CRM has a different perspective in the pharma sector. The relevance of CRM in the pharma sector is rooted in marketing efforts, which enhances relationship with customers, and builds a network of loyal customers. This article throws light on the present situation of the pharma markets, the essentials of pharma marketing and relevance of CRM in building a relationship through pharma marketing.
Building lasting relationships with customers is being looked upon by businesses of today as a vital operational functions, as markets today are no longer sellers' markets, but buyers' markets. From the manufacturing sector to the service sector, relationship management has carved a place for itself by achieving organizational goals for long-run sustainability in the business environment. Customer Relationship Management (CRM) practice has been in vogue for over a decade now, and companies who once believed that CRM was insignificant to their business processes, have realized its importance for growth and sustainability. The pharma sector too has realized the importance of CRM in today's business environment.
In the past, pharma entrepreneurs used their sales force to inform doctors about new products; any innovation in the drug market was instantly rewarded with returns. This was due to the presence of only a few players in the field, and moreover there were many diseases for which the appropriate cure was not known. As and when a new drug came to the market and was found to be suitable for a particular disease, it was accepted immediately. But the scenario now has changed due to globalization of markets and subsequent liberalization of trade barriers. Research and Development (R&D)initiatives are flourishing, due to which the entire pharma market has undergone a structural change similar to other industries. Hyper-competition is a characteristic feature of today's pharma market. Degenerating patent regimes and improvement in R&D has created awareness not only about the various general and specific diseases but also about the drugs available in the market. Thus, pharma markets are slowly evolving into matured buyer markets.
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