We at ePharma Summit are getting ready to launch our first Latin American Event this November! Today, we're diving into the market by looking at how the market differs tremendously in the region from the United States.
Susan Silbermann at the Harvard Business Review recently profiled four of the major ways that the region is unique when reaching their patients: there is a lack of insurance, advertising directly to consumers is prohibited, there is little protection of intellectual property so many consumers rely on generic drugs and finally face-time is valued in the region, so doctors and representatives meet face to face to discuss the opportunities in the region. Not only that but Latin America is an expansive region where each country is unique, so culture and language must be taken into account for each strategy in the region. A large amount of value is placed on face to face interactions and Pfizer has built this into their brand strategy. Their sales reps take time to foster relationships and communicate with the physicians in the area. Pfizer works with the pharmacists who are the some of the strongest voices when it comes to consumers choosing whether or not they receive and branded or generic treatment.
We’re bringing a tailored version of the ePharma Summit to companies focused on the Latin American market. ePharma Summit Latin America is the only event in the region that focuses exclusively on digital marketing and strategy for the pharmaceutical industry. Stay tuned to the ePharma Summit blog for more information about the upcoming event!
What other uniquely crafted brand strategies have you seen emerge in Latin America? How have companies overcome these challenges?