Pharmaceutical Industry’s Marketing Practices
Marketing is the process by which companies determine what products or services may be of interest to customers, and the strategy to use in sales, communications and business development. Research and advertising Is a big part of marketing. Marketing involve doing lots of research and is the process by which companies determine what products or service the public wants or needs in order to target the market. Pharmaceutical industry develops, produces, and markets drugs licensed for use as medications. Pharmaceutical companies are allowed to deal in generic and/or brand medications and medical devices. They are subject to a variety of laws and regulations regarding the patenting, testing and ensuring safety and efficacy and marketing of drugs. “Pharmacies could be found all the way back until to the Middle Ages (probably to Baghdad during the Islamic Golden Age around the year 750), it wasn't until the beginning of the 20th century and the important discoveries of insulin and penicillin in the 1920s and 1930s that the development of the modern pharmaceutical industry really began.”stated in a artical By Drew Lichtenstein. Pharmaceutical marketing is the business of advertising or otherwise promoting the sale of pharmaceuticals or drugs. Pharmaceutical marketing began around the late 20s to early 30s. Marketers have advertised pharmaceuticals for many years. Marketers target consumers as well as hospitals, professionals and medical students using a combination of advertisements and information. The marketing practices followed pharmaceutical companies attempt to sway consumers as well as healthcare providers to use their products. From misleading direct to consumer advertising to gift giving, Marketing representatives from pharmaceutical companies solicit medical providers in many ways to entice them into using their products. Advertising plays a big role in...
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