Pharmaceutical Business in Puerto Rico Essay Example | Topics and Well Written Essays - 1750 words

Pharmaceutical Business in Puerto Rico - Essay Example Currently, Puerto Rico is experiencing some serious problems in power supply and taxation and hence some experts predict that the region could be on its path to loosing its position as one of the leaders in pharmaceutical manufacturing unless more incentives are initiated and a shift from basic manufacturing to research based production since sophisticated production means are better for the market. The marketing objective of any business firm in to increase sales hence maximizing the profits. This cannot be achieved just like that hence a marketing plan should be put in place to be implemented systematically so that better results are achieved. Since there is a lot of competition of Puerto Rico from existing companies, the entry of a new one would necessitate a thorough and an all inclusive plan or strategy to help achieve the company objectives (Blaisdell 2000). There are three marketing approaches that will be employed and they include; company oriented, product oriented, and disease oriented strategies. The major objectives will include the following; strategic objective which aims to expand the market share and consequently enhance profitability of the firm; the company will entrench a strategic focus in the marketing strategy to help penetrate and expand the markets and to increase its productivity; the company will identify target customers to establish segmentation and product position; the marketing strategy will be implemented to assess competition and establish competitive strategy and positioning and finally the company will establish a unique marketing mix that will address the elements products, promotions, place and prices (Pathak & Escovitz 1996).. Resources The major resources that a business investor should assess before establishing a company are the availability of manpower both skilled and non skilled. Cheaper manpower enhances cost effectiveness. The infrastructure is another basic resource since distribution and transportation of raw materials will greatly rely on the infrastructure (Pathak & Escovitz 1996). For a machine to be operated, there need to be power (i.e. electricity or any other appropriate means) Puerto Rico has established a history of well coordinated distribution lines since the pharmaceutical industry in the region has now been in operation for a while. Infrastructure requirement for new drug dealers in the region will encompass factors such as building, road access, power supply, water availability and better supply and distribution channels (Blaisdell 2000). Puerto Rico is renowned for its highly educated labor force that has also proved to be innovative and very skilled. The country also enjoys extensive regulatory experience fro products and also a well organized delivery system (Pathak & Escovitz 1996). According to market research for marketers in the United States of America, Puerto Rico is has grown rapidly to become one of the largest manufacturers of high technology products in the region. The future of the Island remains bright as there are even more companies involved in research and development of pharmaceutical products, biotechnology hence the region is leading in this drug and device industry (Blaisdell 2000). For a start up business in pharmaceutical pr