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Industry Scenario
According to a United Nation report The African pharmaceutical market doubled between 2006 and 2012, from $ 10.4 billion in 2006 to $ 19.9 billion in 2012. The predicted growth in the global pharmaceutical market between 2012 and 2021 is estimated at 26% (according to PROPARCO's SP & D publication), but the African drug market could increase by 200% according to a realistic assumption, or by 300% according to an optimistic hypothesis within this same period. The ECOWAS region is very attractive and many projects need to be supported. The United Nations report also suggests Multinationals will always have a key role, at the innovation level.
Benin is a member of ECOWAS countries and is receiving huge investment; there is a great growth opportunity for pharmaceutical companies in West African countries like Benin, Togo, and neighbouring countries.
Business Opportunities
The pharma industry has unique challenges when it comes to competition. The nature of indirect selling adds to the complexities of the pharma industry. There are multiple stakeholders like doctors, chemists, customers, consumers, hence there is a need to form analytics-based marketing strategies.
Moreover, research and development that is not assisted by market insights will only manufacture pharmaceuticals that are not needed in the market. Further, there is a need for targeted marketing to generate sales and achieve a satisfying Return on Investment.
Pharmaceutical companies need powerful marketing strategies and communication to convey the effectiveness of the medicines. For making this successful, potent communication needs to be initiated with doctors, chemists, customers, and consumers through various channels.
Agencies providing marketing solutions to pharmaceuticals companies provide a multi-channel communication platform to showcase the benefits of the product. These agencies garner market insights and provide them to Research and Development team to develop medicines accordingly.
These marketing and promotion agencies help in specific content marketing, placement, and researching the market needs, which helps companies in meeting multifarious challenges in a hassle-free manner.
Business Assistance
At AUM, we assist pharmaceutical companies in conducting deep market research and understanding the exact consumer needs, and finding solutions to them. We support the research and development in risk-free production so that the supplies get enough demand in the market. For promoting the product well and generating a better return on investment we frame a multi-level marketing strategy to target every stakeholder.
We formulate separate campaigns to communicate with specific targets differently; for this, we develop specific content to position the product as intended by the company.
AUM Consultancy develops pharmaceutical marketing tactics to deal with research, pricing, product life cycle, positioning, promotion, etc.
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