RiteMed Metformin Marketing Plan

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RiteMed Metformin Marketing Plan by Justine Andrea C. Paredes

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  • 2 critical variables that set the product apart. Example in mktg class, not attendance but midterms and mktg plan sets u apart
  • Zuellig
    Avandamet = 3536
    Diafat = 665
    Euglo Plus = 371
    Fornidd = 682
    Galvusmet = 554
    Glucophage = 2127
    Glucovance = 494
    Humamet = 800
    Janumet = 867
    Pharex Metformin = 600
    Prialta-Met = 1115
    Boie
    Boie Metformin Hydrochloride = 400
    Britton
    Briform = 450
    Metro Drug
    Diazen = 350
    Euform Retard = 810
    Glucoform = 560
    Glucomed = 171
    Glucopres =
    Gludin = 320
    Neoform = 335
    Panfor = 1250
    Xmet = 300
    Health Saver
    Formet =
    Unilab
    Glumet = 707
    Norsulin = 534
    RiteMed Metformin = 783
    Natrapharm
    I-max = 336
    NextChem
    Insunex = 350
    Littman
    Neomet = 500
    Pharma Nutria
    Nidcor = 431
    Sanofi-Aventis
    Solosamet = 877
    Winthrop
    Winthrop Metformin HCl = 135
  • Basis for the USP (Unique Selling Proposition)
  • Basis for the USP (Unique Selling Proposition)
  • RiteMed Metformin Marketing Plan

    1. 1. 10 STEP Marketing Plan for RiteMed Metformin Justine Andrea C. Paredes November 2009 1
    2. 2. 5 Steps for Part 1 (PTM and Positioning) 1. RiteMed’s PTM are low-income Filipinos with Diabetes Mellitus Type II 2. Who prioritizes health, wants affordable medication, and expects quality 3. Can choose Metformin distributed by Zuellig, Boie, Britton, Metro Drug, Natrapharm, etc. 4. Gap is all other brands are either too expensive or are provided by companies that have low brand popularity 5. The market size is Php 11 Billion. RiteMed niche is Php 5.25 Billion.
    3. 3. 5 Steps for Part 2 (Marketing Mix & Strategy) 6. RiteMed Metformin 7. Sells Meftormin 20-80% cheaper than equivalent branded drugs. 8. Uses media, public relations, and direct selling 9. Is distributed in all major pharmacies nationwide 10. Uses affordability and effectiveness profile to win the market
    4. 4. Part 1: Steps 1 to 5 4
    5. 5. 1.RiteMed’s primary target market (PTM) are the low-income Filipinos with Diabetes Mellitus Type II • Demographics ▫ Low-income individuals with DM Type II
    6. 6. 1.RiteMed’s primary target market (PTM) are the low-income Filipinos with Diabetes Mellitus Type II • Lifestyle ▫ Blue collar worker or unemployed ▫ Have unhealthy lifestyles (high-fat diet, no exercise)
    7. 7. 1.RiteMed’s primary target market (PTM) are the low-income Filipinos with Diabetes Mellitus Type II • Behavior ▫ Prefer Generic Medications from gov’t hospitals, local health centers, or community- based outlets. ▫ Use medicines inadequately and irrationally.
    8. 8. 2. My PTM’s Needs, Wants, and Expectations • Based on Maslow’s Hierarchy of Needs HEALTH
    9. 9. 2. My PTM’s NWE Low-income Filipinos with Diabetes Mellitus Type II • Needs to fulfill their basic physiologic requirements which include health. • Wants a Generic Medicine that is affordable yet effective. • Expect quality service and value for money from one of the most trusted brand: United Laboratories.
