A GMP certified manufacturer of pharmaceutical formulations and nutraceutical products, though being in the Indian pharma industry over a decade was suffering from the suppressed growth and diminishing ROI. The client engaged IKON to identify the growth hampering areas and recommend marketing strategies to combat the situation.
Approach & Recommendations
IKON’s pharmaceutical marketing consultants conducted a diagnostic study to find the factors affecting the issues. In addition to historical sales and KPI analysis, several interviews and discussions held with the client team. Reviewed the past promotional activities, allocated budget for the same and ROI. In parallel, we conducted a market study to identify the growth opportunities and best practices at competitors.
We found several issues that were hampering the growth. For instance, the number of Rxs to target prescriber ratio was decreasing mainly due to the repetitive brand messages that were not driving them to prescribe the brand. Also, we found that promotional activities were not appealing enough the target audience to prefer the brand over competitors.
Based on the outcomes of the study, the team worked with the client to redefine its marketing strategies. Target prescriber segments were decided based on their specialty and prescription potential for each therapeutic brand. Framed the positioning of the company and its branded medicine with the newly derived value proposition. Few new products in the nutraceutical space recommended being co-promoted with the pain management range. To increase the prescribers, pharmacies and patient engagement, recommended brand specific promotional activities and inputs keeping in mind client’s budget. In addition, redesigned the sales team structure with the coverage plan to get the maximum output. For effective implementation of the recommended strategies, we further helped the client by training the sales force, designing creative and monitoring the progress.
Client clearly understood the factors hampered the growth and adopted the strategy for the implementation. After the 1st year of the implementation of recommended strategies, the YoY sales registered a growth of almost 17%. All the branding and promotional activities achieved its desirable results of increased brand equity and marketing ROI.
Note: We are committed to clients' confidentiality. So their names have not been disclosed, but the results are real.