Problem Statement –
As blockbuster drugs begin to decline, Pfizer determines how to restructure their company to continue to compete for market share.
Pfizer can also provide treatment solutions and support for both doctors and patients. By providing additional education to physicians and consumers, proper use of their drugs can limit side effects and maintain a reputation for safe and effective drugs. Pfizer has attempted to educate politicians on the cost-effectiveness of drugs (Appendix I), but instead should focus on the doctors and end consumer who will demand the drug. Also, Pfizer can eliminate previous accusations involving their negligence to warning consumers about the unwanted effects of using their products. Although delivering facts and information to physicians and consumers can be effective in increasing awareness, Pfizer can not guarantee the result will be increased sales. Implementing this strategy will require a high investment in altering advertising, choosing information medium, and time. Support offered for doctors and patients might be provided by salespeople or Pfizer may be required to hire new support staff. Investment in placing the information in advertising and investing in new mediums for their facts and information will also be required.
Pfizer should minimize their sales team and divide representatives to target specific markets. For instance, a team of salespeople can target cancer specialists and a team of salespeople can target diabetes specialists. In this way, Pfizer can cut costs by eliminating unnecessary sales representatives and reduce the number of salespeople calling on doctors. Pfizer’s sales team has a reputation as best and they train their sales team to be knowledgeable and informative. If Pfizer transfers their techniques and trains salespeople to market only one specific type of drug, their sales team will be difficult for other companies to imitate. The strategy targets specialty doctors and...