RiteMed Metformin Group Marketing Plan
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Transcript of RiteMed Metformin Group Marketing Plan
10 Step Marketing Plan for RiteMed Metformin HCl08 January 2011
Justine Andrea C. Paredes * Marie Isobelle E. Ramos * Jose Mariano T. TanMikhail G. Tenazas * Maria Ellaine Grace K. Uy
Five StepsPart I of II: PTM and Positioning
1. Target Market: Diabetes Type 2 Patients2. NWE: Optimal Glycemic Control3. Choice: Branded and/or
Generic Medications4. Gap: Low-Cost High-Quality Drugs5. Market Size: PhP2.3 Billion (Total)
PhP1.5 Billion Niche
10 Step Marketing Plan for RiteMed Metformin: Justine Andrea C. Paredes * Marie Isobelle E. Ramos * Jose Mariano T. Tan * Mikhail G. Tenazas * Maria Ellaine Grace K. Uy
Five StepsPart II of II: Marketing Mix & Strategy
6. Product: Metformin HCl from RiteMed7. Price: 20-80% less of Branded Price8. Promotion: Redesigning RiteMed Logo
Branding the ProductMaximize Price Leadership
9. Place: Unilab Network, Nationwide10. Strategy: Branded Generics
(Low Cost & High Quality)
10 Step Marketing Plan for RiteMed Metformin: Justine Andrea C. Paredes * Marie Isobelle E. Ramos * Jose Mariano T. Tan * Mikhail G. Tenazas * Maria Ellaine Grace K. Uy
Part 1: Step 1 of 5Positioning to the Primary Target Market
Primary Target Market
Type II Diabetes Patients
Demographics:
> 40 years old
M > F *
Social Class C to E
Overweight *
10 Step Marketing Plan for RiteMed Metformin: Justine Andrea C. Paredes * Marie Isobelle E. Ramos * Jose Mariano T. Tan * Mikhail G. Tenazas * Maria Ellaine Grace K. Uy
Primary Target Market
Lifestyle:
Minimal Physical Exercise
High Consumption of Processed Foods
High Sugar Diet
10 Step Marketing Plan for RiteMed Metformin: Justine Andrea C. Paredes * Marie Isobelle E. Ramos * Jose Mariano T. Tan * Mikhail G. Tenazas * Maria Ellaine Grace K. Uy
Health-Seeking Behavior
Primary Target Market
10 Step Marketing Plan for RiteMed Metformin: Justine Andrea C. Paredes * Marie Isobelle E. Ramos * Jose Mariano T. Tan * Mikhail G. Tenazas * Maria Ellaine Grace K. Uy
Health-Seeking Behavior
Primary Target Market
10 Step Marketing Plan for RiteMed Metformin: Justine Andrea C. Paredes * Marie Isobelle E. Ramos * Jose Mariano T. Tan * Mikhail G. Tenazas * Maria Ellaine Grace K. Uy
Primary Target Market
Consumption Behavior:
500 mg Tablet
Two Tablets per Day
Regular Hospital Monitoring
Multiple Medications
Lifestyle Changes
10 Step Marketing Plan for RiteMed Metformin: Justine Andrea C. Paredes * Marie Isobelle E. Ramos * Jose Mariano T. Tan * Mikhail G. Tenazas * Maria Ellaine Grace K. Uy
Part 1: Step 2 of 5Needs Wants and Expectations of Target Market
Maslow’s Hierarchy of Needs
Needs, Wants and Expectations
Realization of Goals
A Foundation ofGood Health
10 Step Marketing Plan for RiteMed Metformin: Justine Andrea C. Paredes * Marie Isobelle E. Ramos * Jose Mariano T. Tan * Mikhail G. Tenazas * Maria Ellaine Grace K. Uy
Developmental Stages of Erik Erikson
Needs, Wants and Expectations
Needs, Wants and Expectations
Developmental Stages of Erik Erikson
Middle Adulthood (35 to 55)
Generativity vs Stagnation
Diseases Produces Fear of Inactivity & Meaninglessness
10 Step Marketing Plan for RiteMed Metformin: Justine Andrea C. Paredes * Marie Isobelle E. Ramos * Jose Mariano T. Tan * Mikhail G. Tenazas * Maria Ellaine Grace K. Uy
Needs, Wants and Expectations
Wants:
Quality Assurance
Efficacy
Low-Cost
Limited Side Effects
10 Step Marketing Plan for RiteMed Metformin: Justine Andrea C. Paredes * Marie Isobelle E. Ramos * Jose Mariano T. Tan * Mikhail G. Tenazas * Maria Ellaine Grace K. Uy
Needs, Wants and Expectations
Expectations:
Decrease Blood Sugar Level
Good Glycemic Control
Controlled Side Effects
No Disease Progression
Generics Price Range
Good Value!
