Pharma Marketing and Pharmacoeconomics

The pharmaceutical industry has been the subject of intense public scrutiny due to the high cost of its products, providing many challenges to marketing. With particular emphasis on modeling, methodologies, data sources, and application to real-world dilemmas, this book, Pharma Marketing and Pharmacoeconomics: Opportunities, Challenges, and the Way Forward, provides an overview of the marketing strategies adopted by different pharmaceutical companies. It highlights the major marketing problems that concern the pharmaceutical industry and describes new technologies in the pharma industry that can lead to a more reliable personalized pharma business. This book focuses on providing evidence for the requirement of launching and maintaining a high level of marketing activity for contemporary healthcare organizations that operate in a competitive market environment. It provides reviews of marketing strategies and their effects on the behavior of consumers and physicians. It also highlights the negative impact of these methods, which include disease mongering, misleading advertisements, and escalating the cost of drugs. The chapters of the book illustrate the implication of E-commerce in the healthcare industry with an overview of new funding techniques adopted in the biopharma industry. The book covers a range of important topics on pharmaceutical marketing, including an overview of the changing marketing strategies when a pharma company shifts from an acute base to a chronic therapy base, the increasing prevalence of chronic diseases, and the aging population in BRIC nations. It also presents a unique understanding of how feedback from customers in third-party applications can benefit and produce huge profit margins for pharma companies. It describes the benefits of the use of innovative technologies in pharma marketing and pharmacoeconomics, such as chatbots, online applications, sensors, symptom trackers, and virtual reality, which are being used in medical research, training, prevention, treatment, and diagnostics. The book looks at the importance of a knowledge management framework in the development of todays information-based economy, the significance of economic concerns in increasing the effectiveness and cost-effectiveness of medications and treatment, and market entry strategies of five dominant pharmaceutical companies. It also describes the importance of patent laws in safeguarding intellectual property rights and current active major government healthcare initiatives related to different diseases. The book also explores how successful marketing of pharmaceuticals can improve consumer welfare by increasing incentives for R&D investment and by guiding R&D. In an effort to present major marketing problems and recommend a course of action for pharma businesses, this book lays the groundwork for the evolution of pharma marketing and pharmacoeconomics. It will be of benefit to professionals in the pharmaceutical industry as well as to healthcare professionals, and faculty and students in pharmaceutical economics, MBA, sales and marketing, and others.