Pharma Marketing in India-Opportunities, Challenges and the Way Forward

Research Proposal on

Pharma Marketing in India: Opportunities, Challenges and the Way Forward

       

 

 

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Introduction, Significance and Justification of the Study

All companies throughout industries in diverse level of size have to confront the same circumstances, open trade over the world. Globalization economy provides much more serious challenges pharmaceutical company in India. In short, competitiveness is key issue for each level of perspective in confronting global competition. A nation won’t be able to reap advantages in international trade if it doesn’t have international competitiveness, then international competitiveness cannot be realized if there is no competitive industries inside the country. Subsequently, a competitive industry only can be achieved if there are competitive firms within the industry structure. Consequently to be competitive in industrial level, each firm must have competitive advantage in their portfolio business. It is nearly impossible to know, to measure, and to boost the competitiveness a particular business unit in certain firm unless the competitiveness factors affecting it must be identified in the first step. The global competition as mentioned above has complicated in analysis of the competitiveness factors. Once the competitiveness factor shave been identified, how competitive a product of firm can be known by examining some indicators. And eventually, the related decision maker can arrange the strategy to enhance the firm’s competitiveness. All of those problems will be  elaborated in this study.

RATIONALE FOR THE STUDY

The Indian Pharmaceutical Industry is today undergoing lot of changes after the introduction of Product patent in India. Pharmaceutical companies are changing their marketing strategies to meet the new competitive business environment. Interesting opportunities and challenges have been emerging associated with the global economy’s emergence. Companies have a great deal of opportunities to expand their target buyers. Financial resources and the advanced technology are widely available and moveable. This entire phenomenon leads the firm to reach economies of scale. On the other hand, worldwide competition demand extremely high quality product of goods at highly reasonable price. This is because customers have stronger bargaining power to choose what kind of product, in what price, and in particular specifications among almost unlimited alternatives.

Global competition has raised performance standards in many dimensions including those of quality, cost, productivity, production time, and smooth flowing operations. Moreover, these standards are not static; they are exacting requiring continuous improvement from firm and its employees. As they accept the challenges posed by these increasing standards, the companies are required to improve their capabilities and individuals sharpen their skill. Thus, in the new competitive landscape, competitive success will accrue only to those capable of meeting if not exceeding global standards.

OBJECTIVE OF THE STUDY

Based on the problem discussion our research objectives will be  formulated as follows:

 

•       Identify factors affecting competitiveness of pharmaceutical products in India’s pharmaceutical industry.

•         Investigate the competitiveness of India’s pharmaceutical business, and build the best sales and marketing network in the world.

•     Provide both management and government as decision-makers, alternative strategies to improve the competitiveness of Enterprises in the future pharmaceutical products business.

Hypothesis of the Study

Hypothesis 1

Ho: The Marketing Strategies of Indian Pharmaceutical Companies have not undergone any change post WTO Regime.

H1: The Marketing Strategies of Indian Pharmaceutical Companies have undergone a change post WTO Regime

Hypothesis 2

Ho: The Change in Marketing Strategies of Indian Pharmaceutical Companies is not dependent on size of the company.

H1: The Change in Marketing Strategies of Indian Pharmaceutical Companies is dependent on size of the company.

Hypothesis 3

Ho: There is no significant preference towards the marketing strategy changes of the Indian Pharma companies post WTO product patent regime.

H1: There is a significant preference towards the marketing strategy changes of the Indian Pharma companies post WTO product patent regime.

METHODOLOGY AND SOURCE OF DATA

Research Instruments

The research instrument that will be used in the study will be questionnaire. While designing the questionnaire care will be taken in formulating and sequencing the questions so that it allows logical thinking process for the respondent. Use of both close ended & respondents can freely answer the questions.

Data Source

The study will rely on primary and secondary data. Secondary source will consist of literature extracted from peer-viewed journals, business magazines, web search and finance books. The source of primary data will be collected mainly by self-administered paper questionnaire and web-based questionnaire.  Web-based questionnaires provide anonymity to respondents; increase the convenience of answering for respondents; and decrease the error of imputing the data of paper questionnaires.

The Sampling frame used was the ORGIMS Company list of Pharmaceutical companies for which ORGIMS Company conducts a retail audit in India. This ORG Retail audit data is also used by the Government of India as it is the only authentic data regarding Indian Pharmaceutical Industry available in India. The ORGIMS list contains 450 Pharmaceutical companies.

Sampling Method: The sampling method chosen is simple random sampling which is a type of probability Sampling.

 Sample Size: 100 respondents of a pharmaceutical company

Tools of Data Analysis:  Frequency Distribution by using Excel Sheet

Scope of the Study

This research is confined to pharmaceutical products business in India. Consequently, this study cannot be used as tool to generalize pharmaceutical industry in India as a whole. This research is only aimed at presenting pharmaceutical business in India.

Expected Contribution from the Study

•  To be able to provide better understanding about competitiveness of pharmaceutical products since there has been a comprehensive research regarding this issue.

• To give positive suggestions to Indian government, specifically in formulating suitable policy for improving competitiveness of in running pharmaceutical products business.

• To be a milestone for future research and study regarding the competitiveness of pharmaceutical products in India.

Limitations of the Study

Some of the limitations are as follows:

 

•   Limited scope of respondents that will include only pharmaceutical industry and some doctor need to be expanded to foreign enterprises and other stakeholder in the industry such as suppliers, buyers, government as regulator and so forth to gain much deeper and broad perspective especially concerning the factors affecting competitiveness.

•   To measure the pharmaceutical business competitiveness relative to the industry, it requires real industry standard as tool of comparison. Because of limited time and information available publicly, this study use only some big companies as benchmarks and will assume the average of all prearranged companies as industry average.
  
  
  Not all number of population obstructed using more various statistical tools to analyze data more satisfactorily.
  
  
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