Fulfillment of Brand Promise
10 Step Marketing Plan for RiteMed Metformin: Justine Andrea C. Paredes * Marie Isobelle E. Ramos * Jose Mariano T. Tan * Mikhail G. Tenazas * Maria Ellaine Grace K. Uy
Part 1: Step 3 of 5Direct and Indirect Competitors
Competitors
Boie
Britton
Health Saver
Littman
Metro Drug
Metrolink Pharm
Natrapharm
NextChem
Pharma Nutria
Sanofi-Aventis
Winthrop
Zuellig
Direct Competitors (Branded):
10 Step Marketing Plan for RiteMed Metformin: Justine Andrea C. Paredes * Marie Isobelle E. Ramos * Jose Mariano T. Tan * Mikhail G. Tenazas * Maria Ellaine Grace K. Uy
Competitors
The Generics Pharmacy
Generika Pharmacy
Direct Competitors (Generic):
10 Step Marketing Plan for RiteMed Metformin: Justine Andrea C. Paredes * Marie Isobelle E. Ramos * Jose Mariano T. Tan * Mikhail G. Tenazas * Maria Ellaine Grace K. Uy
Competitors
Exercise
Diet
Herbal Preparations
Insulin
Secretagogues
Thiazolidinediones
Alpha-glucosidaseInhibitors
Incretin-based Treatments
Amylin Analogs
Indirect Competitors:
10 Step Marketing Plan for RiteMed Metformin: Justine Andrea C. Paredes * Marie Isobelle E. Ramos * Jose Mariano T. Tan * Mikhail G. Tenazas * Maria Ellaine Grace K. Uy
Competitors
Efficacy:
Glycemic Reduction
Glycemic Control
Reduction of DM Sequelae
Safety:
Minimal Side Effects
Variables:
10 Step Marketing Plan for RiteMed Metformin: Justine Andrea C. Paredes * Marie Isobelle E. Ramos * Jose Mariano T. Tan * Mikhail G. Tenazas * Maria Ellaine Grace K. Uy
Competitors
Price
Ease of Treatment Regimen
Brand Perception
Name Recall
Physician Prescription Practice
Accessibility
Availability
Variables:
10 Step Marketing Plan for RiteMed Metformin: Justine Andrea C. Paredes * Marie Isobelle E. Ramos * Jose Mariano T. Tan * Mikhail G. Tenazas * Maria Ellaine Grace K. Uy
Position Map
Price
Quality: Regulated (BFAD)
Quality Perception
Variables:
10 Step Marketing Plan for RiteMed Metformin: Justine Andrea C. Paredes * Marie Isobelle E. Ramos * Jose Mariano T. Tan * Mikhail G. Tenazas * Maria Ellaine Grace K. Uy
Price-Brand Recall for Quality Matrix
Competitive Position Map
<50 50-100 101-150 151-200 >200
> P8.51
P7.25-P8.50
P5.76-P7.00
P4.51-P5.75
P3.25-P4.50
< P3.25
Unilab +
RiteMed
Zuellig
Brand Portfolio Size as a Function of Brand Saliency & Recall
Boie
Metro DrugNextChemPharma Nutria
Britton
Pri
ce p
er U
nit
Littman
GenerikaThe
GenericsPharmacy
WinthropNatrapharm
Source: IMS 2003 & MIMS 2010
Price-Brand Recall for Quality Matrix
Competitive Position Map
<50 50-100 101-150 151-200 >200
> P8.51
P7.25-P8.50
P5.76-P7.00
P4.51-P5.75
P3.25-P4.50
< P3.25
Unilab +
RiteMed
Zuellig
Brand Portfolio Size as a Function of Brand Saliency & Recall
Boie
Metro DrugNextChemPharma Nutria
Britton
Pri
ce p
er U
nit
Littman
GenerikaThe
GenericsPharmacy
WinthropNatrapharm
Source: IMS 2003 & MIMS 2010
Niche as High Brand Recall for
Quality Low-Cost Drug!
