– By Atul Sharma, Founder, Healthscape
Have we ever thought about in a highly progressive and organised market of healthcare segment, why it was needed for regulatory agencies to bring in Uniform Code of Pharmaceutical Marketing Practices (UCPMP)? While, physician-patients’ engagements have been on radar for regulating agencies and government, the pharma industry has been reeling with newer reforms every day. In the process, UCPMP came into force, predominantly for pharmaceutical and device industry.
Though this concept may be pretty much new in Indian scenario, however the same has been in practice in regulated markets world-wide. When we sought opinion of some of the Healthcare Marketers, they expressed that their markets have become highly crowded and rationally identical.
As a matter of fact it is very difficult to gain share of mind and share of voice. Hence they believed that to have differentiation and create preference for their brands, they should adopt route of enticing HCPs, going beyond the actual need by extending free bees, goodies or sponsoring travel, hotel stay or holidays to HCPs including their families
In the emerging regulatory environment globally, some of the marketers feel clueless to create differentiation for their products or services to win over similar products in contested category.
Innovator companies don’t see it as a major challenge because they may have sufficient and more contented technologically superior products, but let it be MNCs or Local producers, marketers with rationally identical products struggle to create value proposition and gain increased share of mind or share of voice, however as a good marketers you can always create value proposition as it is commonly practiced in FMCG business. Therefore, good marketing capabilities is the only solution to still create big brands despite of regulatory controls e.g. UCPMP in India.
Readers, your opinions are welcome on this regards. UCPMP, whether it is a boon or bane for the pharma industry? Please feel free to express your opinion without any apprehensions.