Paper Key : IRJ************697
Author: Mohit Patidar
Date Published: 15 Apr 2024
Abstract
The propriateness of marketing relationships between physicians and the pharmaceutical industry has been debated since the 1960s. The global pharmaceutical industry is one of the most important driving forces of, and dominant players in the modern global economy, securing approximately one trillion US dollars in revenues every year. Prescription drug marketing is unique. The physician decides which drug a patient will purchase, so marketing strategies focus mainly on influencing the decision of the physician. Since prescription drugs constitute the primary source of revenue for the pharmaceutical industry, marketing practices for prescription drugs have received the most attention from the industry. Physicians, therefore, are the chief players in pharmaceutical marketing since they specify the prescriptions to be used by the patient. Thus, the focus relies on the physicians rather than on the patients. Some of the promotional techniques that pharmaceutical companies have used to maximize their profit margins are informed by two factors: the need to promote specific drugs; and the need to enhance company reputation through stronger relations with physicians. However, a pharmaceutical company that improves its reputation is likely to sell more drugs, while a company that enhances the sale of specific drugs will also have improved chances of acquiring a positive reputation.
DOI LINK : 10.56726/IRJMETS52360 https://www.doi.org/10.56726/IRJMETS52360