Part 1: Step 4 of 5Customer-Competition GapDemand-Supply Gap
Demand-Supply Gap
Assures Quality of Branded Products
Rite Medicine
Rite Formulation
At Price of Generic Drugs
Rite Price
Other drugs assure quality at a price of high cost or provide low cost with questionable quality.
Wide Market Distribution
RiteMed Metformin is the only product that:
10 Step Marketing Plan for RiteMed Metformin: Justine Andrea C. Paredes * Marie Isobelle E. Ramos * Jose Mariano T. Tan * Mikhail G. Tenazas * Maria Ellaine Grace K. Uy
Part 1: Step 5 of 5Market Size
Market Size (DOH Data & Journals)
3.4 Million Filipinos with Diabetes
94% Class C-E
10 Step Marketing Plan for RiteMed Metformin: Justine Andrea C. Paredes * Marie Isobelle E. Ramos * Jose Mariano T. Tan * Mikhail G. Tenazas * Maria Ellaine Grace K. Uy
Oral Anti-Diabetic Consumption 2007
Market Size (DOH Data & Journals)
Market Size (DOH Data & Journals)
3.4 Million Filipinos with Diabetes
94% Class C-E
31% Prescribed Metformin
10 Step Marketing Plan for RiteMed Metformin: Justine Andrea C. Paredes * Marie Isobelle E. Ramos * Jose Mariano T. Tan * Mikhail G. Tenazas * Maria Ellaine Grace K. Uy
Oral Anti-Diabetic Consumption 2007
Market Size (DOH Data & Journals)
Social Weather Stations (SWS) survey showed the percentage of Filipinos using generic drugs increased to 55 percent in 2008.
10 Step Marketing Plan for RiteMed Metformin: Justine Andrea C. Paredes * Marie Isobelle E. Ramos * Jose Mariano T. Tan * Mikhail G. Tenazas * Maria Ellaine Grace K. Uy
Market Size (DOH Data & Journals)
3.4 Million Filipinos with Diabetes
94% Class C-E
31% Prescribed Metformin
55% Use Generic Drugs
PhP 3.15 Retail Cost of 1 Metformin HCl Tab
Consumption: 2x/Day
Market Size: PhP 1.2 Billion 10 Step Marketing Plan for RiteMed Metformin: Justine Andrea C. Paredes * Marie Isobelle E. Ramos * Jose Mariano T. Tan * Mikhail G. Tenazas * Maria Ellaine Grace K. Uy
(Business Monitor International Data)
Market Size
10 Step Marketing Plan for RiteMed Metformin: Justine Andrea C. Paredes * Marie Isobelle E. Ramos * Jose Mariano T. Tan * Mikhail G. Tenazas * Maria Ellaine Grace K. Uy
Market Size (International Data)
Philippine Pharmaceutical Industry
PhP116 Trillion
Share of Oral Anti-Diabetics
3% or PhP3.5 Billion
Share of Metformin
31% or PhP1.08 Billion
Market Size: PhP 1.08 Billion
10 Step Marketing Plan for RiteMed Metformin: Justine Andrea C. Paredes * Marie Isobelle E. Ramos * Jose Mariano T. Tan * Mikhail G. Tenazas * Maria Ellaine Grace K. Uy
Market Size (Company)
RiteMed Revenue
PhP 5.29 Billion
Share of Oral Anti-Diabetics
2.59% or PhP 1.5 Billion
Market Size: PhP 1.5 Billion
10 Step Marketing Plan for RiteMed Metformin: Justine Andrea C. Paredes * Marie Isobelle E. Ramos * Jose Mariano T. Tan * Mikhail G. Tenazas * Maria Ellaine Grace K. Uy
Market Size
Local Data: PhP1.2 Billion
International Data: PhP1.08 Billion
Company Data: Php1.5 Billion
Market Size: PhP 1 to 1.5 Billion
10 Step Marketing Plan for RiteMed Metformin: Justine Andrea C. Paredes * Marie Isobelle E. Ramos * Jose Mariano T. Tan * Mikhail G. Tenazas * Maria Ellaine Grace K. Uy
Marketing Mix StrategyPart II of II
Part 2: Step 6 of 10Product
Metformin HCl Leaders
10 Step Marketing Plan for RiteMed Metformin: Justine Andrea C. Paredes * Marie Isobelle E. Ramos * Jose Mariano T. Tan * Mikhail G. Tenazas * Maria Ellaine Grace K. Uy
Product Feature
RiteMed Metformin HCl
10 Step Marketing Plan for RiteMed Metformin: Justine Andrea C. Paredes * Marie Isobelle E. Ramos * Jose Mariano T. Tan * Mikhail G. Tenazas * Maria Ellaine Grace K. Uy
Product Feature
RiteMed Metformin HCl
10 Step Marketing Plan for RiteMed Metformin: Justine Andrea C. Paredes * Marie Isobelle E. Ramos * Jose Mariano T. Tan * Mikhail G. Tenazas * Maria Ellaine Grace K. Uy
Product Information
Contents:
Metformin HCl
Indications:
Type 2 diabetes inadequately controlled by diet and exercise alone.
