The New Four P’s of Marketing – Pharmaceutical Executive

Until relatively recently, pharmaceutical marketers “owned” the relationship with the Four P’s: product, placement, price, and promotion. It was straightforward: Develop a product, place it through a direct-to-physician distribution channel, set the price, and promote it via high-dollar physician events.

But these P’s have shifted their nexus. While product development may still be in the pharmaceutical company’s hands, the other P’s are not. Regulatory constraints have taken placement out of the pharmaceutical marketer’s control. Price is under pressure from managed care and comparison shoppers. And promotion is no longer “directly” anywhere … it’s directly everywhere. Pharmaceutical marketers have lost control.

Read more…

Posted using ShareThis