1.00 Indian rupee ₹ How Prospect Marketing can help reach Pharmaceutical Industry? Mumbai

Published date: May 29, 2020
Views: 8
  • Location: Mumbai, Mumbai, Maharashtra, India

How Prospect Marketing can help reach Pharmaceutical Industry?
About India Pharmaceutical Industry
The pharmaceutical industry in India was valued at US$33 billion in 2017 and generic drugs account for 20 per cent of global exports in terms of volume, making the country the largest provider of generic medicines globally. According to the Department of Pharmaceuticals, Ministry of Chemicals and Fertilizers, domestic pharmaceutical market turnover reached Rs 129,015 crore (US$18.12 billion) in 2018, growing 9.4 per cent year-on-year and exports revenue was US$17.28 billion in FY18 and US$19.14 billion in FY19.Pune, Hyderabad, Mumbai, Baddi, Himachal Pradesh and Kolkata are the major pharmaceutical hubs of India. (BBGV29520)

Who needs to reach Pharmaceutical Industry?
The pharmaceutical industry serves as a lifeline of the country or rather the whole world. The current ongoing Covid-19 crisis is the best proof which illustrates the same. The healthcare industry needs to reach out to Pharma Industries for medical supplies. Also the financial institutions needs to reach the pharma industry for providing loan and insurance. Marketing agencies, Machinery or lab equipment providers needs to reach the pharmaceutical industry. Also IT and consultancy solutions needs to reach out pharma industries to provide cybersecurity and other required virtual platforms.
How to reach the Pharmaceutical Industry?
The pharma industries can be reached through Professional Social media’s like Twitter and LinkedIn. Other ways to reach the pharma industries is through Google Ads, video marketing and webinars. All the above channels are virtual channels and facilitate data collection. Other channels involve use of offline channels like Medical Journals, Newspaper, TV advertising and radio advertising. These channels are broadcasting channels which reaches untargeted audience too and is not cost efficient.
Prospect Solution-
Now that it is clear that the broadcasting channels are ineffective to reach only the targeted audience and leads to excess costing. The answer to reach target audience in very effective way is through prospecting. Prospect marketing helps to find the specific audience which is interested in the service or product offered. This helps in defining target audience and hence the prospects can be reached easily and effectively. Some of the channels used to reach the prospects are Facebook, Email and LinkedIn which offers custom filters for advertising. Using these filters target audience can be reached effectively.
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