Strategy and Implementation Summary
The United States pharmaceutical market is the initial focus of DocBuzz, Inc., emphasizing the sale of pharmaceutical products to all targeted professionals. A special DocBuzz, Inc., liaison is assigned to the pharmaceutical company to evaluate their current market position, its strength and weaknesses. Then, DocBuzz, Inc., will design a complimentary e-marketing strategy and a targeted list of medical professional end users. Due to the shear amount of revenue that the pharmaceutical industry generates, this is the primary targeted industry. The quickly growing biotech and the less quick moving medical devices industries will receive similar service. Both of these industries require prelaunch marketing and focusing the medical community's attention on the new products, the benefits that these new products will bring, and basically building market needs prior to the product's official launch.
5.1 Competitive Edge
The pharmaceutical industry is now under increase pressure to improve profitability due to pressure from various non-pharmaceutical related entities. For example, traditionally the pharmaceutical industry is the body that will request changes of drug labeling (what the drug is approved for) such as prescription vs. over the counter, recently Well-Point a California HMO set a precedent by petitioning to the FDA to change three major top revenue generating prescription antihistamine to an over the counter status (Claritin, Zyrtec and Allegra). DocBuzz recognizes this development and will be in a position to assist the pharmaceutical industry to speed up through the use of prelaunch education and marketing to increase profit.
The key to successful e-detailing is an extensive, loyal and active medical professional. DocBuzz, Inc., is a physician owned company. This is a vital point. As practicing physicians, we know and understand the strategy to recruit and retain physicians. We have developed recruitment and retention tools, such as our unique VIRP, CME programs, chat rooms, live conferences and an extensive prize gallery. As practicing physicians, we better than anyone else, understand why a physician has certain prescribing habits and what will encourage that physician to change those habits.
Building this type of loyal network is a new business concept and several start-up companies are in various developmental stages that will provide similar services. These start-up companies' strategy is to target the "top tier" pharmaceutical companies, with no other target markets. In addition to the "top tier" pharmaceutical companies, DocBuzz, Inc., also targets small- and medium-sized pharmaceutical, biotech and medical device companies. As a physician owned company, we have developed a unique retention program (VIRP) that caters to the needs of the physician.
Currently, there is no e-detailing to the thousands of ARNPs and PAs who prescribe millions of prescriptions yearly. DocBuzz, Inc., intends to market these significant physician extender as well. DocBuzz, Inc., plans on expanding our service to the thousands of physicians in training (interns, residents and medical students).
5.2 Marketing Strategy
DocBuzz, Inc., marketing strategy is the core of the main strategy:
- DocBuzz, Inc., will utilize the principal's personal contacts within the pharmaceutical, biotech and medical device industry.
- All brochures and interactive CD presentations will be designed and created by DocBuzz, Inc.
- Personal telephone calls by one of the physicians will follow every mailing of material.
- Live presentations and question and answer sessions will be arranged by DocBuzz, Inc.
5.2.1 Pricing Strategy
DocBuzz, Inc., has developed a pricing strategy that provides a solid profit for our company, while providing good value for our client companies.
- The industry average per face-to-face-detailing is $200, with poor to moderate effectiveness.
- DocBuzz, Inc., provides e-detailing availability 24 hours a day, 7 days a week for the modest charge of $150 per e-detailing.
- DocBuzz, Inc., offers discounts for high volume clients (package discounts).
5.2.2 Promotion Strategy
We depend on our extensive network of physicians and other professional contacts within the medical community. As the technology and our client industries change, we will change our strategies.
Networking and Support:
- DocBuzz, Inc., will use contacts that are known to the principals of the company as a base on which to build our network core.
- DocBuzz, Inc., will use the Internet to deliver literature mailing requests and real time demonstrations.
- Literature mailing, phone sales, automated multimedia Power Point presentations, and personal visits by our principle physicians.
5.3 Sales Strategy
The specific sales strategy has been omitted due to critical internal information that is not for public disclosure. The specific sales strategy has been omitted due to critical internal information that is not for public disclosure. The specific sales strategy has been omitted due to critical internal information that is not for public disclosure. The specific sales strategy has been omitted due to critical internal information that is not for public disclosure. The specific sales strategy has been omitted due to critical internal information that is not for public disclosure.
5.3.1 Sales Forecast
The sales forecast monthly summary is included in the appendix. The annual sales projections are included here in the following table.
5.4 Strategic Alliances
- Professional groups such as the AMA and other specialty organizations.
- IMS Health (to capture individual data and physician prescription patterns).
- PEER GROUP is currently providing marketing/consulting through non-Internet media.
- Technology alliance (i.e. DELL, IBM, and ATT).
- Established Internet product distribution organizations--for example, Amazon.com, Buy.com, and various Travel sites.
- Other medical Internet sites for cross promotion.
The table below indicates specific milestones that we feel are critical to our success. The reader will notice that we listed each specific milestone, start and end date, budget allocated (if any) the specific person responsible for the successful accomplishment. As each milestone is reached, it is deleted out of our plan, and replaced with a new milestone.
This is an example of why our business plan will never be complete, we view it as a living document that is in a constant state of change and growth. We meet on a monthly basis, to review our milestones, and meet with our strategic consultants on a monthly basis, until such time as the consultants can be replaced with our own employees.