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Budget Impact Principles Of Good Practice

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Question:

Discuss About The Budget Impact Principles Of Good Practice?

 

Answer:

Introducation

To become the most valued partner of Pharma in the entire fraternity and this will help them in developing as well as manufacturing wide range of products that will help in complying with regulatory standards (Ciarametaro et al., 2017).  

Objectives on financial and market share

Enlarging the market by making proper innovation and increasing the share in the market and develop competitive advantage. The respective company needs to increase the profitability by proper elimination of the unprofitability activities. Proper increase in the price is necessary, as this will help in providing proper benefits to the individuals.

The liquidity ratios have to be properly utilized by the respective company, as this will help in measuring the liquidity that is short term in nature. This will help in managing the levels of debt in the company. The company needs to build and enhance the proficiencies of the company.

 

The main objectives of this company are:

  • To formulate and manufacture different antibiotics and carry out coordinated program that will help in managing the financial aspects of the company
  • To properly develop as well as refining new and accurate strategies that can be used by the company in order to facilitate their priorities in different countries (Mirzaei, Carter & Schneider, 2017)
  • To properly develop assessment practices related to reduction of risk in the company as this will help in achieving the marketing objectives (Schlegelmilch, 2016)

Strategy for entry in market

The Mylan pharmaceutical company has to analyze the foreign revenue in order to increase the revenue as the domestic value. The law suits that has been generated against Mylan has to be properly eliminated by them in order to improve their brand image and this will help them in gaining financial success as well (Birkland, 2014). The other recommendation is the cost has to be properly lowered in order to create a strong and accurate supply chain against the other local brands. This will help in increasing the size of their market in the competitive industry as well.   

The recommendation regarding the PESTEL analysis is that there is no proper political framework. The company needs to create a strong political network, as this will help the company in encouraging foreign investment in the country.

The company can collaborate with another company, as this will help them in being potential in nature (Sekaran & Bougie, 2016). The Mylan can collaborate with Renata, as this will help them in being the most trusted brand of pharmacy in the entire world. Renata is the local pharmaceutical company and this will help them in expanding the business as well (Rao, 2014). In this way, it is easier for Mylan in order to gain competitive advantage in the labor market and this will help them in attracting more multinational firms in the market as well (Pitt & Berthon, 2016). This will be the ideal decision of selecting Renata as the partner as this will help them in gaining proper competitive advantage and this will help them in enhancing their skills as well.

Segmentation, Positioning and Targeting strategies

  • The segmentation has to be done by analyzing the needs of the customers. The senior citizens will be the target customers and it is based on the needs of the individuals as well (Sullivan et al., 2014).
  • The target market segments are the senior citizens as they are the ones who are in great need of the medicines in different span of time. The hospitals need to have proper stock of the medicines, as these will help in making the patients cover under the plan (Biran, 2015).
  • Proper market research is recommended to the respective company, as this will help them in understanding the required position wherein they can establish their market and attract the customers more than the competitors in the market as well. Proper PESTEL analysis can help the company in understanding the requirements of the company.
 

Marketing mix strategies

  • Therefore, it can be recommended that there are different medicines has to be introduced as this will help them in being the most efficient pharmaceutical company in the world. This will help them in being more competitive than their competitors in the market are as well.
  • Proper and cheap pricing strategy has to be adopted by them, as this will provide benefits to the company and their individuals as well (Mauskopf, Sullivan & Annemans, 2014).
  • Proper channels have to be maintained by company as this will enable them in promoting their activities related to the campaign of the medicine as well (Weinstein, 2014).
  • Proper media strategy such as through social media and other networking sites has to be enabled by them, as this will help them in maintain proper communication channels with the media as well (Chen et al., 2017).
  • The physical facilities have to be enabled by them, as this will help them in carrying out the physical goods and services of the pharmacy.

Economic evaluation

Market size – 240000/0.2 = 48000 customers

Average of annual purchase = A$150

Estimated annual revenue = A$7.2 million

  • While travelling to different countries in order to set up proper distribution channel and undertaking different promotional activities, it is essential to set up a cost of A$150, as this will help in performing proper promotional activities.
  • A$200 will be spent on the setting up proper location of the pharmacy in the local market and this includes retail and sales office as well.

In the product strategy, there has to be few changes in the packaging of few medicines as this will help them in gaining competitive advantage over the competitors in the market. The branding has to change as this helps the company in being more creative in nature

In promotional strategy, the costs has to be increased to a certain extent as this will help them in advertising about their products and services and this will help them in development of costs of media as well.

