Marketing Mix (for Pharmaceuticals)
DecisionPath's Competitive Drug Marketing Strategy Decision Support System (CompeteRx) solution helps pharmaceutical companies optimize their Return on Investments (ROI) on marketing and sales for FDA-approved drugs.
Problem: Optimizing Marketing Strategies in Changing and Competitive Markets.
The pharmaceutical industry faces mounting challenges in discovering and developing potent new drugs to maintain historical growth levels. Executives must balance a daunting array of factors - economic, regulatory, and technological - in managing their drug development pipelines. After developing their drugs and gain FDA approval, companies face equally critical decisions about how to market and sell their drugs effectively. Key commercial issues in include:
Numerous techniques exist for "optimizing" marketing mixes. Unfortunately, most assume a static world, in which key factors remain constant while you execute your strategy. In reality, if your strategy works, competitors soon detect your success. They can be relied upon to do their best to respond to your strategy. You, in turn, need to anticipate their responses and adapt your strategies to counter their moves, and so on. Any methodology that ignores this basic fact exposes you to serious risk.
Our Solution Approach: Practice Your Strategies and Anticipated Competitor Responses
Given such scenarios, CompeteRx projects changes over time in overall market growth, and the market shares, sales, and profits of your drugs and those of your competitors. You apply ForeTell's analytic tools to explore and compare these projected outcomes, with the goal of identifying a "robust" mix strategy that performs well across alternate futures.
Uniquely Realistic Models Backed by Pharmaceutical Experts
DecisionPath developed CompeteRx in collaboration with Strategic Decisions Group (SDG), a management consulting firm with recognized expertise in Life Sciences (now IMS Health SDG Life Sciences. We offer this decision support solution to clients as a consulting service.