Day 5 of the World Pharma Brand Managers Week 2024 featured engaging discussions led by speakers Prosenjit Chowdhury and Nivedita Parulekar, with Swetanshu Subhrajit moderating the session. Prosenjit shared insightful experiences from JB Pharmaceuticals, now JB Chemicals and Pharmaceuticals, highlighting their journey in overcoming market challenges. Emphasizing the importance of providing samples to doctors and addressing the complexities of introducing new concepts, Prosenjit shed light on the company’s successful strategies.
Prosenjit delved into the history of JB Chemicals and Pharmaceuticals, detailing challenges faced during the company’s inception, including competition and regulatory hurdles. He outlined the brand-building process, focusing on product availability and generating prescriptions. Notably, the company’s innovative approach, such as using film-coated tablets to enhance patient compliance, was discussed.
The discussion expanded into Prosenjit’s insights on the company’s product strategy, with a focus on providing samples to doctors and their shift towards becoming the second-largest manufacturer in the drug market. The challenges and triumphs of introducing and promoting a new pharmaceutical product in India, specifically Metronitz, were explored. Prosenjit highlighted the initial difficulties in gaining acceptance among high-end doctors but emphasized the success achieved through trials, symposiums, and engaging key opinion leaders.
Nivedita Parulekar emphasized the significance of brand recall, understanding customer needs, and maintaining a consistent brand message. Exploring the five stages of brand memorability, Nivedita stressed the importance of customer-centric strategies, consistent messaging, and building credibility. The role of brand identity in marketing was discussed, with examples from successful brands like Apple and Nike underscoring the importance of a compelling value proposition and consistency.
Nivedita also delved into digital marketing strategies for the pharmaceutical industry, advocating for understanding customer preferences and the use of tailored marketing campaigns. She suggested a combination of quantitative and qualitative metrics for measuring brand success, including Doctor awareness and prescription rates. The question and answer session discussed the importance of effective communication and the use of new tools in engaging with doctors, with Nivedita proposing that The conversation also touched on the challenges and potential solutions related to medications experiencing competition from other brands, and the challenges and potential solutions were also discussed.
Overall, Day 5 brought forth valuable insights, experiences, and strategies, contributing to the collective knowledge and understanding within the pharmaceutical industry.