Developing Marketing Strategies for Pharmaceutical Industry in Indonesia Findyta Manziline, Fitri Aprilianty
Institut Teknologi Bandung
Abstract
Pharmaceuticals are a promising industry in Indonesia. The government has added the pharmaceutical and medical device industries as priority sectors to carry out the Making Indonesia 4.0 program in response to the rising demand. One form of product sold by pharmaceutical companies is FSMPs, which are foods that are specially formulated to meet the medical needs of a particular individual. Between 2022 and 2030, the global market for food designed for special medical purposes (FSMP) is projected to experience a compound annual growth rate (CAGR) of 6.5%. This growth is driven by factors such as the rising occurrence of chronic illnesses, an expanding understanding of the advantages offered by FSMPs, growing demand from emerging markets, and a notable surge in demand for FSMPs from the healthcare sector. All these factors contribute to the overall growth of the FSMP market. As one of the pharmaceutical products whose marketing regulations are strictly regulated by the government, there are certain challenges that will require multistakeholder attention in a coordinated way to overcome. Marketing for FSMPs tends to focus on influencing and educating users as recommenders, who act as the customers and prescribe pharmaceutical products, rather than directly targeting end users. This makes it distinct from marketing efforts for other consumer products. This study will collect marketing insights through a qualitative approach using in-depth interviews. Remarkably, this research found that a competitive marketing strategy suitable for FSMPs needs to focus on their marketing efforts through healthcare business partners.
Keywords: Dietary Needs, FSMPs, Healthcare Marketing, Medical Nutrition, Pharmaceutical Industry
