Improving packing i.e catchy looking Creating pull demand by DTC(direct to customer) i.e “Over The Counter” product
"The OTC pharma market is likely to grow at ahigher rate compared to the overall pharma market.The biggest challenge for pharma companiesdealing in OTC products is that, unlike thetraditional pharma model of “ push” ing genericproducts by selling to doctors, the OTC segment ismore analogous to the FMCG segment. It is criticalto invest in brand building that will create a “ pull”for the product directly from the consumers"
2010 will see another milestone...2011/12 will see another milestone
New Business DevelopmentTorque is further strenthening…..OTC Division
"Peak performance at work and job security arenow more important to consumers meaning thatpreventive remedies, convenience OTCs, energyboosters, brain-boosting supplements andformulations for sight and hearing provide growthopportunities, along with contraceptives forwomen who want to work longer before havingchildren."
Factor that Drives OTC Growth in India Compare To Rx Market. growing awareness and increased focus on “wellness” as compared to “illness” The higher cost of medical treatment encourages people to opt for preventive measures such as nutritional supplements Increasing disposable incomes and incidence of lifestyle diseases are also contributing to the demand for such products.“ Booming of retail chain. All these factors indicate that the OTC market could witness a healthy rate of growth in the coming years.
The OTC product will need to betreated as a fast moving consumergoods (FMCG) product specially whilecommunicating a benefit, ensuringdistribution or ensuring consumerfriendly packaging
OTC market in IndiaIn 2009 the Indian OTC segment was Rs 2800 Crore Approx with a annual growth rate of 12-20%.Increasing urbanizsation has changed peoples lifestyles andhas led to increases in lifestyle diseases.The global OTC market is projected to be USD 95 billionwith a annual growth rate of 4.5%.The leading therapeutic segments in the rural market includecough and cold preparations,vitamins and minerals andanalgesics segments.
Indigestion preparations segment is the fastest growing segment followed by the medicated skin products and analgesics segment. OTC drugs are sold through five different types of distribution outlets, namely—department stores, independent retailers, pharmacies/drugstores, specialist retailers and supermarkets/hypermarkets. By praveen
: Extensive availability (push)of product both at macro & micro level;so that customer should not visit 10-12 shops for getting brand : Low-medium cost media plan(here special slot of weekend are preferred)to create pull in brand promotion
Pharmaceutical companies have so far focused most of their attention on doctors, but understanding the mind of retail chemists is going to be crucial, especially with the projected tilt to over-the-counter (OTC) medications. COMPASS (Chemist’s OTC Market Probe and Assessment Study
What is his attitude towards do pharma OTC drugs? companies really W irati e his How he he at d ns? looks at understand the m pe s r o fro ex oe asp at a them? mind of a chemist? an ma mp phar ct ? h ies W h Wh at d him rivesco ? Company’s strategy maker
Proper planning of media is very essential , so that it can give beneficial (productive) Impact in marketing; else Improper planning may not only kill brand but also like burning hand .Key factor’s need to be taken into consideration like Understanding target customer(Rural & Urban), For Class A &B class cities low cost media should be preferred. Aggressive media coverage in first month of launch followed by reminder advt. Organizing events in school such as drawing competition ,seminar followed by free media coverage.
News Channel Period FCT Spot Detail Seconds TotalOption 1India TV April 10th - May 9th 17008 ads of 10 sec for 30 days 2400 408000Zee News April 10th - May 9th 17008 ads of 10 sec for 30 days 2400 408000 Total Investment 816000 Service Tax ApplicableOption 2India TV April 10th - May 9th 17008 ads of 10 sec for 30 days 2400 408000NDTV April 10th - May 9th 16008 ads of 10 sec for 30 days 2400 384000 Total Investment 792000 Service Tax ApplicableOption 3India TV April 10th - May 9th 17008 ads of 10 sec for 30 days 2400 408000Star News April 10th - May 9th 24008 ads of 10 sec for 30 days 2400 576000 Total Investment 984000
Recipe of Success in OTC: The bottom of the pyramid marketing strategy to lower down the cost of nutraceutical/OTC products by coming up with innovative ideas like the single use therapy and encourage the consumers to try them out and realise the predictable benefits.
Recipe of Success in OTC: Calcium Sandoz, Crocin, Benadryl and many such brands have been long existent in the market and have been prescribed to and used by millions of consumers with good results. There are more than 50 such brands in different non serious therapeutic categories which are ripe for the OTC switch. The advantage is the brand equity that these brands already possess.. To be continued:
Initially we will go for circular’s and pamphlets in market to Ensure Availability in market by dec’10. Later stage we will go for Advt. using communication means i.e advt. in National national newspaper & High TRP magzines.(jan’-march11) Launching of Nutraceuticals products to stregenthen portfolio like Multivitamines,alovera &sucralose & gingseng. April’11 Onwards after ensuring avalability Media campaign in leading channels.
CONCLUSIONThe converging economic and demographictrends in India have laid the groundwork foropportunity in nutraceuticals. Today theopportunities are plenty, there is vast emptyspace in the market, the consumer is hungry forproducts, the market forces are openlywelcoming the new entrants, the competition isnot yet intense, and the growth drivers are inplace