Pfizer is one of the world’s premier biopharmaceutical companies, headquartered in New York. The company manufactures healthcare products, with a global portfolio of medicines and vaccines in oncology, internal medicine and rare diseases. Pfizer’s mission is “to become the world’s most valued company to all of these people” (Pfizer.com). This marketing plan for Advil, the ibuprofen based pain-relieving drug, is set to drive the demand for Pfizer’s products and increase the company’s brand visibility on local and global markets.
Our unique focus on providing a powerful drug that relieves pain quickly and with dismal side effects gives us leverage over the industry. Ideally, the high approval ratings by WHO and the International Union of Pure and Applied Chemistry (IUPAC) provides us with a vantage price point. The funding is exclusively internal, although opportunities are open to collaborate with institutions and organizations interested in developing biosimilar products from Advil’s blueprint. We expect revenues to take up most of the funding in the next three years.
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Environmental analysis
Competitive analysis
Advil will compete with several other pain-relieving drugs in the local market. The analgesic drug market currently stands at USD 27.6 billion and is estimated to rise to USD 28.9 billion by 2023 (Doughman, 2019). With the US having the most lucrative market, new analgesic products from overseas manufacturers are set to enter the market.
Market analysis
The analgesic market cuts across all ages, with high consumption, observed among people above forty years (Dale et al., 2015). However, recent studies have expressed an increasing dependency on prescription drugs, largely pain relievers amongst the young population (Skarstein et al., 2016). With this in mind, a targeted awareness of Advil for the two demographic brackets is set to yield significant outcomes.
Consumer behaviour
Dale et al. (2015) observed a rising tendency of consumers to obtain prescription drugs through online platforms in the interest of the drug’s authenticity. Thus, a robust online campaign is sure to open the right channel for awareness and purchase of Advil.
Political factors
Given the recent issues the Federal Drugs Agency (FDA) has had with the company’s Hospira sterile injectables last year, there is a need to have a fierce product marketing to undo the negative publicity associated with the scandal. Proper certifications have to be made with IUPAC to minimize conflict as well.
Technological considerations
With a growing interest in herbal remedies, Pfizer must find a way of lending Advil a herbal touch. One way to achieve that is to include a herbal formula and use it to market the product. That would set Advil above the market rivals.
Environmental considerations
There is a need to revise the drug’s packaging to achieve high environmental-friendly standards, i.e., biodegradable packaging that contributes to product loyalty.
Marketing Mix
The product
We will introduce five variants of the drug (Pro, Cool, Extra, Bold and Zoom), two in the local market and the rest in Asia, Europe and Africa. At first, the drug will come in capsules, tablets and pellets. We then intend to introduce an injection and a syrup in the next two years. All products will bear the company’s logo and blue package to share in the company’s rich legacy and continue the brand. The capsules and tablet will come in a 2 * 8 pod, ideal for a 1 * 2 dosage for four days.
Price
A typical Advil capsule will retail for USD 0.3, slightly above the standard price for rival products. The ab cost is projected to return a 14.2% profit after tax, which is dismal but sustainable. Because of our confidence in the drug’s vitality, the drug will stand out uniquely, and the price won’t be an issue.
Place
We intend to use the same distribution channels (which are selective) used by other over-the-counter drugs from Pfizer. The only different thing with Advil is that we will be working directly with hospitals (exclusive distribution) once the Advil injection is out.
Promotion
We intend to partner with pharmacies and clinics locally to roll out a promotion. To begin with, the facility gets 25% free worth of products for the first consignment. We will also organize a ‘run for the sick’ marathon where we will give free wear – t-shirts, caps and wristbands to promote Advil. The theme message for the two promotions will be “Advil got your Back!” because they are catchy. The non-traditional promotion is to invite healthcare professionals to a webinar.
In conclusion, the proposed marketing plan is not only creative but also optimal for the product. Notably, the strategy hits the right audience, and the timing for the product launch could be no better. With the buyer persona identified, the market plan is nothing short of precise.
References
Dale, O., Borchgrevink, P. C., Fredheim, O. M. S., Mahic, M., Romundstad, P., & Skurtveit, S. (2015). Prevalence of Use of Non-Prescription Analgesics in The Norwegian HUNT3 Population: Impact of Gender, Age, Exercise and Prescription Of Opioids. BMC Public Health , 15(1), 461.
Doughman, E. (2019, May 3). “U.S. Painkiller Market to Reach $5.9 Billion by 2023.” Pharmaceutical Processing World . Retrieved https://www.pharmaceuticalprocessingworld.com/u-s-painkiller-market-to-reach-5-9-billion-by-2023/
Pfizer Home Page. https://www.pfizer.com/
Skarstein, S., Lagerløv, P., Kvarme, L. G., & Helseth, S. (2016). High Use of Over-The-Counter Analgesic; Possible Warnings of Reduced Quality of Life in Adolescents-A Qualitative Study. BMC Nursing, 15(1), 16.
