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A SYNOPSIS ON Innovation in the Marketing Strategies adopted by pharmaceutical organization.

Post-Graduate Diploma in Management

By
Raj Kumar Singh PG-10-060 Sec- A PGDM 2010-12

Under the guidance of Dr. Bhawna Garg INMANTEC, Ghaziabad

INMANTEC Integrated Academy of Management and Technology


Ghaziabad 10th February, 2012

ACKNOWLEDGEMENT I have taken efforts in this project. However, it would not have been possible without the kind support and help of many individuals and organizations. I would like to extend my sincere thanks to all of them. I am highly indebted to Dr. Bhawna Garg for his guidance and constant supervision as well as for providing necessary information regarding the project & also for his support in completing the project. I would like to express my gratitude towards my parents & member of INTEGRATED ACADEMY OF MANAGEMENT AND TECHNOLOGY for their kind co-operation and encouragement which help me in completion of this project. I consider it my privilege to express a few words of gratitude and respect to all those who guided and inspired me in the successful completion of the project. I wish to take this opportunity to express my deep sense of gratitude to thank my guide Mr. Ashish Gupta of APEX LAB. PVT.LTD. for his invaluable guidance throughout my project.

My thanks and appreciations also go to my colleague in developing the project and people who have willingly helped me out with their abilities. However, I accept the sole responsibility for any possible error of omission and would be extremely grateful to the readers of this project report if they bring such mistakes to my notice.

Literature Review:
The aim of marketers is to satisfy and identify customer needs and want profitably. Marketing environment today is dynamic making it essential for marketers to adopt quickly. Companies need to develop strategies that will help them proactively respond to market opportunities faster than the competitors. The current market scenario requires focused approach so innovation in marketing strategies is necessary to have competitive edge on the competitors. A company that can develop innovative, effective, and efficient competitive marketing strategies will always succeed in handling competition to its advantage. The sector which I have chosen for research in Pharma Sector which is one of the largest in this world and plays very essential role GDP of any country. With the increase competitions Pharmaceutical marketers trying to compete with their innovative ideas apart from traditional approach. The global pharmaceutical environment is becoming increasingly competitive with narrow margins and the increasing cost of drugs discovery impacting heavily on growth rates. In such an environment it is essential to optimize the sale of each drug, thus pharmaceutical marketing is playing an increasingly important role in the industry. However, pharmaceutical marketing is also changing, DTC advertising, patient- empowerment and new technologies are changing the face of traditional sales force based marketing campaigns and new strategies need to be employed to ensure the best marketing mix for each products. The current shift in the marketing strategy is work by multinational pharmaceutical companies. It is now high end(rather than adaptive) development that is being carried out by the leading companies. And, increasingly, other companies are finding themselves competing against, or working with, new innovation based companies. My study focus on the Innovative approach in marketing strategies adopted by these companies. This article will present the changing marketing strategies due to competitions. This research paper will also give insight about shift in supply chain process and customer and end-customer perception which is the base of formulation of different marketing strategies.

ABOUT THE COMPANY:Apex laboratories were originally started by a group of pharmaceutical executives in Chennai in 1978 and thereafter since 1982 has been under the leadership of Mr.S.S.Vanangamudi who is heading the company as the Managing Director. The company is a pioneer in the introduction of Zinc based formulations in India

and continues to be the brand leader in its segment. The companys growth is powered by its focus on quality products, marketing strength, with 100% ethical marketing and a strong prescription base. The companys products enjoy wide acceptance and continued patronage by the medical fraternity. With a range of products in various segments, apex is a niche player focusing on Multivitamins and Nutraceuticals. The company has had a steady growth and has recorded phenomenal growth in the last 10 years. Currently with a turnover of USD 50 million, the company has ambitious plans to achieve USD 125 million (INR 500 crores) by 2012. This includes leveraging its manufacturing strength for supplying products to the regulated markets overseas, contract manufacturing arrangements with global players, focus on higher share of exports, new product launches, entry into herbal market and entering into joint research programs with leading international pharmaceutical companies and research institutes. What started as a cottage industry, the company today boasts of over 1000 strong dedicated manpower, an all-India presence with excellent distribution network, growing acceptance of its products overseas and being ranked among the top 50 fastest growing pharmaceutical companies in India. MARKETING:Marketing is the core strength of apex laboratories. The team has proven expertise in successful launch of new products and establishing the brands in competitive markets. The marketing functions of the organization is built on Effective strategy formulation The product team is closely involved with the operations, finance and medical teams at every stage of product development. This insight helps in developing effective marketing and communication strategies to promote the products. The product team's regular interactions with the sales teams and the market ensure that our communications & promotional tools are customer oriented. Medical fraternity relationship management The 500strong sales teams work with singular dedication to maintain a healthy relationship with the medical fraternity. The ethical promotions practices adopted by the teams have been overwhelmingly successful. Distribution channel management The distribution logistics of manufacturer-toend-user chain is organized through a distribution network of 1200 channel partners. The products are made available to the consumers through retail

