Pharmaceutical Marketing Assignment | Essay Help Services

Pharmaceutical Strategic Business Plan – Final Project:
The Pharmaceutical Strategic Business Plan will be a comprehensive capstone project of the terms and theory developed over the course of the semester.
Each student will be responsible for developing a Pharmaceutical Strategic Business Plan for the
product launch of the newly developed pain relief medication, NoPaine (Fictional product used for the purpose of class)
** You have been hired as chief marketing strategist for a newly formed company, Pharma101. Your primary responsibility is to analyze the market and develop a marketing strategy for their flagship product NoPaine, which was approved by the FDA earlier in the year for commercial distribution in the United States. Utilize the class text, personal research, and NoPaine clinical information (found in the documents section) to help formulate your strategic plan.
Written Plan will be due on Wk 16
*****Pharmaceutical Strategic Business Plan:*****
-Approximately 4-8 Pages
-Sections outlined below – Please section out your strategic plan with Headings according to the outline below. Ideas for developing each section are listed as a helpful starting reference.
• Introduction – Executive Summary
-Approximately 1 page summary of current competitive and regulatory environment, key decisions to consider, expected outcomes.
• Situation Analysis
-External Environment
-Regulatory, political, economic, or social issues that can affect NoPaine?
-How has the market changed for disease state (Pain), does this product help create differentiation? How? Why?
-Where are the key regions in the nation that are most prevalent for this disease state?
-Product and Category Review -What is the product category of NoPaine? Stage in adoption and product life cycle?
-What are the nature and characteristics of consumer demand for the product?
-What are the sales trends associated with the product category? Is demand present for NoPaine? Saturated market? -What are the current pricing trends in the market, and how will these affect brand development and profit potential?
-Competitive Analysis -What is the overall view of and degree of competition in the product category? -Major competition (1-2 products) – Competitor strengths, weaknesses from marketing perspectives (feature benefits, pricing, managed care or insurance access) -Where is the competition positioned in the minds of the prescribers and patients
-What are the trends in advertising? (media spending, sales promotion, target market…)
-Are there any new developments expected from the competition? (Clinical trials for additional indications, changes in distribution, pricing changes, new advertising…)
-Consumer Analysis -Who are the customers and/or buyers for NoPaine? -What will influence their purchase decisions for NoPaine? -What are the demographic, epidemiological, or psychological characteristics that affect purchase decisions? -Do you foresee loyalty for existing brands?
• Strategic Planning -Marketing objectives and Strategy -Define high-level marketing goals (sales goals, market share expectation, formulary insurance status) -What strategies will be employed to achieve the marketing goals of the NoPaine brand?
-Targeting and Segmenting -Who are the customers for NoPaine? -What are the characteristics of the market segments? -Is there a specific patient persona/prescriber persona for NoPaine?
-Identification of competitive advantage -What are the competitive advantages of NoPaine? How does it compete with major competitors? Does it lack key features?
-Positioning -Define the desired position for NoPaine in the customers’ minds.
• Social Media Strategies
-Will Pharma101 utilize social media to connect with customers?
-Content plan and content strategy (What are some content examples the company could use?)
• Marketing Mix Objectives, Tactics, and Strategies
-Product -How will the product be managed? Dedicated brand team? -How will post-marketing product data help shape the marketing mix decisions?
-Place -What are the objectives with regard to market penetration – Priority areas within United States for promotion of NoPaine? -Value-added services associated with NoPaine? (wholesale and/or pharmacy stocking rebates, patient savings programs, patient education hotline, ect…) -Will there be priority placed with specific pharmacy chains? Locally owned pharmacy?
-Price -What are the pricing objectives, strategy, and tactics of NoPaine?
-Promotion -Will sales promotion be used? -What forms of promotion will be employed (Personal selling with representatives? Advertising? DTC Advertising?) -What role will packaging have on promotion?
• Control, Evaluation, Feedback -Forecasting and Benchmarking -What are the expectations for the product? Are there competitors or other products within the disease state category that can be used to set success metrics?
-Scheduling and Timing -Setting time frames for evaluation of success.
-Evaluation and Feedback -How will success/failure affect current plans, strategies, tactics? Will there be priority areas of the marketing mix receiving additional focus for potential change?
• References
-Works cited for any external information used. Most likely you will have the textbook listed here.