Marketing Plan - RapidFACT by Quotient Clinical



Executive Summary

The product for which we have proposed this marketing plan is RapidFACT (Formulation Development and Clinical Testing) by Quotient Clinical. The target market of the product are all the pharmaceutical industries and companies and the hospitals and chemist as well. Oral bioavailability has a dramatic effect on desired efficacy and target product profile of a new chemical entity. The RapidFACT of Quotient Clinical service can provide an integrated formulation development and clinical testing strategy to rapidly develop, screen and test the desired formulations in patients to deliver the desired target product profile of the drug. The key problem that may incur from the side of customer is that they may find the product as expensive; however, it is desired to reduce the time of delivery of the drug by optimization of the process. As for now, there are no actual competitors who are offering the similar kind of product to the target market which offered integrated formulation development and rapid clinical testing. Decision makers are used to traditional formulation of the development approaches. Until now, the potential customers are not aware of the favorable regulatory environment and successful execution of the integrated Translational Pharmaceutics platform offered by Quotient Clinical's RapidFACT service. Therefore, this marketing plan is proposed by the company to let the target market know the benefits of using the product. Target buyers are represented from two groups that often do not communicate with each other and this creates a challenge to get them to consider integrated services offering the combines the GMP formulation development within the same facility that can run the clinical study. The objectives of the marketing plan is to generate awareness in broader market and create desire to work with Quotient Clinical utilizing the RapidFACT platform. Sales and marketing efforts will result in an increase of sales by 30 percent in the year 2013. The company will establish preferred relationship with three new big pharmaceutical companies in 2013. The main audience for RapidFACT is ethical pharmaceutical companies which develop new drugs and/or formulate the existing drugs. The target contact for this service is both, Directors of formulation development, as well as early Clinical Pharmacology.

Table of Contents

Executive Summary2

Current Marketing Situation5

Background on Product5

Analysis of Market Situation6

Competition6

Target Market6

Opportunity and Issue Analysis7

Key Issues within Market9

SWOT Analysis9

Strengths10

Weaknesses10

Opportunities10

Threats10

Marketing and Financial Objectives11

Financial Analysis11

Controls12

References14

Marketing Plan - RapidFACT by Quotient Clinical

Current Marketing Situation

Current market situation is that the company does not have known competitors, and it will be easy for it to cater its target market in an appropriate way. There will no difficulty created from the competitor side at first; however, the hurdle may come for the customer side. The customer may reject the use of the product first due to its expensive cost; however, this marketing plan will help the company to convince the customer regarding its advantages and efficiency. Currently, as there are no true competitors for the similar product in the industry; therefore, we cannot have an exact idea of the ...