In the distribution strategy, there are different costs related to outlets and network for transport that has to be properly implemented, as this will increase their competitive advantage as well.

Lastly, pricing has to be considered properly by the company by preparing budget for the company, as this will help in analyzing the costs of the overheads that are required to be maintained by the company as well.

Proper preparation of budget is essential to be done by the company as this helped them in achieving the objectives related to the development of the strategies that will help them in working effectively.

SERVICES

UNITS

AVERAGE PRICE

RELEVANT PERIODS

REVENUES

Immunization

2000

$20

Fall

$40000

Education on diabetes

20000

$3

Entire year

$60000

Hypertension

2000

$4

Entire year

$8000

From the above budget, it can be estimated that the average revenue that is required is $7.2 million and this will help in making the respective company in gaining competitive advantage.

 

Action plan for Implementation of the recommendations

TASK

RESPONSIBLE

START DATE

COMPLETION DATE

Training and educating staffs

Medical director

1st July

18th August

Updating the CPR policy

Quality Team

20th August

Ongoing

Anesthesia modification schedule

Anesthesia director

14th September

29th September

Purchasing new crash carts

Top management

26th September

Ongoing

This is the action plan that has to be properly followed by the company in order to make the resources available for the processes to be completed within the specified deadline. The higher officials of the company has to be identify the ongoing processes that has to be completed within specified deadline as this is necessary for the entire organization and for gaining competitive advantage as well in the competitive market.

 

Monitoring of the action and contingency plan

Proper reviewing of the action plan has to be done, as this will help in understanding whether more participants are required in the task that has been performed by a specific team or not. The objectives has to be analyzed properly by the company as this will enhance the situation and proper involvement of participants can help in finishing the tasks on time as well. The plans that are ongoing in nature can be made more efficient by involvement of expertise in such areas as well.

Proper contingency plan has to be planned, as this will help the officials of the company in understanding the requirements of the future. The packaging as well as branding is the two main concern areas wherein proper effort has to be given by the officials in the future for making them more efficient in nature. The top officials need to train their staffs in the office in order to generate positive outcome in the future. Lastly, the CPR has to be filled up more often and at regular intervals by the officials or the department in charge, as this will help in making the system more efficient in nature as well

 

References

Birkland, T. A. (2014). An introduction to the policy process: Theories, concepts and models of public policy making. Routledge.

Brian, J. (2015). Segmentation Marketing: A Case Study on Performance Solutions Group, LLC.

Chen, C. C. M., Nguyen, B., Melewar, T. C., & Dennis, C. (2017). Investigating the Uses of Corporate Reputation and Its Effects on Brand Segmentation, Brand Differentiation, and Brand Positioning: Evidence from the Taiwanese Pharmaceutical Industry. International Studies of Management & Organization, 47(3), 240-257.

Ciarametaro, M., Abedi, S., Sohn, A., Ge, C. F., Odedara, N., & Dubois, R. (2017). Concerns around budget impact thresholds: not all drugs are the same. Value in Health, 20(2), 230-233.

Mauskopf, J., Sullivan, S., & Annemans, L. (2014). Budget Impact Analysis—Principles of Good Practice: Report of the ISPOR 2012 Budget Impact Analysis Good Practice II Task Force. Value Health, 17.

Mirzaei, A., Carter, S. R., & Schneider, C. R. (2017). Marketing activity in the community pharmacy sector–A scoping review. Research in Social and Administrative Pharmacy.  

Pitt, L. F., & Berthon, P. (Eds.). (2016). Aesthetics, Ephemerality and the Luxury of Wine. Emerald.

Rao, V. R. (2014). Applications for Product Positioning and Market Segmentation. In Applied Conjoint Analysis (pp. 275-290). Springer Berlin Heidelberg.

Schlegelmilch, B. B. (2016). Segmenting Targeting and Positioning in Global Markets. In Global Marketing Strategy (pp. 63-82). Springer International Publishing.

Sekaran, U., & Bougie, R. (2016). Research methods for business: A skill building approach. John Wiley & Sons.

Sullivan, S. D., Mauskopf, J. A., Augustovski, F., Caro, J. J., Lee, K. M., & Minchin, M. (2014). ISPOR Task-Force Report. Budget impact analysis-principles of good practice: report of the ISPOR 2012 Budget Impact Analysis Good Practice II Task Force. Value Health, 17(1), 5-14.

Weinstein, A. (2014). Segmenting B2B technology markets via psychographics: an exploratory study. Journal of Strategic Marketing, 22(3), 257-267.

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