They need to hire Innovate, the marketing services firm which provides experienced salesmen with existing relationships with the doctors and pharmacists they want to reach. In the long run, it should also establish the relationship with hospitals and enhance training of product knowledge to form their own elite sales team. 2) Educate the market – a senior sales method is changing current concept of consumers about products. Publish articles in medical Journals to analyze the disadvantages of Heparin and advantages of Magnolia to change the old concept of treating heart disease to new one.
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Tell doctors and pharmacists that Magnolia is the newest and best product for them to use. 4. How do you think of the Medicines Company’s business model? Is it viable? The Company’s main strategy is to acquire those medicines abandoned by other pharmaceutical companies. Although the Company has adopted 4 rules to screen among the candidates, it still faces the potential risk of failure. Drug companies abandoned these products for a variety of good reason including safety, efficacy and profit potential. Why does the Medicines Company have the Golden Finger?
There is no such guarantee that products which comply with the 4 criteria will turn out to be a blockbuster. Even if Magnolia became a success, who can ensure IS-1 59 and CATV-05 will also be successful? Unlike other major players like Boogie, the Medicines Company is much more vulnerable to risk as it has no product portfolio. Not even to mention that the Company appears to lack a clear marketing plan for Magnolia and other future drugs reaching FDA approval. So we should stay prudent about the Company’s strategy and let the Company to prove itself in the future.