Predictive Strategies for the Determination of Sales and Advertising Expenditures in the Pharmaceutical Industry in Nigeria

Advertising budget setting continues to be a controversial topic. Theobjective of this study is too formulate a scientifically –based approach tosetting advertising budgets and correct the lack-lustre approach towards this.Secondary sources of data were used in this study. Data analysis was done byusing the SPSS statistical software package. This study was based on thepremise that little is known about how managers actually set advertisingbudgets and little attention is paid to this issue and managers are making less than optimal decisions on advertising budgets. It was identified thatoptimizing scientific methods were not the basis of many decisions onadvertising budget settings. It has also revealed the slowly increasing use ofquantitative models and the widespread use of heuristic such as percent-of-sales and competitive parity. Despite the controversies surrounding budgetsetting for advertisement, the study has been able to provide a leverage ofconfidence limits such that, regardless of whatever approach adopted, theconfidence limit is the guiding star towards achieving ‘optimum’ budget toreap the benefits of advertisement

A critical analysis of the prospects and constraints to commercialization of indigenous pharmaceutical research and developments outputs in developing countries

It is the inalienable right of the pharmaceutical industry to continue to create medical breakthroughs in order to improve the quality and availability of essential drugs, equipment and consumables in order to impact on morbidity and mortality rates associated withemerging and re-emerging diseases. This study aims at evaluating the prospects and constraints that the pharmaceutical industry in Nigeria faces in Research and Development (R&D) and its commercialization and how these could be overcome. Questionnaire was used as the data collection instrument using stratified sampling procedure. Findings show that the industry faces a lot of constraints due to economic, regulatory and scientific factors that have fundamentally changed the environment in which it operates. The changing focus of drug discovery and development, rising R & D expenditure, cost management,complexity of R & D (e.g. biotechnologies), lengthy period of R & D till commercialization among others, are disincentives to innovations and commercialization of the output of R & D. Thus, translation of the output of pharmaceutical R & D in developing countries like Nigeria is still low just as the prospect for commercialization and innovative skills remainlow. The study recommends appropriate intervention strategies to overcome the militating factors so that the industry can grow and enhance the multiplier effect of improved quality of life benefits

The effects of advertising on sales in the pharmaceutical industry in Nigeria - A survey

Although advertising accounts for a major share of promotional expenditure of most companies in the pharmaceutical industry, most of them manifest considerable ignorance about how advertising works. This study aimed at determining the effect of advertising on the sales of pharmaceutical products bearing in mind the uniqueness of this market. Data collection was achieved with the use of questionnaire administered on the respondents by stratified sampling technique. Data analysis was done with the SPSS software package. The result showed that there was a positive correlation between advertising and sales in the industry. The study concluded that even though advertising influenced sales, there wasa limit to which a positive correlation could be expected and hence, advertisers should be wary of this phenomenon. The study also showed that, there was no difference in the way advertising influences sales in this industry and in any other industry

Marketing of herbal drugs in Nigeria: a survey of Ilorin Metropolis

No Abstract.Global Journal of Medical Sciences Vol. 6 (2) 2007 pp. 51-5