Highlights from Day 1 of World Pharma Brand Managers Week
Dear Pharma Brand Management Enthusiasts
We are delighted to provide you with a detailed recap of the insightful discussions that unfolded on Day 1 of the World Pharma Brand Managers Week, a collaborative initiative by PharmaState.Academy and IES’s Management College and Research Centre (IESMCRC). The event promises to be a week-long learning extravaganza, offering a deep dive into the intricacies of pharmaceutical brand management.
The first day covered various aspects of pharmaceutical brand management, including a small study on the most recognized pharmaceutical brands in India and an exploration of the importance of long-term brand building. The focus was on the marketing and promotion of pharmaceutical brands, featuring experienced speakers who shared valuable insights and experiences.
Summary:
This week-long learning extravaganza commenced with Dr. Swati Sinha, host for the day, introducing the World Pharma Brand Managers Week event, and paying tribute to Professors Chitta Mitra and Tarun Gupta. Chinmay Mitra, Managing Director of C Marc and son of Professor Chitta Mitra, emphasized the importance of vision, goals, and planning for success in the pharmaceutical industry. The discussion covered understanding the target audience, the significance of prescription research, and challenges faced by medical representatives, including the distribution of prescriptions among different medical specialties and the standing of various brands.
Address Notes by Dr.Vijay Bhangale and DRx Dr.Suneel Deshpande :
Following this, Dr.Vijay Bhangale and DRx Dr.Suneel Deshpande delivered insightful address notes, highlighting the relevance of the agenda and emphasizing the importance of ethics in brand management. The team further discussed the meticulous selection of brands and speakers for the event, based on a survey of doctors’ preferences conducted by organizers in collaboration with students from Pharma Colleges across India.
Pharmaceutical Brand Recognition Study in India:
Madhav Gandhi presented a study on India’s most recognized pharmaceutical brands, conducted by 150 students through a survey involving doctors from various specialties. The study identified the top five brands in several categories while acknowledging its limitations, such as the lack of participation from eastern India and the non-comprehensive nature of the market research. Pranav Gupta then discussed the data analysis aspect of the project, focusing on the creation of a pivot table to analyze the frequency of doctors’ recommendations for various brands across different specialties. The importance of long-term brand-building in the pharmaceutical industry was underscored.
Brand Chats and Insights: Pharmaceutical Industry: Patient Needs and Product Promotion
The conversation transitioned to brand chats, beginning with a session featuring Mohan Motwani. He emphasized the importance of ethical marketing in the pharmaceutical industry and drew distinctions between products and brands.
Mr. Mohan shared past experiences, underlining the significance of understanding patient needs and potential treatment failures. He highlighted the importance of knowing a product and disease well, identifying key influencers, addressing customer concerns, and building relationships with key influencers.
Brand Management Strategies and Challenges:
The subsequent session was led by Sankar Dass, who stressed the importance of falling in love with a product and understanding it thoroughly. Drawing from his experiences as a brand manager for Omez and Razo, Mr. Sankar emphasized the crucial role of brand building, sales, and marketing in promoting top-of-mind brands. He discussed the role of culture in brand building, the importance of clear communication, and storytelling by the brand manager to motivate the sales team. Mr. Sankar highlighted the importance of consistency and focus in pharmaceutical marketing and the role of pricing in brand perception. Challenges in managing a brand plan in the face of distractions and pressure from top management were also discussed.
Pharmaceutical Brand Marketing Strategy:
The third speaker of the day, Deepal Mistry MLE℠ 🏆, shared her journey and insights on brand management. Deepal presented the communication strategy around a molecule’s 24-hour cycle, emphasizing its efficacy and safety. Her enthusiastic presentation on the brand strategy, launch, and follow-up activities provided valuable insights for participants. She also addressed queries regarding the balance between digital and physical promotion of Pharma Communication materials.
Brand Building in CNS Division: Patient Perspective Matters:
R. S. Vasan shared experiences and emphasized the importance of understanding why a product is being launched, understanding the market size and target, effective communication, and understanding customer needs. The discussion included topics such as product positioning, consistent messaging, and a strategic approach to product promotion. It concluded with a question on the strategy for handling generics in the pharmaceutical industry.
Brand Building in CNS Division: Patient Perspective Matters:
Gauri Chaudhari discussed brand building in the CNS division, stressing the importance of understanding the patient’s perspective, particularly in the case of epilepsy, and the challenges they face. She emphasized that brands are bigger than their managers and marketers, and ultimately belong to the customers first. Ms. Chaudhari underscored the importance of consistency in communication and focusing on established brands, despite the presence of newer competitors.
Diabetes Market Stability and Digital Health Integration:
Archis Joshi discussed the diabetes market, emphasizing its stability and predictability. He highlighted the role of patient-centricity in market growth, pointing out the clutter at the brand level but assuring that at the molecule and treatment class levels, it is quite simple. The discussion also covered the shift towards newer molecules and drugs, the importance of operational clarity for a company’s success and sustainability, and recent expansions of companies into different segments. Archis also highlighted the integration of digital technology into healthcare, predicting the growth of holistic prescriptions and digital therapeutics in the pharmaceutical industry.
Pharma-Startup Investment and Digital Health Trends:
The final discussion revolved around the increasing trend of pharmaceutical companies investing in startups and the digital transformation in the healthcare sector. Sankar Dass highlighted the emergence of ambulatory patches for monitoring arrhythmias in India and the role of AI in medical decision-making. R. S. Vasan emphasized that while AI can help simplify complex analysis, the final decision should always be made by a doctor. The conversation also touched upon the effectiveness of print and digital reminders in digital marketing, with Deepal Mistry MLE℠ 🏆and Sankar Dass suggesting that both mediums have their advantages.
Valedictory Address and the event ahead:
The session concluded with DRx Dr.Suneel Deshpande delivering the valedictory address and thanksgiving by Vivek Hattangadi. Both emphasized the importance of a structured approach to brand marketing and the crucial role of strategic planning and execution. The group also announced a week-long program culminating in a Physical Event on January 20th at B.N. Vaidya Sabhagriha, IES, RSV Sankul, Dadar East Hindu Colony Sir Bhalchandra Road, New FOB, Mumbai.
We extend our heartfelt gratitude to all the speakers, participants, and organizers for contributing to the success of Day 1. Stay tuned for more enlightening discussions throughout the week!