Let's start off this discussion on improved pharmaceutical marketing and sales by talking about what is happening in the market in 2020. Here is a very brief summary from PWC's Pharma 2020: Marketing the future. If you are curious, the entire article is available here.

Pharmaceutical Marketing in 2020

1.The market is switching from mass-market to a target market approach
2.Pharmaceutical marketing and sales are becoming smaller and smarter
3.Companies need to develop and sell medicines the market wants to buy
4.Companies need to take a more flexible approach to pricing due to the reimbursement driven nature of the market

It appears that switching from "Sell more pills" to "Sell the right pills, at the right price, to the right providers and achieve better results" may describe where we are headed in 2020.

Now the BIG question is how do we achieve this?

In years past, pharmaceutical companies have had to gather their own data from a variety of sources, whether it be from "big data" , "boutique" vendors or through their own sales force. This challenge required extensive resources in terms of people and budget. Finally pulling together all of the different data sources accurately has proven as or more challenging than acquiring the data in the first place.

Let's take a look at how PMChek.com can help.

PMChek is a proprietary prescription drug database where, for the first time and in a single location, you can access real-time pharmaceutical data including wholesale pricing and market utilization on tens of thousands of drugs.

With PMChek, we capture the wholesale pricing and sales data in a centralized way that makes it easier for pharmaceutical companies to determine the effectiveness of their pricing program on existing products and guidance on pricing of new products.

In addition PMChek blended other data sources including the ability to capture live news feeds on targeted keywords and data from social collaborated platforms to give marketers the ability to customize PMchek to their specific needs.

There are tools involved.

PMChek provides pharmaceutical manufacturers and wholesalers with crucial data analytics tools such as historical pricing per dose/package showing min, max and average price as well as market share based on volume by manufacturer.

MAC (Maximum Allowable Cost) and WAC (Wholesale Acquisition Cost) are available to help understand what may contribute to market pricing in some regions. Tracking of average price changes will help marketers determine future price direction and price strategies.

You can use PMChek to help verify the effectiveness of campaigns by applying your marketing and sales tactics in the real world and watch the outcome as it is charted in future months on PMChek, showing your competitors and your change in market position.

The bottom line is with the tools in PMChek it is easier for pharmaceutical companies to make the right decisions, faster, and at a lower cost.

That's PMChek.

In pharmaceutical data analytics and marketing, you know it is important to apply strategies that will translate into commercial success. At PMChek we believe our data and software can be part of your strategy and make the difference for your company.