Emerging promotional and pricing approaches in the US pharmaceutical market

Abstract

Purpose – This paper aims to review the progression of the pharmaceutical industry through the lens of government legislation in the USA. The goal of this paper is to provide a comprehensive review of pharmaceutical marketing practices while providing direction for emerging pricing and promotional approaches. Design/methodology/approach – This paper offers a comprehensive review of pharmaceutical marketing practices through an exhaustive review of the literature. Further, suggestions are made based on emerging marketing techniques found in the literature. Findings – Changes in government legislation will continue to play a significant role in promotional activities of the pharmaceutical industry. This study identifies specific pricing and promotional tools the pharmaceutical industry can use in response to these emerging changes. Specific actions such as enhancing public image, reconfiguring sales forces, outsourcing and optimizing the pricing mix are suggested. Practical implications – This paper presents clear guidelines for managers by affording applicable practical tools to offset changes posed by government legislation. Originality/value – This paper seeks to fill a gap in research surrounding pricing and promotion in the pharmaceutical industry. Further, this paper offers concrete pricing and promotional approaches for pharmaceutical management.