Asst. Professor, L.N. Mishra College of Business Management, Muzaffarpur
Online published on 15 March, 2019.
Human and animal health depend enormously on pharmaceuticals. The contribution of pharmaceutical industry is not merely confined to the benefits to public health, as it also serves to enhance the economic productivity and brings tremendous benefits like saving lives, increasing life spans and reducing health related sufferings. The lifesaving drugs today have made extended average human life and prevention of deadly diseases possible. The global pharmaceutical industry is supposed to reach an exceptional USD 1.6 trillion by 2020. The demand for medicines continues to grow as ever before which ensures a phenomenal growth in this industry at national level as well. The Indian pharmaceutical market is the third largest in terms of volume and thirteenth largest in terms of value, as per a report by Equity Master. The structure of Indian pharmaceutical industry is highly complex due to the variations in functioning which goes in line with the areas of operation. Indian Parma industry is expected to grow 15 percent per annum between 2015 and 2020 and thus it is projected to outperform global Parma industry which is set to grow The present paper attempts to analyze and compare the marketing strategies of different pharmaceutical companies and for the said purpose a broader classification of ethical pharmaceutical and propaganda company has been taken into consideration. This study will focus on marketing strategy and its comparison in the context of ethics and principles. It expands on the body of knowledge by formulating propositions that examine the relationship between marketing strategy and organizational strategy. By employing theoretical concepts of marketing strategy, the study is all set to answer the research question: How does marketing strategy influence the sales of both Ethical and Propaganda Pharmaceutical companies.