pharmacies across the country. The primary objective of the distribution channel is to ensure that not even a single prescription is dishonored or substituted at by the retailer due to non-availability of the products. The smooth functioning of this operation involves a highly complex back-end of transportation logistics, GMP safety measures and administration Vision: The company strives to become a global player in pharmaceutical industry, making a significant contribution to the society with quality products at affordable cost, thereby becoming a household name in healthcare. Goals: Sustaining brand leadership in Nutraceutical Segment and achieving brand equity in all its product segments. Achievement of business turnover of USD 125 million (INR 500 crores) by 2012. Values: To nurture and develop a vibrant business organization with a human face. Customer driven business, People oriented management, Teamwork and Collective Winning are the hallmarks of apex family.

PURPOSE OF THE STUDY:-

My study on this project will help company to know the preference of Indian customers which will help them to formulate strategies and future in Indian market and to make strategic future decision to improve its market potential and penetration and thus finally enhance its sales. This study will enable the industry to evaluate different factors responsible for the growth of pharmaceutical industry. This study will enable the industry to develop a fruitful correspondence with the leads generated during the tenure of the study conducted

RESEARCH METHODOLOGY

RESEARCH OBJECTIVES:1. To find out the marketing strategies adopted by pharmaceutical company. 2. To know the importance of making strategies in pharmaceutical company.

DATA COLLECTION METHOD AND INSTRUMENT Data collection means collections of information, facts or figures for the problem. Data collection is an elaborate process in which the researchers make a planned research for all relevant data. Data is the foundation of all market research. Data are facts may be obtained from several sources. Data can be classified as: 1 Primary Data 2 Secondary Data Primary Data:- It is gathered for the first time by the researchers. If the secondary data is found to be inadequate or unavailable, the researcher goes for primary data.

Method of study

I have divided my all study into two phases which are 1. Doctors visit 2. Chemist Shop
I collected all the data by personal interviews of Chemists of Leading Nursing Homes and chemists of different locations of Himachal including: Savodaya hospital, Meenakshi hospital, Santosh hospital and many clinics of doctors. And from the company web-site and from my project guide Mr. Ashish Gupta, area manager,in Ghaziabad, Apex laboratories.

SAMPLE SIZE :- 150 people

The sample was drawn by using convenient sampling Techniques, as I need to do fill the questionnaire from Medical Representative, apart from that, convenient Sampling Techniques are more economical than any other. Target Population: Target population includes Doctors, Medical Representatives, and Chemist shop. Sample size: A sample size of 150 including doctors, MR, and chemist shop was taken. The convenience samples were selected from the population to gather their feedbacks.

RESEARCH DESIGN This research design is exploratory as I need to find out the marketing strategies of pharmaceutical company Ghaziabad. The method of data collection is qualitative and descriptive in nature i.e. survey and observation based research. The study is done in steps stated below: Identifying the social, economical, political and geographical factors for knowing marketing strategies. Collecting information from a sample to know the factors for marketing strategies. Examine the fit between the organization and the position of the combination of attributes.

RESEARCH INSTRUMENT:
Researcher used questionnaire as his instrument for conducting the survey.

SECONDARY DATA
Secondary data is the data borrowed from secondary sources by the researcher. Secondary data can be internal or external i.e., internal records of the company or information available from library and other statistical organization. In a Market Research Project Field Work has a very vital role to play. As a matter of fact, its the back bone of any Market Research Project. Field work basically consists of collection of primary data. In this project, researcher had to undergo a lot of Field Work. For the purpose researcher has a visit to various Doctors, MR and chemists shop.

RESEARCH METHOD:1. Survey research 2. Observational research

SCOPE OF THE STUDY :The scope of the study refers to the job that to know about the activities of the pharmaceutical organization. The study means that the analysis of the products of the company on which he/she has to focus. The report in brief presents the following: The company wanted to know the target market and opportunity for their products. The study also brings out the clear picture about the market of companies products and also their futuristic viability and product awareness. The study identifies the improvement area where company need to work to make their organization successful.

PROBLEM STATEMENT:The present study is subjected to following PROBLEMS.

1. Method of data collection was through personal interview and therefore bias becomes a major limitation. 2. Due to the time constraints all the Chemists shop were not covered. 3. Busy doctors giving less time for sells call. 4. The scope of study is restricted to few areas of Ghaziabad. 5. Owing to their pre occupation some Medical Representative was unable to answer the complete questionnaire. 6. More numbers of medical representatives for the sells call.

7. Unclear value of prescriptions from each doctor in the list of each sales person. 8. Absence of analysis on the amount of time invested on profitable and nonprofitable doctors.

BIBLOGRAPHY:www.apexlab.com www.google.com www.pharma.com