What Is Product Marketing in Healthcare?
Most people do not think of healthcare products as "products." However, companies who manufacture and distribute healthcare products rely on the same successful tools and strategies used to market "traditional" consumer products like a bag of potato chips or jar of spaghetti sauce. The develop product marketing and branding strategies to target and reach consumers, physicians, hospitals and retailers and achieve their overall goals to achieve brand preference and generate sales.
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Pharmaceutical Products
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Over-the-counter (OTC) and prescription drugs are the most noticeable form of product marketing in health care. According to Science Daily, pharmaceutical companies generated sales over $235 billion in 2004 alone, and spent 24 percent of the amount on advertising and promotions to sell medications and pharmaceutical products to consumers and to physicians and health care providers. Big pharmaceutical companies also spend substantial amounts on marketing to maintain preference for their medications over "generic" prescription drugs and lower-cost OTC medications offered by drug stores in categories like cough syrup, aspirin, allergy medications, vitamins and nutritional supplements.
Business-to-Business Product Marketing
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Manufacturers of health-care products spend significant amounts of money on business-to-business marketing efforts. This includes expenditures to achieve sales and distribution of health-care products with buyers at major drug stores, grocery stores, "big box" super stores and discount dollar store chains. Health-care product sales and marketing representatives also work with the buyers and merchandisers to develop special displays, newspaper advertising with coupons and other incentives to market their brands and drive sales.
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Retail Consumer Products Marketing
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Drug, grocery and major retail stores also spend significantly to market the health-care products they carry via television, radio and direct mail advertising directed to consumers. Retailers promote special discounts on widely recognized brands, offer "buy one, get one free" and price matching to provide incentives for consumers. They will also market convenience services as "products." This can include drive-thru prescription pick-up service or promote that their pharmacy departments are open 24 hours.
Consumer Equipment, Supplies and Testing
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Medical equipment and supply companies also target consumers in their marketing efforts. Companies market powered wheelchairs, oxygen equipment, diabetes monitoring equipment and more for use by consumers at home. Companies utilize television, print and direct mail efforts to market their healthcare products directly to consumers. Clinics will also market their products and services for flu shots, vision, diabetes, blood pressure monitoring and pregnancy tests.
Hospital Equipment
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A new spinal surgical table could cost a hospital over $37,000. An ultrasound machine could cost over $100,000.00. Buying a new extremity MRI machine can cost upwards of $300,000. Companies who manufacture medical equipment depend on marketing to get hospitals to purchase their equipment. Medical office furniture companies market their product offerings to physicians to purchase examination tables, cabinets to hold tools, medications and more.
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References
- Photo Credit medicines and drugs image by Albert Lozano from Fotolia.com
