While discussing Social Media Marketing with Indian Pharma companies, I am revisiting Indian domestic formulations business as a whole. I am sharing some of the thoughts and discussions here.
There are two kinds of thought processes that happens when Indian Pharma companies add products to their domestic market portfolio.
First, there could be an established market for a molecule and companies introduce their brand to take a share of already existing market for that molecule. This kind of launch happens when a company is purely looking at turnover increase and wants to achieve the same through me-too products. Most small companies will follow this kind of launch for their growth. In such launches, there is no need for concept selling. One has to convert existing business to their brand through their relationship and strength in the market. Most of the times, the brand recall is what brings in the success by way of prescriptions. So my discussion forward is how social media tools can be used for this kind of objective.
Second, the molecule is new and has great potential and companies want to cash-in on the first-mover advantage. This kind of launch is done by companies who have the resources to know what is happening at a global level and also have access to resources to do concept selling. Such marketing involves establishing the new molecule concept against existing molecules appropriately mapping them to the indications and also substantiating the same through quoting relevant literature to convince the doctors to convert and try the new molecule. Obviously, here Social Media can do much more to support a company succeed as SM tools can be used in multiple ways here.
There is a new discussion which goes as follows:
An existing molecule may have more than one indication. Many a times companies who go by literature and promote the molecule against a few indications fail to get feedback on how it is actually used. Though companies promote it in a way they know, there could be other interesting ways it is used by doctors by way of experience in their practice. It also happens that the missed indication is a greater chunk of market and this is being missed by the companies. My discussion hovers around how Social Media tools can be used for such feedback and validating the feedback before acting upon the same.
These are the three kinds of situations that I have in my discussions where Social Media tools can be used in Indian domestic Formulations business. Are there more situations? Feel free to add them by way of comments.
Stay tuned here to know more about Social Media tools and discussions mapping them to the objectives.B