The Pharma industry is gradually maturing, facing new challenges and hurdles in various domains; slowdown of new drugs, growth in generics and increased analysis as well as oversight from various regulatory agencies and bodies. Significant changes like decline in the growth rate of the industry is the reason why most of the pharmaceutical firms are now shifting their focus to making a client centric approach by identifying the buying criteria. Traditional methods have failed miserably and therefore, the pharmaceutical firms are turning to the new market reading tools for thorough analysis in order to develop the appropriate responses.
The landscape of the pharmaceutical industry has never remained constant because of the ever changing needs of the masses and medical domain. Sweep shifts in buying patterns, competitive products, legislative constraints and many other major factors have greatly affected the pharmaceutical playfield. According to the recent studies by independent agencies and regulatory bodies including IMS Health, Generic drugs have already captured a great share of the market and the trend might continue in the near future. The main reason behind the growth of generics- they are much cheaper as compared to others. Last year saw many exclusive patented drugs being replaced by generic drugs, leading to low margin in profits but higher sales.
The Pharmaceutical Industry of UK and particularly its sales division has been one of the major players in the 1 trillion industry. But the marketing trends need to change to adapt with the ever changing landscape of the industry. Marketing experts suggest that pharmaceutical firms should concentrate more on the end user and get their teams organized for strategic planning. Bad press too has hit the industry hard which is why the marketing trends need to accommodate good publicity and spread of message. The change in the sales structure might be daunting for many big guns of the industry but will open new opportunities for those willing to adapt and survive.