Medico-Marketing is a process of information exchange that happens between a drug manufacturer and the consulting doctor, Nurse, Pharmacist or with the patients. The objective of this exchange is to explain the company’s products and how it will assist the consumers in prognosis or treatment of the health related problem.
The data exchange is basically meant for concluding a sale. However, the persuasion procedure must be deliberated carefully as the product can also be detrimental if used improperly.
The World Health Organization describes pharmaceutical promotional endeavors as “all information and persuasive activities done by drug manufacturers and distributors, attempting to influence the prescription, supply, procure, and/or use of medical drugs”.
The success of Medico-Marketing is destined by the approaches or plans chosen for marketing. An efficient marketing management depends upon framing of goals, detection of a target market, transpiring a plan to reach the goal and scrutinizing the marketing strategy at regular periods for estimating the progress.
Pharmaceutical companies make use of two different streams of marketing strategies: 1) push stream and 2) pull stream. Push stream strategy intends to persuade decision maker’s (physician’s) prescription behavior with the help of promotional items like detailing, medical meetings, conferences, drug sampling, journal advertising, journal articles etc.
Advertisements are necessary for publicizing the information on medicines to physicians and are extensively used by pharmaceutical companies for creating a market visibility of their products. Information available on advertisements must be of high quality and should not be inexact or overstated. Advertisements which overstate the advantages of medicines and try to cover up the risks associated with drugs may result in plausible side effects.