Marketing Plan of Covance Inc.



Executive Summary

In this paper, we have examined the marketing plan of RapidFACT by Quotient Clinical. The company deals in formulation and medicine development services, and it provides early stage and later stage drug manufacturing services along with laboratory experimentation and testing services to its clients. Its major clients are patients, health care providers, pharmaceutical companies, manufacturers of medicines and companies that are involved in drug development.

The market of Pharmacology deals with the progress, making and publicizing of the medicines or drugs that are outcome of detailed and thorough biology and pharmaceutical study. It is considered as the most matured market of USA and earned total revenue of $289 billion in 2011. It has grown by 81% from 2007 to 2011.

The traditional model for pharmaceutical commercialization—compounds discovery, clinical trials, regulatory approval, promotional campaigns—worked for a long time but is under increasing pressure from stronger cost-containment measures and declining research productivity. To remain competitive and financially successful, pharmaceutical companies must become more proactive in addressing both the economic and clinical value of products across the product life cycle. Companies need to be able to demonstrate their value economically to patients and payer's and to create more innovation around delivering economic value.

The marketing plan of the company is comprised of identification of market, segmentation, product profile, promotion, key message, benefits and competitive advantage of the service offered by the company.

Table of Contents

Executive Summary1

Current Market Situation4

Opportunity and Key Issues Analysis5

Marketing Plan7

Action Plans13

Controls16

References17

Marketing Plan of RapidFact

Current Market Situation

The market of Pharmacology deals with the progress, making and publicizing of the medicines or drugs that are outcome of detailed and thorough biology and pharmaceutical study. The total value of market has incorporated the profits from pharmaceutical companies earning and operating in the society, sales of the medicines, income earned in form of license fees, royalties and findings of researches. It is considered as the most matured market of USA and earned total revenue of $289 billion in 2011. It has grown by 81% from 2007 to 2011. The segment of health care within the market is considered as the most profitable for the year 2011 and earned $60.8million of revenues. The second most profitable segment of market is found to be service provider that resulted in $21.9 billion in 2011. The market is expected to grow by 9.7% and earn a profit of $143 billion till 2016. There are total two segments that lie under pharmaceutical market, which are segmentation in terms of products, i.e. ethically prescribed drugs and over the counter sold drugs, and distributers, i.e. hospitals, nursing homes and other outpatient settings. The ethical drugs or branded drugs accounted for 60% of market sales and remaining is represented by over the counter sale. In addition, 70% of drugs were sold to wholesalers and remaining 30% was sold to direct manufacturers of the medicines (MarketLine, 2011).

Major competitors in this market are Amgen, Inc., Covance Inc., Johnson & Johnson, Pfizer, Abbott Laboratories, and Merck & ...