Marketing Strategies Employed by Pharmaceutical Companies
Considering it cost the average pharmaceutical company $1.3 billion to develop a drug as of 2006 according to The Pharmaceutical Research and Manufacturers of America, it is no wonder drug manufacturers employ a variety of marketing strategies to help increase revenue. While some people are opposed to the marketing practices of the pharmaceutical industry, these companies create medicines that help patients live longer and healthier lives. Pharmaceutical companies still use traditional print- and broadcast-based marketing strategies like magazine ads, television and radio. However, online ad spending in the pharmaceutical industry increased 10.6 percent in 2010 according to e-Marketer, which suggests digital marketing strategies are becoming more prevalent for pharmacy manufacturers. Sampling Sampling is a marketing strategy pharmaceutical companies use to help patients experience their products for free. First, pharmaceutical companies approach physicians, and ask them if they wou