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Medical Service Representative. Group Members. Chirag Bhindi 04 Eliza D’cruz 14 Subhashini Iyer 24 Anushree Kumar 34 Pradeep Nair 44 Brooma Pathakji 54 Richard Rebello 64 Sangita Solanki 74. Overview.
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Group Members Chirag Bhindi 04 Eliza D’cruz 14 Subhashini Iyer 24 Anushree Kumar 34 Pradeep Nair 44 Brooma Pathakji 54 Richard Rebello 64 Sangita Solanki 74
Overview • Though the global economy has seen a significant slow down in recent times. The Pharmaceutical Industry seems to have held its own. • The industry has maintained a growth rates nearly double that of a large economy at large this growth may well continue as drugs consumption is expected to increase with growing global health problems. • Pharmaceutical companies commonly spend a large amount on advertising, marketing and lobbying. Advertising is common in healthcare journals as well as through more mainstream media routes.
Cont..…… • In some countries they are allowed to advertise direct to the general public. • Pharmaceutical companies generally employ sales people (often called 'drug representative' or, an older term, 'detail men') to market directly and personally to physicians and other healthcare providers. • Medical Representatives are carefully selected, trained rigorously, and equipped with detailed product information. They should know their products inside out and work hard to understand the medical science on which those products are based. • Marketing of prescription drugs in the US is regulated by the federal Prescription Drug Marketing Act of 1987 where as in India especially for Maharashtra ( Mumbai) we have to approach “Maharashtra State Chemist & Druggist Association” & “All India Organization of Chemists & Druggist”
Purpose - MR • Promoting company's products to customers - typically solo or small-practice groups of physicians - within an assigned geographic territory. • Within field sales are two areas, territory sales and specialty sales. • Main Link between Medical & Pharmaceutical and Healthcare Professionals • Increasing Awareness of Medical Products • Spreading Awareness about the product • One-to-One contacts
Activities • Arranging appointment / Cold Calling • Presentation • Organizing Conferences & Managing Budgets • Maintaining Records • Planning • Monitoring Competition
Incentives • Employee is eligible to get incentives only after completing the probation period depending on company’s policy. - Eg Abbot Laboratories pay incentives only after completion of Probation period. • The incentives are paid quarterly, half yearly or annually. • Incentives are in-cash or in-kind. Eg- Abbott Laboratories have a Achievers Summit for Employees – The performers are felicitated by Chairman. They are rewarded with either cash amt or National / International trip. • Combination product – eg – Digene & Brufen incentives can be earned only if target is achieved 100% for both the product. If it is earned 100% for 1 product & 60% for another product, incentive will be paid only for 1 product. • Achievement is excluding credit notes like damages, theft • Target achieved is calculated based on the medicines sold by chemists
Cost / MSR SalaryReimbursement (Food / Travel) IncentivesOther Benefits (Mobile, Laptop)