    10. 10. 3a. RiteMed’s METFORMIN List of Competitors • DIRECT Boie, Britton, Health Saver, Littman, Metro Drug, Natrapharm, NextChem, Pharma Nutria, Sanofi-Aventis, Winthrop, Zuellig
    11. 11. 3a. RiteMed’s METFORMIN List of Competitors • INDIRECT Diet modification, fitness gyms, self- prescription, non-compliance • VARIABLES Age, price, packaging, frequency and convenience of use, availability, brand popularity, doctor’s prescription
    12. 12. 3b. Competitive Position Map • 2 Most critical variables: ▫ Price ▫ Brand Popularity
    13. 13. RiteMed: Generic Medicine Price/ Positioning Matrix Not Popular Popular Quite Popular Very Popular High price Low Price Unknown Price Unilab Zuellig Natrapharm Price vs. Brand Popularity Matrix Boie Health Saver Metro Drug NextChem Littman Pharma Nutria Sanofi-Aventis Winthrop Britton
    14. 14. 4. RiteMed positions strongly as an Effective yet Affordable Generic Medicine RiteMed carries the only Metformin (Anti-DM drug) that is… • Generic and affordable yet effective • Widely distributed in the market • Known for its quality • Backed up by United Laboratories
    15. 15. 4. RiteMed positions strongly as an Effective yet Affordable Generic Medicine No brand has a similar position. Others are either too expensive, have limited choices, not widely distributed or not as well known in the market.
    16. 16. 5a. Based on competitor data Source: http://www.gsk.com.ph/mssi.html
    17. 17. 5a. Based on competitor data, market share is Php 8.036 B • GlaxoSmithKline claims sales of about Php 1.125 billion. • GSK has a market share of around 14% ▫ Then total market size is 1.125M/0.14 = Php 8.036 B
    18. 18. 5b. Based on company data, RiteMed market share is Php 5.25 B • RiteMed Philippines claims sales of Php 105 Million • RiteMed has a market share of around 2%. • Then total drug market is Php 105 m/0.02 = Php 5.25 Billion
    19. 19. 5c. Based on customer data, market size is Php 2.4 B • There are 3.4 Million Filipinos with Diabetes ▫ 31% are prescribed with Metformin • Cost of treatment for the disease: ▫ P3.09 per tab x 2 daily x 365 = Php 2,257.16 • Total cost = (3.4 M x 31%) x 2,257.16 = Php 2.4 B
    20. 20. 5. In conclusion, the market size is Php 2.4 B • Competitor data = Php 8.036 Billion • RiteMed data = Php 5.25 Billion • Metformin Customer data = Php 2.4 Billion
    21. 21. Part 2: Steps 6 to 10 21
    22. 22. 6a. Examples of Metformin Product Shots GSK Avandemet RiteMed MetforminMetro Drug Euform Retard Health Saver Formet
    23. 23. 6b. Product Description • Contents: Metformin HCl • Indications: Type 2 diabetes inadequately controlled by diet and exercise alone. • Dosage: Initially 500 mg every 12 hr, dose may be gradualy increased to a max of 2250 mg daily. • Administration: Should be taken per orem with food • Contraindications: Renal impairment, CHF requiring pharmacologic treatment, acute or chronic metabolic acidosis • Special Precautions: Elderly, hepatic and renal impairment • Adverse Drug Reactions: Anorexia, nausea, vomiting, diarrhea, lactic acidosis, decreased Vit B12 absorption • Preparation: In 500 mg and 850 mg tablets • Price: Php 3.09 per tablet (500mg).
