Importance of marketing management in the world pfarmaceutical industry

Dragan Kesič () and Andrej Bertoncelj
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Dragan Kesič: Fakulteta za management Koper, Univerza na Primorskem
Andrej Bertoncelj: Fakulteta za management Koper, Univerza na Primorskem

Tržište/Market, 2008, vol. 20, issue 1, 79-93

Abstract: The world pharmaceutical industry has changed tremendously in the last decade. Globalization processes reinforce a consolidation of the world pharmaceutical industry. Mergers and acquisitions prevail more and more as a strategic orientation of numerous world pharmaceutical companies. In our research we found out that marketing management has been playing an increasingly important or even a crucial role in day-today activities and strategic business operations of the world pharmaceutical companies. We may point out that a rapid consolidation of the world pharmaceutical industry is definitely a market-driven process, one conditioned by typical strategic marketing management issues, such as a lack of brand new products, intense competitiveness, globalization processes, increased global marketing and sales activities, changing structure of global competitors as well as a furious fight for global market shares and customers’ loyalty. We estimate that marketing management is to play an even more important and, especially, the top priority strategic role in the future globalization and concentration processes of the world pharmaceutical industry. Some experiences and lessons from the global perspective of the world pharmaceutical industry could also be useful to the management of pharmaceutical companies in the transition countries of the Central and Eastern European region. Taking into consideration the current market position of these companies, some marketing management guidelines for their marketing management policies and strategies could be suggested. We conclude that underestimating, or even complete neglect of the importance of marketing management issues may pose the greatest threat to the future strategic orientation and performance of the world pharmaceutical industry.

Keywords: pharmaceutical industry; market; globalization; marketing management (search for similar items in EconPapers)
Date: 2008
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