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ISSN 2063-5346
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A STUDY ON MARKETING STRATEGIES ADOPTED BY PHARMACEUTICAL COMPANIES FOR ACTIVE PHARMACEUTICAL INGREDIENTS

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Dr. Nilesh R. Berad
» doi: 10.31838/ecb/2023.12.s3.727

Abstract

This research paper investigates the marketing strategies employed by pharmaceutical companies for promoting active pharmaceutical ingredients (APIs) and their impact on the success and market penetration of API products in the pharmaceutical industry. The study adopts a cross-sectional survey design, targeting professionals involved in API procurement, production, marketing, and decision-making processes. A sample of 400 respondents was selected through purposive sampling. The data was collected using an online questionnaire that included closed-ended Likert scale questions. The findings reveal that the marketing strategies employed by pharmaceutical companies significantly influence the success and market penetration of API products. Targeted market segmentation, building strong relationships with healthcare professionals, educational programs for patients, and collaborative research and development were identified as the most effective strategies. These strategies were perceived to have a high impact on increasing product success and market penetration. The study also found high levels of satisfaction with the current market penetration of API products. However, it is important to acknowledge the limitations of the study, including the reliance on selfreported data and the lack of exploration of contextual factors. The research highlights the importance of strategic and well-executed marketing approaches in promoting API products and suggests future research directions such as longitudinal studies, exploring the interplay of marketing strategies with pricing and market access considerations, and investigating digital marketing and emerging trends in the pharmaceutical industry. Overall, this study contributes to the understanding of marketing strategies for APIs and provides valuable insights for pharmaceutical companies aiming to optimize their marketing efforts and enhance the success and market penetration of API products.

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