Dosage:
Initially 500 mg every 12 hr, dose may be gradualyincreased to a max of 2250 mg daily.
10 Step Marketing Plan for RiteMed Metformin: Justine Andrea C. Paredes * Marie Isobelle E. Ramos * Jose Mariano T. Tan * Mikhail G. Tenazas * Maria Ellaine Grace K. Uy
Product Information
Administration:
Administered with After Meals
Contraindications:
Renal Impairment, Congestive Heart Failure, Acute or Chronic Metabolic Acidosis.
Special Precautions:
Elderly, Hepatic and Renal impairment
10 Step Marketing Plan for RiteMed Metformin: Justine Andrea C. Paredes * Marie Isobelle E. Ramos * Jose Mariano T. Tan * Mikhail G. Tenazas * Maria Ellaine Grace K. Uy
Product Information
Adverse Drug Reactions:
Anorexia, nausea, vomiting, diarrhea, lactic acidosis, decreased vit B12 absorption
Preparation:
In 500 mg and 850 mg tablets
10 Step Marketing Plan for RiteMed Metformin: Justine Andrea C. Paredes * Marie Isobelle E. Ramos * Jose Mariano T. Tan * Mikhail G. Tenazas * Maria Ellaine Grace K. Uy
Part 2: Step 7 of 10Price
Price
20-80% Less Compared to Branded Equivalents
Brand(500mg Preparation)
Price per Tablet(PhP)
PercentagePrice Difference
RiteMed 3.09 -
United Lab Glumet 6.25 + 102.26%
Boie Metformin 4.00 + 29.4%
Britton Briform 4.50 + 45%
Pharma Nutria Nidcor 4.31 + 39.49%
Zuellig Diafat Sandoz 5.19 + 67.9%
Zuellig Fornidd 6.82 + 120.7%
Zuellig Glucophage 10.50 + 239.8%
Zuellig Humamet 8.00 + 158.9%
Zuellig Pharex Metformin 3.25 + 5.18 %10 Step Marketing Plan for RiteMed Metformin: Justine Andrea C. Paredes * Marie Isobelle E. Ramos * Jose Mariano T. Tan * Mikhail G. Tenazas * Maria Ellaine Grace K. Uy
Price
20-80% Less Compared to Branded Equivalents
Brand(500mg Preparation)
Price per Tablet(PhP)
PercentagePrice Difference
RiteMed 3.09 -
Metro Drug Panfor SR-500 6.50 110.36%
Metro Drug Diazen 3.50 13.26%
Metro Drug Glucoform 5.60 81.2%
Metro Drug Glucomed 3.42 10.68%
Metro Drug Neoform 500 3.35 8.41%
Natrapharm I-Max 5.60 81.22%
NextChem Insunex 3.50 13.27%
Littman Neomet 5.00 61.81%
Winthrop Metformin HCl 4.50 45.6 %10 Step Marketing Plan for RiteMed Metformin: Justine Andrea C. Paredes * Marie Isobelle E. Ramos * Jose Mariano T. Tan * Mikhail G. Tenazas * Maria Ellaine Grace K. Uy
Price
Cheapest Drug Available in the Market
43% Cheaper Than Industry Average
Main market strategy: Price leader
Cheapest Alternative for Metformin
While Assuring Quality and Efficacy of Product
10 Step Marketing Plan for RiteMed Metformin: Justine Andrea C. Paredes * Marie Isobelle E. Ramos * Jose Mariano T. Tan * Mikhail G. Tenazas * Maria Ellaine Grace K. Uy
Part 2: Step 8 of 10Promotion
Promotional Strategies
Advertisements Tri-Media
Public Relations Corporate Social Responsibility, Partnership with
Public/Private Sector(s)
Marketing Sales Representatives
Health Education Campaigns
10 Step Marketing Plan for RiteMed Metformin: Justine Andrea C. Paredes * Marie Isobelle E. Ramos * Jose Mariano T. Tan * Mikhail G. Tenazas * Maria Ellaine Grace K. Uy
