If I were the CEO of an Indian pharmaceutical company

The primary job of a CEO is to maximise profits , and as a pharmaceutical company CEO , I know that the best way of doing this is to maximize the number of prescriptions of my drugs. Since the people who write the prescriptions ( the influencers and the decision-makers ) are doctors , like any sensible CEO, I will spend a lot of my energy in convincing doctors to prescribe my drugs. This is what the Pharma industry has done for many years , using advertising and marketing and an army of medical reps in order to create relationships with doctors , so that doctors will prescribe their brands.However , this is a broken model . For one, it's very expensive and cost ineffective. This is a very competitive field, because all pharma companies are vying with each other to occupy the same limited "top of the mind" space in the doctor's head. This means that it is no longer cost effective to continue to use this technique - and it's only because of inertia that companies continue to do so. Second, governments worldwide are exerting regulatory pressure in order to crackdown on the doctor-pharma nexus, as this has been one of the reasons drugs have become so expensive and cause healthcare costs to spiral out of control. Since providing financial gratification to doctors has become illegal in India, this is now being done under the table , as a result of which it becomes that much harder to crack ! Sadly, many companies merrily continue using inducements ( such as funding overseas trips ...
Source: The Patient's Doctor - Category: Obstetricians and Gynecologists Tags: pharma ceo pharmaceutical marketing pharmaceutical companies Source Type: blogs