Medical and Pharmaceutical Merchandising Lecture Notes PDF

Medical and Pharmaceutical Merchandising preencoded.png  Total Marks 100 Continuous assessment Final Exam 50 Marks 50 Marks Test 1 (13/11/2024): 10 Marks Test 2 (11/12/2024): 10 marks Periodical...

Medical and Pharmaceutical Merchandising preencoded.png  Total Marks 100 Continuous assessment Final Exam 50 Marks 50 Marks Test 1 (13/11/2024): 10 Marks Test 2 (11/12/2024): 10 marks Periodical Quizzes: 15 marks Students Presentations: 15 marks preencoded.png What does Pharmaceutical Industry mean? Research and Development Manufacturing and Distribution Marketing and Sales ▪ Manufacturing involves ▪ The marketing and sales are ▪ It includes the research and quality control, and required to reach healthcare development of new drugs adherence to Good professionals and patients. and treatments. Manufacturing Practices ▪ This involves promotion, ▪ This process involves (GMP). education, and outreach complex scientific studies, ▪ Distribution ensures timely activities. clinical trials, and regulatory delivery of pharmaceuticals approvals. to healthcare providers and ▪ New technologies like patients. artificial intelligence is being integrated into drug discovery and development processes. preencoded.png Fundamentals of Medical & Pharmaceutical Merchandising Merchandising is important for effectively reaching healthcare professionals and consumers. preencoded.png Defining Pharmaceutical Merchandising Product Presentation Customer Engagement Value Communication Pharmaceutical Effective merchandising It evaluate the value and merchandising involves strategies aim to educate benefits of pharmaceutical promoting pharmaceutical customers, leading to products to enhance patient products to patients and informed purchasing outcomes. healthcare professionals. decisions. preencoded.png Understanding the Role of Merchandising Product Visibility and Strategic Placement Awareness and Organization Merchandising effectively Products should be takes attention of the positioned to maximize customers. customer’s visibility and encourage purchases. Information and Customer Experience and Education Satisfaction Merchandising delivers A well-designed essential product merchandising experience information and educates enhances customer customers on benefits and satisfaction and brand usage. loyalty. preencoded.png Importance of Pharmaceutical Merchandising Enhanced Patient Outcomes Increased Sales and Revenue Effective merchandising promotes Attractive displays and engaging patient understanding of medications presentations can increase product and treatment options, improving visibility increasing customer adherence and better health purchases, which can increase outcomes. pharmacy revenue. Brand Building and Loyalty Competitive Advantage Consistent and high-quality It differentiates the product from other merchandising creates a positive competitors through innovative and brand image, customer trust, and customer-based strategies which attracts loyalty. more customers preencoded.png What to do to achieve effective merchandising Target Understanding Product Differentiation Highlighting unique Understanding the product features and needs of healthcare benefits professionals and consumers is essential. Visual Appeal Accessibility and Convenience Eye-catching displays and attractive packaging Products should be can influence purchase easily accessible and decisions. conveniently located for customers. preencoded.png  Merchandising Strategies for Medical Products Strategic Product Positioning Comprehensive Product Information ▪ Place frequently purchased items at eye ▪ Provide clear and concise product level. labels, including key features, benefits, ▪ Organize products by category to and instructions for use. enhance product reach and discovery. ▪ Incorporate visual aids like diagrams or illustrations to enhance understanding. preencoded.png  Pharmaceutical Merchandising Tactics Prescription Management Over-the-counter (OTC) Product Promotion prescription refills and Highlighting popular OTC enhance patient satisfaction. items through eye-catching displays. Product Bundling and Promotional Offers and Cross-Selling Discounts Offer bundled discounts for Attract customers with related products, increasing limited-time offers, coupons, sales. or price reductions. preencoded.png Digital and Physical Merchandising 1 Enhanced Customer Engagement Digital tools like interactive displays and mobile apps provide customers with information easily. 2 Improved Product Discovery Online resources, such as websites and social media, allow customers to research products and make informed decisions. 3 Increased Brand Awareness Digital marketing can extend the product reach beyond the preencoded.png physical store, raising brand visibility. Digital Merchandising Approaches 1 Early Websites Simple online presence with basic product information. 2 E-commerce Platforms Online stores allowing customers to purchase medications and health products directly. 3 Mobile Apps Convenient access to pharmacy services, medication reminders, and health information. 4 Social Media Marketing Engaging with customers, sharing health tips, and promoting pharmacy services online. 