Advertisements
10 Step Marketing Plan for RiteMed Metformin: Justine Andrea C. Paredes * Marie Isobelle E. Ramos * Jose Mariano T. Tan * Mikhail G. Tenazas * Maria Ellaine Grace K. Uy
Videos/Broadcast Media
Advertisements
View From: http://www.youtube.com/watch?v=n1LHtncXXPA&feature=related
10 Step Marketing Plan for RiteMed Metformin: Justine Andrea C. Paredes * Marie Isobelle E. Ramos * Jose Mariano T. Tan * Mikhail G. Tenazas * Maria Ellaine Grace K. Uy
Commitment to Community & Health Education Campaigns
Corporate Social Responsibility
Educational Campaigns
10 Step Marketing Plan for RiteMed Metformin: Justine Andrea C. Paredes * Marie Isobelle E. Ramos * Jose Mariano T. Tan * Mikhail G. Tenazas * Maria Ellaine Grace K. Uy
Human Resources
Sales Representatives
10 Step Marketing Plan for RiteMed Metformin: Justine Andrea C. Paredes * Marie Isobelle E. Ramos * Jose Mariano T. Tan * Mikhail G. Tenazas * Maria Ellaine Grace K. Uy
I of III: Redesigning RiteMed Logo
Proposed Marketing Strategies
Maximize Brand Recognition between Unilab and RiteMed:
Highlight Features: Unilab for Quality & RiteMed for Price
10 Step Marketing Plan for RiteMed Metformin: Justine Andrea C. Paredes * Marie Isobelle E. Ramos * Jose Mariano T. Tan * Mikhail G. Tenazas * Maria Ellaine Grace K. Uy
Place a Brand Name to Metformin Generic Drug:
Key Features:
Immediate Identification of RiteMed (Parent Brand)
Brand Retains Generic Drug Name
Aligned with Marketing Strategy of RiteMed
Ownership of Product
II of III: Branding a Product
Proposed Marketing Strategies
10 Step Marketing Plan for RiteMed Metformin: Justine Andrea C. Paredes * Marie Isobelle E. Ramos * Jose Mariano T. Tan * Mikhail G. Tenazas * Maria Ellaine Grace K. Uy
Maximize Position as Price Leader
Inform Target Market of Price & Price Difference
III of III: Maximize Price Leadership
Proposed Marketing Strategies
10 Step Marketing Plan for RiteMed Metformin: Justine Andrea C. Paredes * Marie Isobelle E. Ramos * Jose Mariano T. Tan * Mikhail G. Tenazas * Maria Ellaine Grace K. Uy
Competitors
Boie
Britton
Health Saver
Littman
Metro Drug
Metrolink Pharm
Natrapharm
NextChem
Pharma Nutria
Sanofi-Aventis
Winthrop
Zuellig
Direct Competitors (Branded) with No Broadcast Media:
10 Step Marketing Plan for RiteMed Metformin: Justine Andrea C. Paredes * Marie Isobelle E. Ramos * Jose Mariano T. Tan * Mikhail G. Tenazas * Maria Ellaine Grace K. Uy
Competitors
Direct Competitors (Branded) with No Broadcast Media But Rely on: Medical Sales Representatives
Giving free Product Samples
Product Peripherals
Sponsorship Programs (Events, purchases)
10 Step Marketing Plan for RiteMed Metformin: Justine Andrea C. Paredes * Marie Isobelle E. Ramos * Jose Mariano T. Tan * Mikhail G. Tenazas * Maria Ellaine Grace K. Uy
Competitors
Leading Pharmaceuticals with no Metformin Products: Pfizer Inc.
