Ethical Issues and Legal Environment- A Strategic Approach of Pharmaceutical Companies
This creates a common threat amongst pharmaceutical players for biased behaviors on one hand, and on the other hand, opportunities for the company like Pharmaceutical Companies. To undertake a special strategy by setting a common forum to resolve their issues and share the knowledge to increase the efficacy and achieve high customer satisfaction.
As economy gets interconnected in a border-less world with high changes in information technology and data management results into a high competition demand for continuous updating of knowledge. Pharmaceutical market is also no longer affected. Competition has changed form monopolistic to commoditisation.
Same has been reflected by the survey that 38 percent of respondents testified current competition is pharmaceutical marketing as cut throat competition versus only 22 percent marginal competition, furthermore another fact comes out as 42 percent feels about unethical competition has increased this may divert the flow of ethical based pharmaceutical marketing to enter into dark shade.
The reasons that emerge are entry of high profit motivated unqualified professionals who are unable to manage the supply and demand side. This opinion demands that pharmaceutical companies should undertake special management oriented/entrepreneurship development program/ refresher course so as to increase profitability and efficiency as from survey 92 percent dealers demands this.
This opinion creates an opportunity for Pharmaceutical Companies, to undertake management skills oriented program / entrepreneurship development program/ refresher course or application software for maintaining inventory and stock position. Also 88 percent of respondents think about changing role of information technology for smoothing of distribution system though the application software for maintaining inventory and stock position.
Pharmaceutical Companies, has a uniform policy for all dealers located in India. As few local companies are having discriminatory policies for their dealer that is reflected from survey that 66 percent dealers feel resentment about company’s policies being discriminatory and 34 percent treat these policies to be uniform. This circumstance indirectly, reinforces Cipla’s uniform strategies for dealers so as to maintain favorable relations to achieve the sales goals.
The positive response for generic/ Bombay market trend in pharmaceutical marketing is responded By 61 percent of dealers that it helps to mobilize the market with further 18 percent responded that it increases profitability ratio on the other side 20 percent still believe in the fact that it contaminates market potential. Therefore the reason behind achieved high growth in generic-generic market is that acceptance at dealer’s level and helps Pharmaceutical Companies, for strengthening of its diversified goals.