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Cost-Cutting Strategies for the Pharma Industry
By John Mack

SUMMARY

The pharmaceutical industry faces many challenges ahead including blockbusters going off patent, generic competition, collapsing sales due to product withdrawal, price pressures, etc. All this puts pressure on pharma profitability and Wall Street is clamoring for cost cutting measures. Now may be the time to end the pharmaceutical sales and marketing "arms race" and/or increase sales and marketing ROI.

With that as a backdrop, Pharma Marketing News hosted an online Pharma Cost Cutting Survey between February 22, 2005, and March 18, 2005. Respondents indicated how likely they thought pharma companies would adopt several cost-cutting strategies within the next six months. This article presents a summary of the results.

• Includes physician survey data about what physicians value in a sales rep
• How did the pharmaceutical industry get into this mess?
• What is the number one people skill that pharmaceutical companies don't teach that they should?
• What was marketing’s role in limiting physician access and how can they correct it?
• How does sales messaging impact physician access?

Full Text - FREE! (pdf)

PMN43-06
Issue: Vol. 4, No. 3: March 2005
Word Count: 1353
TOPICS: Strategy/Planning | Physician Marketing | Direct-to-Consumer (DTC) Advertising & Marketing