trulimax during infections.
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Marketing of Ativan with Daxid in major depression.
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Marketing of Corex-T with Trulimax in respiratory disorders.
e) Umbrella Marketing: In some case Pfizer tahe benefit of its existing product by giving similar name to new products . For ex•
Corex-T & Broncorex on Corex
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Becosule-Z on Becosule
f) Loyality: In pharmaceutical market customers are not actually patient , but customers are Doctors, because whatever Doctor is going to prescribe patient have to buy. So in this market we talk about Doctors loyality towards the company as we all know most of the doctors admire this company, few are very loyal but others prescribe according to patient purchasing power.
PERCEPTIONS AND OPINIONS a) Customer:
Customers are of an opinion that Pfizer products are reliable and effective & of high quality. Even though, the cost involved is very high but they are willing to bear that extra cost as it a health related issue. In most cases, customers are not concerned with the price of the product but expect a good quality. So customers see Pfizer as a faithful brand and relatively costlier compared to others. But other group of customer which are price sensitive they prefer the brand which is cheaper & in india as we know most of the people are below poverty line for them its impossible to afford the costly medicine of Pfizer this is one of the reason that world’s No 1 company is having Rank 7 in Indian market. b) Retailers:
Retailers are really positive about the sales of Pfizer products and have said that Pfizer products are among the top brands that increases their sales. Though they said people are not sure about company name but they recognize the brand by the name of the produ product ct For ex we all know know names names of Beco Becosu sules les,, Corex Corex,, Viagra Viagra,, Gelus Gelusil. il.
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Retailers believe that Pfizer is one the most sought brand by his customers and there is a huge demand for its products. One of retailer of Apollo Pharmacy told us that He is having all product range of Pfizer & average sales of Pfizer products is 10-12 thousand / Day. He told that Pfizer products are of high Quality & standards but sometimes they have to substitute their product by a cheaper product Ex 1 tablet of Viagra cost Rs 400/- & same product of Indian company cost only Rs 25/-
c) Doctors:
All profes professi siona onall do docto ctors rs are disc discipl iplin ined ed by state state medica medicall bo board ardss for for prob problem lemss involving patient care. They have all kinds of disciplinary records for problems with patient care or drug prescribing and Pfizer has a proven track record of safety and quality checks and therefore doctors are inclined to suggest Pfizer products to their customers. They got a positive feedback from their customers and thanked them for suggesting Pfizer products. So doctors are very fond of Pfizer products and admire its supe superio riorr qualit quality. y. But they they alway alwayss do don’t n’t have have freed freedom om to presc prescrib ribee best best qualit quality y products of Pfizer because of price issue. One of Doctor, Dr Raghu said that he always prefer to prescribe products of company like Pfizer but sometime he have to have to change the product to other company. He said that while writing prescription we have to see the purchasing power of the patient. But on the other hand few Doctors are very loyal towards the company their first choice is always Pfizer. d) Distributors:
Distributors show the willingness to take more and more orders from Pfizer because of the high demand for its products. Distributors are making a huge margin on the Pfizer products products and comply comply with its huge demand. demand. One the person Mr Mallikarjuna Mallikarjuna working in Vardhman Vardhman Distributer Distributer (Top distributer distributer of Pfizer Bangalore) Bangalore) told us that that they are having Pfizer from more than 30 years & he admire d the company. He told us about online online purchasing purchasing system which which he recently recently started, with this this retailers are never out of stock, as stock of any medicine retailers can give online order & goods are delivered same day or very next day.Another distributer named Avenue told us that Pfizer is one of the best pharmaceutical company but in last few years Pfizer is loosing its image. On asking reason he said that now Pfizer entering into generic market which is dissolving its identity. He said 10 years back Pfizer was the Dream company to work .When any official person come from outside, he never use to stay in hotel, Doctors insist him to stay with them. He said when any Representative visit his office he stand on his place & greet him.
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PRODUCT LIFE CYCLE •
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Most of the product of Pfizer are at maturity stage. As we know it takes almost 20 years to come out with a new pharmaceutical product hence life cycle of a product is very long. One of Pfizer product Becosules is No 1 vitamin B complex brand from last 20 years. Sameh is the case with cough syrup Corex it is largest selling pharmaceutical brand in india (According to MAT 2010Corex is 200 crore brand & rank no 1 in india). Sales of few other product is not affected from last few decades they are the market leader of their category Ex PACITANE (Drug for Seizures) is 65 years old brand of Wyeth company, which is recently take over by Pfizer is the market leader from last 6 decades Few drug such as antibiotics etc their sales is fluctuating Some products facing a decline in sales such as DAXID an antidepressant, the reason could be that few new products have taken their place BECOSULE-Z vitamin B-complex with zinc is a new product which is in growth stage. It rank no 2 in its category, market leader is ZINCOVIT
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Pfizer is planning to launch 15 to 20 new products in coming years
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Few new launch products are-ABOVE-5(Antacid), ABOVE-5D, DOLONET (Painkiller). These products are in introduction stage and lot of marketing & sales activities are going for making these products a huge success
PREVENTIVE MEASURES
As we all all kn know ow there there are some some compa companie niess which which prod produc ucee fake/ fake/du dupli plica cate te products which not only affects the company image but also the public health. Corex is top brand of Pfizer in india, hence there is lot of duplication for it. To prevent this Pfizer comes with an idea of making Holograms on sticker of bottles, implementing this company is able to reduce the duplicate product in market.
The Right Transaction for the Right Product at the Right Time •
Best Portfolio of Products, Pipeline and Capabilities in the Industry
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Positioned for Sustainable Growth
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Strong Revenue Diversification from Stable, Growing Areas
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Leadership Positions in Key Growing Therapeutic Areas
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Focused on Delivering Patient-Centric, Innovative Therapies
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Combines Entrepreneurial, Focused Businesses with Global Scale Delivering Value to Patients, Shareholders and Other Stakeholders
SUMMARY
This study gave a brief insight of marketing strategy adopted by Pfizer india.in this study we talked about a wide spectrum of marketing concepts such as, distribution channe channel, l, integra integrated ted marketi marketing, ng, marketin marketing g mix, market market segment segmentatio ation, n, product product life cycle and customers perceived value etc. for this purpose we approached different company’s company’s official and no official persons, referred our text book by Philip kotler.we would like to conclude by thanking our Prof. Rahul Gupta Choudhary for his valuable guidance.
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Thanks & Regards
Working together for a healthier world
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