Pharmaceutical Industry Analysis in Hungary with the Focus on "Egis" Business Policy and Its Competitors
Conclusions and recommendations
In our opinion, if EGIS wants to achieve its goals set into the future, it has to gain competitive advantages against its competitors. On the one hand, the most evident but very important factor lies in the research & development unit of the company. If EGIS develops a medicine that is a breakthrough in the treatment of incurable diseases, it can win the market and get the leader position for years. For that reason, considering the financial strategy of the company, we can say that one of the most important tasks of EGIS that it must take attention to, is to arrange financial support to the advantage of the research & development unit. At the same time, there is a considerably large need for cash cow products to provide the required financial background.
On the other hand, we find the role of medical representatives not the best method of increasing sales in the long-term. It does not mean that there is no need for them but we think that their activities can only maintain present position of EGIS but cannot raise it. For that reason, we would suggest to rearrange the budget that was previously on the advantage of medical representatives and through them to doctors. From doctors (in a percentage) we would turn rather to the customers to achieve that customers convince the doctor to apply, the given medicine, not contrary. Shortly, we would give the decision in the hand of the patient. We would spend a percentage of the budget that was previously was for the advantage of medical representatives to marketing both the company and the products, to the consumers and doctors at the same time. Within the new marketing strategy, we would concentrate not only on the advertisement of the given products but we would also lay stress on the image building of the company as well.
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