5 Personalized Recommendations Product suggestions based on individual health needs and preferences. preencoded.png Measuring and Improving Merchandising Effectiveness Track 1 Monitor sales figures, customer engagement, and product visibility. Analyze 2 Identify trends, areas for improvement, and successful strategies. Adjust 3 Make changes to product placement, displays, or promotions based on data. Evaluate 4 Regularly assess results. preencoded.png Key Players in Pharmaceutical Merchandising Pharmacists Sales Representatives Dispense medications, provide Promote products to healthcare patient counseling, and ensure professionals, building safe and effective medication relationships and driving sales. use. Marketing Professionals Retail Managers Oversee pharmacy operations, Develop marketing strategies, profit, and implement create promotional materials, merchandising strategies. and manage brand image. preencoded.png Ethical Considerations in Pharmaceutical Merchandising Patient Safety 1 Prioritizing patient well-being by ensuring accurate information and appropriate medication choices. Transparency and Honesty 2 Clearly communicating the benefits and risks associated with medications. Respect patient decisions 3 The authority of the patients to make decisions about their health. Social Responsibility 4 Considering the impact of merchandising practices on community 5 Professional Integrity They are adhering to ethical guidelines and maintaining high standards of conduct. preencoded.png Fundamentals of Commodity Analysis in Pharmaceutical Merchandising preencoded.png  Understanding the Pharmaceutical Supply Chain Raw Material Sourcing 1 like chemicals, active pharmaceutical ingredients (APIs), and packaging 2 Manufacturing components. is transforming raw materials into finished Packaging and Labeling 3 pharmaceutical products, with its quality Finished products are packaged and labeled control standards. with appropriate information, ensuring 4 Distribution product identification and safety. 5 Products are distributed to wholesalers, Retail and Patient Access pharmacies, and healthcare facilities Patients access medications through pharmacies, hospitals, and other healthcare preencoded.png providers.  Identifying Key Commodities and their Characteristics Active Pharmaceutical Excipients Packaging Materials Ingredients (APIs) Non-medicinal substances Containers and closures The core therapeutic added to formulations, ensuring product components of medications, aiding in stability, texture, protection, integrity, and determining their effectiveness and administration. safe handling. preencoded.png and therapeutic action.  Supply and Demand factors affecting commodities and their characteristics Supply Factors Demand Factors Production capacity Patient needs Raw material availability Disease prevalence Manufacturing costs Healthcare spending Regulatory approvals Insurance coverage Technological advancements influence Competition among pharmaceutical supply. companies. preencoded.png Commodity Analysis in the Pharmaceutical Industry ▪ Commodity analysis in the pharmaceutical industry examines the supply and pricing ▪ It considers factors such as production costs, competition, regulatory changes, and global market dynamics to provide evaluate the industry's performance. preencoded.png The factors affecting the commodity analysis Supply Production Costs Competition Analyzing factors that Assessing the cost of Evaluating the presence influence the production manufacturing, including of competitors and their and availability of raw materials, labor, and market share medical products. facilities. Regulations Global Market Dynamics Understanding government regulations, Analyzing international trade patterns, approvals, and potential changes that currency fluctuations, and geopolitical impact the market. factors. preencoded.png The Compliance with Regulatory Frameworks Good Manufacturing Drug Safety Reporting Practices (GMP) Reporting adverse events and Ensuring quality and safety in product defects to regulatory pharmaceutical manufacturing authorities to monitor drug safety. processes, including product consistency and documentation. Data Integrity and Security Labeling and Packaging Requirements Adherence to strict labeling and Maintaining accurate and reliable data packaging regulations for records, and achieving data security to accurate product identification protect sensitive information. and consumer information. preencoded.png Analyzing Supply and Demand Dynamics 1 Raw Material Availability The availability of ingredients and active pharmaceutical ingredients (APIs) can affect production. 2 Manufacturing Capacity Production facilities need to be able to scale up or down the production. 3 Distribution Efficient distribution and transportation are important for the delivery of pharmaceuticals to healthcare providers. 4 Consumer Patient needs, disease prevalence, and market can influence the use of specific medications. 