What is the meaning of medicine marketing?

When you go to a doctor for treatment, sometimes even some medical representatives (MRs) wearing ties are seen sitting waiting for the doctor. MRs from any pharma company like Pharmed, Cipla, Mankind etc. They are employees of and meet the doctor and tell about the medicines of their company. And make them available at chemist shops.Medical Representatives

On understanding, the doctor prescribes his medicines to the patient and finally the patient demands them at the dao shop and in this way these medicines are sold. So, basically in the work of medicine marketing, you have to promote your selected medicines in the market so that they can be sold more and more. And the work of promoting is done primarily by meeting doctors and convincing them to prescribe those medicines.Pharmaceuticals

Generally, the work of medicine marketing is done by MR working in pharmaceutical companies, but you can do this work even without becoming an employee of any company. Let's know how?Pharmaceutical Marketing

There are two ways of marketing drugs:

First: You register a company of yours and do marketing of medicines under it. In this way, if you want, you can manufacture medicines yourself or you can buy medicines from the companies making medicines and do marketing in the name of your company.Drug and Pharmaceutical Companies

Example: Mrkbox Pharma is mainly a medicine marketing company. They rarely make medicines themselves, mostly they get others to manufacture them and market that medicine under their own name. If you buy a strip of this company's medicine, it will be written on it - Marketed by - Mrkbox Pharma but Manufactured by will have someone else's name.

Second: You market the product of another company without creating a company.

The second way is a bit straight forward and is the recommended way to start if you don't have much experience in the pharmaceutical industry. Let us know about it in detail:

Step 1: Understand the drug market in your city:

Marketing of medicine is not an easy task. If you do not have experience in pharma industry and you start this work then the chances of success are very less. So it would be better that you understand this work and the overall drug market before investing your time and money in this work. For this, you can also work as a Medical Representative in a Pharma company. (For MR work, you should preferably be a science graduate, salary can be 15-30 thousand + incentives. Learning English is a must and if you can speak it, it is even better)

By visiting the market, meeting doctors and chemists, you will be able to know which types of medicines sell more and which medicines you can make a part of your marketing portfolio.

Step 2: Select the Medicines to be marketed:

In the beginning, you choose 4-5 medicines and do marketing of only those. If you get involved in marketing many medicines at once, then it will be difficult to manage, so start small. In this step, you should also decide from which manufacturer or manufacturers you will order these medicines.

Step 3: Build the Team

If you can add some experienced person with you as a partner or employee then it will be good. However, it will also depend on your budget. Most of the people start alone and when the work increases some MRs are recruited. If you want to work alone then ignore this step.

Step 4: Arrange Money:

In starting this work, you will have to bear many expenses: Ordering medicine in bulk from manufacturing company Entertaining doctors for prescribing your medicine (this is also a big expense) give free samples Taking diaries, leaflets, gifts etc. to distribute travel cast salary, if you have an employee Office expense, if you open an office. Most of the people start this work from home.Keeping a rough estimate, you should have 3-4 lakh rupees for all these works.

Step 5: Place the medicine order

Here you have to understand a little. No person can ask for medicine from any company like this for doing business. For this work, a stockist or wholesaler has to be made, and since you are doing this work as an individual, you will have to contact a stockist or wholesaler of the manufacturer whose medicine you want to order.

Stockist has to pay GST on your goods so he will charge you GST + some more money for providing this facility.

How much can be earned from this business?

Since it depends on many things, no specific number can be given, but in general terms, if you buy a product worth 1 lakh from the manufacturer and it is completely sold, then your earning will be 60-70 thousand. Might be possible.