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Pharma Product Management

Career and Scope

Pharmaceutical Product Management


An action-packed world that is full of strategies, full of tactics, a world of intelligence, investigations, insights and much more.
Product management, as a career option, is very actively sought after by pharmacy graduates with management degree under their belt today. A field that was not very well known to the average pharmacy graduate of yesteryears who primarily pursued jobs in either production, quality control (QC) or R&D, this field now holds great appeal to many youngsters.

WHAT IS THE CONCEPT?


Product management is a key functional area in the marketing department of all pharmaceutical companies. With multiple products/brands offered by each Pharma company, it becomes very important to ensure that each and every brand in the company's product range gets due attention in terms of marketing support. This is enabled by the concept of 'product management'. The product management system essentially involves assigning one or more brands or product range to the supervision of one person whose prime responsibility is to operate each brand as a business entity.

History
Introduced first by Procter & Gamble in 1927 for their cosmetic soap-Camay--product management has many merits. It ensures that each brand benefits from the individual attention and focus that it receives and response to the changing market dynamics is very quick. Each product or brand is considered as a profit producing center. Product management trains executives in many functional areas and hence it serves as an excellent training ground

WHAT IS DONE IN THE JOB?


A product manager (also known as brand manager, product executive, product specialist) is responsible for the profitable progress of his brand in the market place over both short and long-term through 1) effective planning, 2) execution, 3) control and training

PLANNING

The product manager is responsible for-

Collecting important information, facts and figures related to his product. Organizing and analyzing the voluminous data compiled, and interpretation of the same for meaningful actions that can strengthen the position of his brand,. Developing brand strategies that gives direction to the product in all key areas such as brand name selection, pricing, pack development, promotion, positioning, input planning, media selection, etc. Establishing realistic and rational sales and profit objectives for his brands on a short and long-term horizon, which is documented in the form of annual brand plans or marketing plan for his brands. Competitor activities must also be regularly monitored and encased upon through effective strategies and weaknesses of the brand tackled with. The product manager must also suggest relevant product improvements/ modifications, etc from time to time to improve profitability of the brand.

EXECUTION:

The product manager is also responsible for translating all his plans to reality by proper execution of the same. To do so he will need to interact with various departments.
Suitable communication must be prepared and issued with stringent deadlines so that all plans are implemented as per schedule. Periodic fieldwork is also an essential aspect in a product manager's job. In most companies, product managers tour for atleast one week in each month.

Training
The product manager is also responsible for training the implementers of the marketing plan with requisite skills and knowledge, be it for a new product launch, for regular product promotion or for a special campaign of a particular brand. Thus, a product manager's role is both 'strategic' and 'tactical'. Strategic because he is responsible for the future of the brand, since he is responsible for the brand positioning, assessment of competition, new product extensions, etc. Tactical promotional campaigns, talking to and training medical reps about what customers want and think, and doing the sales tracking that is required for any major product category

WHAT MUST BE THE EDUCATIONAL BACKGROUND:

Personnel involved in the marketing of Pharma brands need to have in-depth knowledge of multiple disciplines, including..
Pharmacology, Microbiology, Basics of medicine (anatomy, physiology, systems of the body, diseases and their treatment), Principles of marketing management, Marketing research (data analysis and interpretation), Drug policies and pricing policies of the country. Most companies prefer a B.Pharm with MBA (Marketing). M.B. A Pharmaceutical Management.

TO BECOME A PRODUCT MANAGER

One must obtain a few years of Marketing and Selling experience. Beginners in this field are generally taken in as 'management trainees' or a 'product executives' and are assigned a few tasks for a brand, under the supervision of a product manager. Only when the incumbent has proven his capability and has earned his superior's trust in his competence of handling a brand, is he given independent charge of managing a few brands.
..

In many Indian Pharma companies, product managers have spent some time in the sales-force. Area managers or even efficient medical representatives, with relevant educational background and an aptitude for a marketing career are given a chance to shift from their selling career to product management. In few instances, personnel from medical teams also switchover to product management after acquiring management qualifications. An efficient product manager is highly industrious, is an ardent reader and a perpetual learner, has excellent oral and written communication skills, good presentation skills, persuasive and he takes great pride in handling his brand and in executing his responsibilities to the best of his ability.

SALARY RANGE

Though, in the initial years one may find a career in product management very tasking and the rewards not very proportionate to the efforts, this is merely a passing phase.
Small-sized Indian companies offer a package of around Rs 1.5 to 2.5 lakh per annum to beginners in this field, while medium sized companies and MNCs offer around Rs 3 to 3.6 lakh Per Annum. Thereafter, based on performance, most companies have annual performance-linked bonus and annual increments. A few companies also have profit-based incentives on the assigned brands for product managers. Within four to five years, most product management team members draw handsome salaries and perks.

FUTURE PROSPECTS:
A good majority of the current VP Marketing or GM Marketing in the Pharma industry have been product managers 20 years ago. And even today they would recall the brands handled by them with the same vigor and vitality, as they would have done 20 years ago. That's the true love of any product manager--the brands that he has handled and nurtured. ,Product management may also provide the best opportunity to move into international marketing. Gaining experience on domestic products provide a great training ground for expanding products internationally.

MNCs are well known for moving people around the world to develop knowledge of specific markets and understanding of product reach and potential.
Other avenues available to product managers include branching out to training department as 'training managers' or venturing into the challenging domain of 'business development' where they can ensure launch of new promising products for the company. Product managers with flair for market research can move on to become 'market research managers'. And lastly, there are quite a few product mangers who have turned into entrepreneurs themselves and set up their own small business in areas relevant to product management such as marketing consultancy services, advertising agencies, marketing support services, medical communication, gift supplies, event management, etc

WHAT ARE THE DRAWBACKS?


So far we have only seen the appealing side of product management. Alongside this, there also exists a down side which one must be aware of. With handsome pay packets that product managers currently enjoy in Indian Pharma companies today, comes along a heavy workload, which demands long duration of working hours to be put up by them throughout the year. This leaves the product manager with very little time for any other activity and his life revolves mainly around work and work alone

Conclusion
A career in product management is truly an enjoyable journey. Everyday is a challenge; everyday calls on you to put forth your best foot forward to lead the company's brand to a future that 'you' have plotted for it. The thrill of planning campaigns, the excitement of field work and meeting customers, the delight of sharing your strategies with the implementers, the bliss of satisfaction on achieving your planned objectives, the ecstasy of overtaking competitor brands, the joy of seeing your brand emerge as a topper in ORG-IMS reports is truly exhilarating.

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