Perspectives on Business Management, Economics & Information Technology (PBMEIT) Now also covers research on Psychology

PBME Volume I ISBN: 978-81-946245-3-0

CHANGING DYNAMICS OF BRAND CHOICE AND BRAND SWITCHING OF PRESCRIPTION DRUGS IN A VUCA ENVIRONMENT: A STRATEGIC PERSPECTIVE OF HOSPITAL DOCTORS IN DELHI-NCR

Author(s): DR. P.S RAYCHAUDHURI & MS. BUSHRA AKHTAR & MS. ISHRAT RASOOL & MS. RANI JAISWAL

Abstract

The study helps the pharmaceutical marketers to understand the doctor’s decision-making process for the choice of the brand and the strategies that could be evolved to meet them. The same holds true for the chemists as well. The physicians live in a VUCA world. Therefore, the changing dynamics of prescription generation and drug sale in pharmaceutical business is not very obvious, but it is volatile, uncertain, complex and ambiguous. VUCA plays an active role in generating the prescription demand on the basis of the assumption of what would be suitable in a fast-changing pharmaceuticals business environment.

The study was done in the region of Delhi-NCR among the Specialist Doctors/ Physicians in the private / government hospitals/ nursing homes and the Retail Chemists around the hospitals/ nursing homes and other localities. It was done to understand their perception about the brand of drugs available and the factors influencing their choice of drugs. The same study for the perception of the retail chemists was also conducted. The study also included the factors impacting the choice of brand name desired by the doctors and chemists as well. The reasons for shifting from one brand to another brand in the same therapeutic domain by the doctors have also been explored. The study was carried out over the period of three months. The methodology for analysis was done through percentages and averages methods.

Similar studies and survey have been done in the past, but a corresponding back-to-back survey for the retail chemists to understand the wider aspects of brand choice across the supply chain has been scant. Thus, it will help to get a better perspective.

Keywords: brand choice, brand switching, pharmaceutical business, prescription drugs, vuca environment

JEL Classification: M30, M31, M37

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