Pharma Product Management

7/31/2019 Pharma Product Management

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Pharma Product Management

Career and Scope


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Pharmaceutical Product Management

An action-packed world that is full of strategies, full of tactics,a world of intelligence, investigations, insights and muchmore.

Product management, as a career option, is very activelysought after by pharmacy graduates with managementdegree under their belt today.

A field that was to the average pharmacy

graduate of yesteryears who primarily pursued jobs in eitherproduction, quality control (QC) or R&D, this field now holdsgreat appeal to many youngsters.


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WHAT IS THE CONCEPT?

Product management is a key functional area in themarketing department of all pharmaceutical companies.With multiple products/brands offered by each Pharmacompany, it becomes very important to ensure that eachand every brand in the company's product range gets dueattention 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 thesupervision of one person whose prime responsibility is tooperate each brand as a business entity.


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History

Introduced first by Procter & Gamble in 1927 for theircosmetic soap-Camay--product management has manymerits.

It ensures that each brand benefits from the individualattention and focus that it receives and response to thechanging market dynamics is very quick.

Each product or brand is considered as a profitproducing center. Product management trainsexecutives in many functional areas and hence it servesas an excellent training ground


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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


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PLANNING

The product manager is responsible for-

Collecting important information, facts and figures related to his product.

Organizing and analyzing the voluminous data compiled, andinterpretation of the same for meaningful actions that can strengthen theposition of his brand,.

Developing brand strategies that gives direction to the product in all keyareas 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 brandson a short and long-term horizon, which is documented in the form ofannual brand plans or marketing plan for his brands.

Competitor activities must also be regularly monitored and encased uponthrough 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.


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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.


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Training

The product manager is also responsible for training the implementers ofthe marketing plan with requisite skills and knowledge, be it for a newproduct launch, for regular product promotion or for a special campaign ofa 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 isresponsible for the brand positioning, assessment of competition, newproduct 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 forany major product category


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WHAT MUST BE THE EDUCATIONAL

BACKGROUND:

Personnel involved in the marketing of Pharma brands need to havein-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. APharmaceutical Management.


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TO BECOME A PRODUCT MANAGER

.. One must obtain a few years ofMarketing 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 thesupervision 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 givenindependent charge of managing a few brands.

In many Indian Pharma companies, product managers have spent sometime in the sales-force. Area managers or even efficient medicalrepresentatives, with relevant educational background and an aptitude fora marketing career are given a chance to shift from their selling career toproduct management.

In few instances, personnel from medical teams also switchover toproduct management after acquiring management qualifications.

An efficient product manager is highly industrious, is an ardent reader anda 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.


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SALARY RANGE

Though, in the initial years one may find a career in productmanagement very tasking and the rewards not very proportionateto the efforts, this is merely a passing phase.

Small-sized Indian companies offer a package of around Rs 1.5 to2.5 lakh per annum to beginners in this field, while medium sizedcompanies and MNCs offer around Rs 3 to 3.6 lakh Per Annum.

Thereafter, based on performance, most companies have annualperformance-linked bonus and annual increments. A fewcompanies also have profit-based incentives on the assigned brandsfor product managers. Within four to five years, most productmanagement team members draw handsome salaries and perks.


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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 thebrands handled by them with the same vigor and vitality, as they would have done 20years ago. That's the true love of any product manager--the brands that he has handledand nurtured.

,Product management may also provide the best opportunity to move intointernational marketing. Gaining experience on domestic products provide a greattraining ground for expanding products internationally.

MNCs are well known for moving people around the world to develop knowledge ofspecific markets and understanding of product reach and potential.

Other avenues available to product managers include branching out to trainingdepartment 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 entrepreneursthemselves and set up their own small business in areas relevant to productmanagement such as marketing consultancy services, advertising agencies, marketingsupport services, medical communication, gift supplies, event management, etc


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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


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Conclusion

A career in product management is truly an enjoyablejourney.

Everyday is a challenge; everyday calls on you to put forthyour best foot forward to lead the company's brand to afuture that 'you' have plotted for it.

The thrill of planning campaigns, the excitement of fieldwork and meeting customers, the delight of sharing yourstrategies with the implementers, the bliss of satisfactionon achieving your planned objectives, the ecstasy ofovertaking competitor brands, the joy of seeing your brandemerge as a topper in ORG-IMS reports is truly exhilarating.

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Pharma Product Management