Wyeth Philippines
AstraZeneca
Bristol-Myers Squib
Novartis
Abott Lab
Roche Philippines
10 Step Marketing Plan for RiteMed Metformin: Justine Andrea C. Paredes * Marie Isobelle E. Ramos * Jose Mariano T. Tan *Mikhail G. Tenazas * Maria Ellaine Grace K. Uy
Videos/Broadcast Media
Competitors (Generic)
View From: http://www.youtube.com/watch?v=Z2ocsYU2i-s&feature=player_embedded
10 Step Marketing Plan for RiteMed Metformin: Justine Andrea C. Paredes * Marie Isobelle E. Ramos * Jose Mariano T. Tan * Mikhail G. Tenazas * Maria Ellaine Grace K. Uy
Videos/Broadcast Media
Competitors (Generic)
View From: http://www.youtube.com/watch?v=OGufEVhhf3Y&feature=related
10 Step Marketing Plan for RiteMed Metformin: Justine Andrea C. Paredes * Marie Isobelle E. Ramos * Jose Mariano T. Tan * Mikhail G. Tenazas * Maria Ellaine Grace K. Uy
Part 2: Step 9 of 10Place
Available in Leading Pharmacies Nationwide
Place
Uses Logistical Leverage of Unilab
10 Step Marketing Plan for RiteMed Metformin: Justine Andrea C. Paredes * Marie Isobelle E. Ramos * Jose Mariano T. Tan * Mikhail G. Tenazas * Maria Ellaine Grace K. Uy
Part 2: Step 10 of 10Generic Winning Strategy
Generic Winning Strategy
Price & Quality Leadership
Branded-Generics Strategy!
RiteMed’s Generic Strategy is to Dominate Low-Cost Generics Market by Providing High Quality Assurance of its Parent Brand, Unilab.
Maximizes Research & Logistical Capacity
Maximizes Unilab Brand
10 Step Marketing Plan for RiteMed Metformin: Justine Andrea C. Paredes * Marie Isobelle E. Ramos * Jose Mariano T. Tan * Mikhail G. Tenazas * Maria Ellaine Grace K. Uy
Generic Winning Strategy
10 Step Marketing Plan for RiteMed Metformin: Justine Andrea C. Paredes * Marie Isobelle E. Ramos * Jose Mariano T. Tan * Mikhail G. Tenazas * Maria Ellaine Grace K. Uy
SummarySteps 1 to 10
Five StepsPart I of II: PTM and Positioning
1. Target Market: Diabetes Type 2 Patients2. NWE: Optimal Glycemic Control3. Choice: Branded and/or
Generic Medications4. Gap: Low-Cost High-Quality Drugs5. Market Size: PhP2.3 Billion (Total)
PhP1.5 Billion Niche
10 Step Marketing Plan for RiteMed Metformin: Justine Andrea C. Paredes * Marie Isobelle E. Ramos * Jose Mariano T. Tan * Mikhail G. Tenazas * Maria Ellaine Grace K. Uy
Five StepsPart II of II: Marketing Mix & Strategy
6. Product: Metformin HCl from RiteMed7. Price: 20-80% less of Branded Price8. Promotion: Redesigning RiteMed Logo
Branding the ProductMaximize Price Leadership
9. Place: Unilab Network, Nationwide10. Strategy: Branded Generics
(Low Cost & High Quality)
10 Step Marketing Plan for RiteMed Metformin: Justine Andrea C. Paredes * Marie Isobelle E. Ramos * Jose Mariano T. Tan * Mikhail G. Tenazas * Maria Ellaine Grace K. Uy
10 Step Marketing Plan for RiteMed Metformin HCl08 January 2011
Justine Andrea C. Paredes * Marie Isobelle E. Ramos * Jose Mariano T. TanMikhail G. Tenazas * Maria Ellaine Grace K. Uy
All information obtained and presented herein are plainly for academic purposes. Please refrain from citing data without consent from authors.
08 January 2011
Justine Andrea C. Paredes * Marie Isobelle E. Ramos * Jose Mariano T. TanMikhail G. Tenazas * Maria Ellaine Grace K. Uy