Crj 101
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Drug companies spend enormous amounts of money on advertising their products. From TV commercials to print ads to bulk mail advertisements, they cover the entire spectrum of marketing techniques. However, change is afoot and most drug companies are reevaluating their advertising strategies and how they spend their money.
According to a recent Business Week article (“Drugmakers are Changing Channels”, http:www.businessweek.com/print/magazine/content/05_33/b3947055_mz011.htm), the companies have done considerable market research and as a result of the findings they have made significant changes to their marketing strategies.
Ad campaigns that blanketed the airwaves aimed at the end consumer are no longer as effective as they once were. Citing the strategy of Sepracor in marketing their new insomnia drug, they noted that they spent nearly $70M on the initial campaign. However, a rival maker was committing no money to TV ads. Their market research had determined that the market wasnt growing and the money would be better spent targeting the doctors who prescribe the drugs. While a pitch to the