Entering The Competitive Pharmaceutical And Supplement Industry
The size of the pharmaceutical industry in the US is staggering. The accountability of this industry has come into question for a variety of reasons. Entering into this niche or nutritional supplements can be very difficult. Billions of dollars are spent on advertising along with research on specific medications. A new medication can take years to be approved by the FDA and even more time to regularly be prescribed by medical professionals. The supplement industry is far less regulated so it might be easier to enter. With this being said, both the supplement and pharmaceutical industries have huge financial potential. A successful brand or prescription drug can generate billions.
The right business plan along with product/medication can make all of the difference. Certain companies are geared toward specific needs while others are a bit more generic. Funding will be an important aspect of this as well so investors will likely be included in this process. Investors with the right connections can speed up approvals or promote a product to help it gain popularity. Below are aspects of entering into the pharmaceutical or supplement industry.
The truth is that certain ingredients in medications do not agree with an individual for one reason or another. The ingredient that they are allergic to might not be the active ingredient that helps them find relief. A compounding pharmacy can put together medications to help people with specific needs. The idea is not new as doctors used to prescribe certain ingredients for pharmacists/apothecaries to put together. Mass medications years ago could be difficult to find but the ingredients were far more readily available. A common medication allergy or failure to be effective can lead to a compounding pharmacist being the ultimate path to relief.
The FDA And Nutritional Supplements
The FDA does not approve supplements which is why so many are filled with useless ingredients. There have been instances where products have tested positive for illegal substances for athletes. Not only can this lead to fines but also suspensions for doping depending on what substance an athlete tested positive for. Certain countries outside of the US do approve supplements through a rigorous process. Not only can this drive-up pricing for companies, but it also delivers results for consumers. Keep this in mind if marketing a nutritional supplement as lab-tested products from 3rd party labs can be invaluable. Athletes can even send supplements to certain governing bodies to see if they are tainted.
Digital Marketing Is Important In Both Sectors
Digital marketing for supplements has far less of a budget than pharmaceutical companies. The obvious nature of this is all of the medication commercials that are seen on television or streaming services. Keyword research is the first step of any digital marketing campaign. Certain relevant keywords convert far better than others. Hiring a digital marketing agency is imperative as some competitors of your business might leverage the service of multiple agencies. Creative marketing campaigns along with consistency matter. A lack of investment in digital marketing makes it extremely difficult to compete for sales with larger corporate entities.
Online Ordering Of Medications And Supplements
A majority of consumers are looking for the most convenience in terms of purchasing medication or supplements. Certain medications like that of opioid painkillers might not be able to be filled online for various reasons. A blood pressure medication or other non-narcotic medication should be seamless to fill online.
Supplements found online can come with massive discounts when compared to in a store at Vitamin Shoppe or GNC. Shopping around or trying different brands can be quite wise. You might find one brand of supplements delivers the results you desire while others seem lackluster.
Creating brand recognition is going to take months or even years. Content matters in this aspect of building a business regardless of its form. There should be text, video, and podcast content produced on a regular basis. Writing 5 blog posts and then abandoning content marketing is a recipe for disaster as competitors. Outreach to help build backlinks is of the utmost importance when it comes to driving search engine rankings. Agencies employ outreach professionals that have developed relationships with some of the most influential publications online.
Taking the time to handle a number of details is imperative. The competitive nature of these niches of business is nothing short of incredible. A honed digital marketing strategy along with the right credentials/investors/influencers can make a massive difference. Patents can also take quite a bit of time along with having a time limit for certain custom ingredients/compounds.
Alan Roodey is a professional Author and contributor to many sites. He loves to write on various topics.