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On Business Strategy - Essay Example

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Business Strategy Critically analyse the possible sources of global pharmaceutical industry’s competitive advantage in reference to Bowman’s strategy clock. Bowman’s strategy clock is a marketing strategy that analyses the competitive alignment of a business entity or company in relation to its competitors…
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Download file to see previous pages It is an extension to the three porter generic strategies. Owing to the decrease in the profit margin, pharmaceutical companies have adopted innovative marketing strategies in a bid to sustain and neutralise the impact of price regulation such as exploring new markets, establishing the effectiveness in distribution and building customer loyalty. Some of the challenges in the global pharmaceutical industry that the managers are facing include: increased globalisation, increase in competition, lack of new products despite the improved research and quick development of generic markets among others. The application of Bowman’s strategy clock in the establishment of competitive advantage among the global pharmaceutical companies will result in value improvement and product promotion with minimal reliance on drug pricing. This is because the industry is bound by legal and medical restrictions that make application of marketing strategies difficult. The strategy is normally focused on value, product promotion and differentiation. Most pharmaceutical companies improve the value for their products while maintaining product standards or increasing prices for drugs. The industry ensures value for pharmaceutical products through conducting pharmaco-economic evaluations meant to show the efficacy and effectiveness of a new drug. For instance, a study on the cost of diabetes confirmed that less patients applied pharmaceutical medicine in managing it (Holland, 2005: 552). This provided an opportunity for pharmaceutical companies to invest in disease management initiatives that created awareness among the population on the existence and effectiveness of their products. The competitive advantage for most companies in the pharmaceutical industry is related to their prowess in marketing with a focus on product promotion. For example, in the U.S, spending on DTC advertisement reached an estimate of 4.8 billion dollars in 2008 (Holland, 2005:553). According to the case study, the industry also involved direct communication between the sales representatives and the doctors on the merits of the drug which helped in building product loyalty. To maintain constant sales in specialist and primary care products, their handling mode was split. The marketing of primary care products was assigned to the office-based practitioners while the specialist products were typically prescribed in hospitals. The industry also applied high compression marketing whereby the primary care products underwent near-simultaneous global launches, promotions and heavy investment. This created higher peak year sales earlier in the product life cycle. For instance, the 1999 launch of the Celebrex led to a billion product sales in the first nine months (Holland, 2005:553). Discuss the dangers of a hybrid strategy and how managers can protect against them Companies applying hybrid strategy offer products at a lower cost but with a perceived high quality compared to that of other low cost competitors (Moingeon and Soenen, 2002). They normally build loyalty among customers by reducing prices for goods at a higher value. The hybrid nature of the pharmaceutical industry shapes the customer’s ambivalence towards the industry. The public normally views the pharmaceutical farms as investor-owned profit-seeking firms instead of rate-regulated utilities and non-profit organisations. Firms with a hybrid strategy ...Download file to see next pagesRead More
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