According to Work Sure, Medico-Marketing involves promotion of pharmaceutical products. It facilitates to continuously update physicians, nurses and pharmacists regarding the safe and effective use of medicines. Medico marketing encompasses activities by medicos or organizations to actualize markets for pharmaceutical care.
WHO defines pharmaceutical promotion as “all information and persuasive activities executed by pharmaceutical manufacturers and distributors, attempting to affect the prescription, supply, purchase, and/or use of medical drugs”.
Why Pharmaceutical markets are different?
First of all, unlike other markets, pharma products cannot be advertised directly to the consumers and are highly regulated. In this market, ultimate consumer (patients) differs from decision maker (doctors), influencer (chemist/payer) and payer (insurance and/or customer).
Secondly, price of the products are usually regulated.
And thirdly, for generic business, high competition and availability of different grades of raw materials and ethical and/or unethical practices market becomes more complicated.
MBA (UPM, Malaysia), Visiting Scholar (UoM, Japan), BBA (University of Dhaka, Bangladesh).
Department of Entrepreneurship
Daffodil International University
Daffodil Business Incubator Building
Dhanmondi, Dhaka 1207, Bangladesh