Eli Lily Marketing Mix (4Ps) & Marketing Strategy
Marketing strategy of Eli Lily through marketing mix framework which covers the 4Ps (Product, Price, Place, Promotion).
Eli Lily Product Strategy:
Eli Lily is a leading healthcare brand which serves many customers worldwide. Eli Lily's most important products include Insulin, which the company marketed as Iletin, Amytal, Merthiolate, ephedrine. Iletin was company’s first commercial insulin. By 2002, company was leading manufacturer of Insulin. It also produced penicillin and other antibiotics, antimalarials and vaccines for encephalitis, typhus, influenza. The company’s recent inventions include Cephalosporin, erythromycin, Prozac, a serotonin reuptake inhibitor for clinical depression. It is the largest manufacturer and distributor of medicines and treatments in range of psychiatric and mental disorders like anxiety disorder, narcotic addiction and insomnia. The list of products includes Cialis, which is Pfizer’s competitor for erectile dysfunction; Cymbalta which is an anti-depressant, used for treatment of major mental disorders. Prozac is the most lucrative medicine in the pharmaceutical industry. Cymbalta is also used for treating fibromyalgia, chronic pain. Apart from these, Gemzar is a medication for treating pancreatic cancer. This is also used in treating lung cancer. Methadone was firstly distributed by Eli Lily., which is an analgesic and used in treatment of heroin and opium addictions.
Image: company website
This concludes the product strategy in Eli Lily marketing mix & strategy.
Eli Lily Price/Pricing Strategy:
Below is the pricing strategy in Eli Lily marketing mix strategy:
Eli Lily does value based pricing. The company believe in balancing innovation in life saving medication and affordability of the customers.
Before fixing a price of the drug, the company discusses the relevance of the evidences discovered, FDA review, efficiency of the drug, health plans that affects the patients. They form value-based pricing contracts and drug financing models that help estimate the drug price and chronic treatment procedures prices which are cost effective.
Eli Lily Place & Distribution Strategy:
Following is the distribution strategy in the Eli Lily marketing mix:
Eli Lily is globally present in Cambridge, New York, New Jersey, Puerto Rico, San Diego, India, China. It has an official website which discusses company’s core values, the product it has to offer, the ailments it covers, the responsibilities which includes commitment to healthy India, quality healthcare for all, and contact details. The brand is available across various geographies.
Due to the growth the ecommerce, the products are also available online.
Eli Lily Promotion & Advertising Strategy:
The promotional and advertising strategy in the Eli Lily marketing mix is as follows:
Eli Lily has increased its investment in marketing strategy and is allowing more in-house advertising agencies. This marketing move is done to manage expenses. The company is now focusing on digital channels to reach doctors and changing its traditional sales force model. Lilly has done alliance with Shanghai firm Innovent Biologics where the company will provide a cMet, gene for lung cancer and Innovent will contribute a CD-20 monoclonal antibody for haematological malignancies and a preclinical immuno-oncology compound. This will give commercialization rights to the company. To improve the brand image, the company also provides corporate health services to all its employees and organised wellness summit. This concludes the Eli Lily marketing mix.
About Eli Lily:
Eli Lily and company brands is a reputed manufacturer of highly renounced products in the field of pharmaceuticals. It is a trusted brand and every consumer has used its product at least once. It is headquartered in Indianapolis, Indiana and has a wide network of distribution with offices in 18 countries. Their products are sold in around and over 125 countries. The company got its name from the founders Col. Eli Lilly who was a pharmaceutical chemist and American Civil war veteran. Founded in 1876, it was the first company to produce Polio vaccine in mass and human insulin using r-DNA, including Humulin, Humalog and first approved insulin product in US, Basaglar. It is presently the biggest producer of Psychiatric medicines like Prozac, Fluoxentie, Dolophine, Cymbalta and Zyprexa. It is ranked on the list of Fortune 500 and also on the list of Forbes Global 2000, among the biggest companies in the world.
It is also upholding a prominent rank on the list of America’s Best Employers. It is member of European Federation of Pharmaceutical Industries and Associations (EFPIA).
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