A Study on Sales Promotion Strategy of Pharmaceutical Industry with reference to Med-Plus

Abstract

Consumers in the present era are faced with a growing array of choices when it comes to brands, products, and services. They are making purchasing decisions based on the Company’s brands, customer service quality, and value proposition. With the current COVID-19 pandemic, the Pharmaceutical Retail Industry is experiencing more uncertainty and difficulty than ever before. This research is being carried out at Med-plus, India’s second largest drugstore chain. Med-Plus provides prescription and over-the-counter medications, fast-moving consumer goods (FMCG), vitamins and other nutritional supplements, as well as optical. The client and ultimate arbiter in the pharmaceutical industry diverges from those in other industries. The Doctors exert significant control over both segments. The patients serve as the ultimate consumers; however, they do not directly constitute the company’s clientele. Consequently, pharmaceutical companies prioritize doctors to effectively promote their medications using focused marketing strategies. However, the crucial inquiry pertains to the rationality of doctors prescribing branded medications. The goal of this study is to learn more about “A Study on Pharmaceutical Industry Sales Promotion Strategy with Reference to Med-Plus.” The project’s goal is to gain a better understanding of the present market situation in the pharmaceutical retail industry, as well as to obtain various inputs on what marketing methods Med-Plus should employ and which promotional instruments should be used more successfully. It would also give us insight into how effective promotional tools are for customers, how Med-Plus should communicate promotional activity, and which promotional activity should be preferably carried out by Med-Plus to attract customers and increase product sales among customers during COVID-19 lockdown.

Keywords: Sales Promotion, Pharmaceutical Industry, Med-Plus, Promotional Tools, Branded Medications

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