5 Pricing Policy Government regulations and healthcare insurance coverage impact medication affordability. preencoded.png Ethical pharmaceutical distribution channels Manufacturer Distributor Hospital Retail Wholesaler Pharmacy Pharmacy Customer Customer preencoded.png  Major Pricing Strategies Customer Value- Competition- Cost –based Pricing based Pricing based Pricing Added- Cost-Plus Pricing Good-Value Value Pricing Pricing Breakeven Pricing Remember that good value doesn’t necessarily mean lower price preencoded.png Customer Value-based Pricing is a strategy where the price of a product or service is determined based on the value it provides to the customer. ▪ Instead of focusing on the cost of production or market prices, this approach considers how much customers are willing to pay for the benefits and value they receive. ▪ This method requires a deep understanding of customer needs, preferences, and their willingness to pay 1. Good-value pricing is a strategy where a product or service is priced based on the balance between its quality and the value it provides to the customer. ▪ This approach aims to offer the right combination of quality and good service at a fair price. ▪ It ensures that customers feel they are getting good value for their money 2. Added-Value Pricing, is a strategy where the price of a product is set based on the additional benefits it provides to the customer, rather than just its production cost or market competition. ▪ It means pricing a product higher because it offers something extra that customers find valuable preencoded.png Cost-based Pricing is a strategy where the price of a product or service is determined by adding a specific percentage or amount to the cost of producing it. ▪ This method ensures that all production costs are covered, and a profit margin is included. ▪ There are two main types of cost-based pricing: 1.Cost-Plus Pricing: This involves adding a fixed percentage to the total cost of production. 2.Break-Even Pricing: This sets the price to cover the costs of production without making a profit, ▪ This means the selling price is equal to the total cost of producing the item. Competition-based Pricing is a strategy where prices are based on the prices of the competitors rather than on its own costs or customers. This approach involves three main options: 1.Pricing below competitors: To attract price-sensitive customers. 2.Pricing at the same level as competitors: To compete on other factors like quality or service. 3.Pricing above competitors: To position the product as a premium offering preencoded.png  Fixed Cost is the cost which does Fixed Costs not vary with the changes in the quantity of production units. (Overhead) e.g. Rent, Salary, Insurance Total Cost Variable Cost is the cost which varies with the changes in the Variable number of production units Costs e.g. Material Consumed, Commission on Sales, Packing Expenses, etc. preencoded.png  Coding of Medical and Pharmaceutical Products ▪ Accurate coding is crucial for the medical and pharmaceutical industries. ▪ It ensures proper identification, tracking, and management of products, ensuring patient safety and compliance with regulations. preencoded.png  What is a Barcode? Visual Representation Encoded Data Barcodes are visual patterns of lines These patterns represent encoded and spaces, known as bars and spaces. data, using a specific code system. preencoded.png Purpose of Barcodes in the Pharmaceutical Industry Product Identification Inventory Management Barcodes uniquely identify each pharmaceutical Accurate inventory management is crucial for product, enabling accurate tracking and pharmaceutical supply chains. Barcodes preventing counterfeiting. facilitate stock tracking and ensure timely replenishment. Patient Safety Traceability Barcodes play a vital role in patient safety by Barcodes enable full traceability of preventing medication errors and ensuring the pharmaceutical products, from manufacturing to right drug is administered. distribution, enhancing accountability and safety. preencoded.png Challenges in Coding Products Multiple Ingredients Coding of products with multiple ingredients requires accurate and detailed information. 1 Dosage Forms 2 Different dosage forms, like tablets, capsules, or injectables, require specific coding. Combination Products 3 Coding combination products, combining drugs and devices. Specialized Packaging 4 packaging with unique features or delivery systems needs precise coding. Regulatory Complexity 5 Being updated with regulations and coding standards. preencoded.png Barcode Structure and Elements Quiet Zone Start/Stop Character Empty spaces on Special patterns either side of the marking the barcode, ensuring beginning and end of accurate scanning. the encoded data. Data Bars Check Digit Alternating bars and Is the last digit of the spaces representing barcode number. the encoded It is calculated from all information. the other digits in the barcode and serves to verify the accuracy of the barcode preencoded.png Best Practices for Barcode Placement and Readability Clear and Accessible High Contrast Place barcodes on a flat Ensure sufficient surface, free from contrast between the obstructions. barcode and background. Adequate Size Correct Orientation Choose a barcode size Ensure barcodes are suitable for scanning printed straight and technology. level. preencoded.png Barcode Scanning and Data Capture Scanner Activation The barcode scanner is activated, either manually or automatically. Barcode Alignment The scanner is aligned with the barcode, ensuring optimal scanning. Data Capture The scanner reads the barcode, decoding the information into a digital format. Data Transmission The captured data is transmitted to a connected system, such as an inventory management software. preencoded.png preencoded.png