    24. 24. 7. Price: RiteMed sells Meftormin 20-80% cheaper than equivalent branded drugs. Competitor (for 500mg Metformin Preparation) Price per tab (in Php) Price Difference RiteMed 3.09 United Lab Glumet 6.25 102.26% more expensive Boie Metformin 4.00 29.4% more expensive Britton Briform 4.50 45% more expensive Pharma Nutria Nidcor 4.31 39.49% more expensive Zuellig Diafat Sandoz 5.19 67.9% more expensive Zuellig Fornidd 6.82 120.7% more expensive Zuellig Glucophage 10.50 239.8% more expensive Zuellig Humamet 8.00 158.9% more expensive Zuellig Pharex Metformin 3.25 5.18 % more expensive
    25. 25. 7. Price: RiteMed sells Meftormin 20-80% cheaper than equivalent branded drugs. Competitor (for 500mg Metformin Preparation) Price per tab (in Php) Price Difference Metro Drug Glunid 3.20 3.56% more expensive Metro Drug Panfor SR-500 6.50 110.36% more expensive Metro Drug Diazen 3.50 13.26% more expensive Metro Drug Glucoform 5.60 81.2% more expensive Metro Drug Glucomed 3.42 10.68% more expensive Metro Drug Neoform 500 3.35 8.41% more expensive Natrapharm I-Max 5.60 81.22% more expensive NextChem Insunex 3.50 13.27% more expensive Littman Neomet 5.00 61.81% more expensive Winthrop Metformin HCl 4.50 45.6 % more expensive
    26. 26. 7. Price: RiteMed provides a cheaper Meftormin Drug excluding Pharex Metformin Competitor (for 850mg Metformin Preparation) Price per tab (in Php) Price Difference RiteMed 7.83 Metro Drug Euform Retard 8.10 3.45% more expensive Zuellig Diafat Sandoz 11.09 41.63% more expensive Zuellig Humamet 13.33 70.24% more expensive Zuellig Pharex Metformin 6.00 23% cheaper
    27. 27. 8a. Promo RiteMed’s Present Strategies include the ff: ▫ Advertising via Television and Radio ▫ Public Relations: Corporate Social Responsibility ▫ Direct Marketing: Sales Representatives
    28. 28. 8a. Promo Samples of Present Strategies: Building the LOGO and Brand
    29. 29. 8a. Promo Samples of Present Strategies:
    30. 30. 8a. Promo Samples of Present Strategies:
    31. 31. 8a. Promo What else can be done? ▫ Advertise in leading newspapers and magazines
    32. 32. 8a. Promo What else can be done? ▫ Public Relations:  Invest in sponsorship of marketing events  Set-up websites or social networking pages
    33. 33. 8a. Promo What else can be done? ▫ Direct Marketing: Boost up Medical Representatives’ initiatives and coverage
    34. 34. 8b. Competitor Promo • Branded Medicine Competitors: ▫ No Broadcast Media Advertisement ▫ Boie ▫ Britton ▫ Health Saver ▫ Littman ▫ Metro Drug ▫ Natrapharm ▫ NextChem ▫ Pharma Nutria ▫ Sanofi-Aventis ▫ Winthrop ▫ Zuellig
    35. 35. 8b. Competitor Promo • Branded Medicine Competitors rely on: ▫ Medical Representatives ▫ Giving of free product samples ▫ Product peripherals ▫ Sponsorship programs (events, purchases)
    36. 36. 8b. Competitor Promo • Other Leading Pharmaceuticals with no Anti- Diabetes Products: ▫ Pfizer Inc ▫ Wyeth Philippines ▫ AstraZeneca ▫ Bristol-Myers Squib ▫ Novartis ▫ Abott Lab ▫ Roche Philippines
    37. 37. 8b. Competitor Promo Other Generic Medicine Competitors:
    38. 38. 9. RiteMed is available in all Major Pharmacies Nationwide
    39. 39. 10. RiteMed’s Generic Winning Strategy • RiteMed aims to provide affordable yet safe and effective, quality generic medication against Diabetes Mellitus. • It benefits from the distribution leverage of United Laboratories. • It distributes the cheapest Metformin 500mg tablet nationwide.
    40. 40. 40
    41. 41. 5 Steps for Part 1 (PTM and Positioning) 1. RiteMed’s PTM are low-income Filipinos with Diabetes Mellitus Type II 2. Who prioritizes health, wants affordable medication, and expects quality 3. Can choose Metformin distributed by Zuellig, Boie, Britton, Metro Drug, Natrapharm, etc. 4. Gap is all other brands are either too expensive or are provided by companies that have low brand popularity 5. The market size is Php 11 Billion. RiteMed niche is Php 5.25 Billion.
    42. 42. 5 Steps for Part 2 (Marketing Mix & Strategy) 6. RiteMed Metformin 7. Sells Meftormin 20-80% cheaper than equivalent branded drugs. 8. Uses media, public relations, and direct selling 9. Is distributed in all major pharmacies nationwide 10. Uses affordability and effectiveness profile to win the market
    43. 43. 10 STEP Marketing Plan for RiteMed Metformin Justine Andrea C. Paredes November 2009 43

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