Evaluating The Effectiveness Of Academic Conference Promotion In Pharmaceutical Industry: Methods And Application

Pharmaceutical industry is particularly special and holds an important position in the global business. There are quite a number of pharmaceutical companies in the top of the Fortune 500. In China, pharmaceutical industry represents about 3% of the GDP with rapid development in the past few years. Although the market is attractive, pharmaceutical companies can promote their products in limited ways. Advertisement of Rx medicine is forbidden in China, which is similar to the international regulations. There are only two conventional ways to sell products in this industry, personnel selling and sales promotion. This paper analyzes the promotion of Rx in hospital base on a deep interview to the hospital market.Despite sales promotion in the pharmaceutical industry is limited by some restrictions, there were some incentives and techniques to produce the short-term or long-term sales effects, such as the present and the academic forum. In this paper, we suggest the suitable development direction of sale promotion in hospitals.The purpose of this study was to investigate the sales promotion effect in the pharmaceutical industry. After a brief review of the concept and theory of sales promotion, a detailed analysis of the evaluation method generated a model of sales promotion. Regression was conducted with the database from a particular prescription drug manufacture, to identify the factors which influence the sales most significantly. The results show that the regression model is a good tool to evaluate the sales promotion. Finally, to assess the ROI of the different types of sales promotion, we conducted break-even analysis and predict the effects of each promotion means.