Eli Lilly: Recreating Drug Discovery for the 21st Century

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Table of Contents

Introduction
Main body
Conclusion

Introduction

Every new business project is a complicated issue that includes a set of factors that should be considered to create the basis for the evolution of a firm and its success. This statement is also applicable to the case Eli Lilly: Recreating Drug Discovery for the 21st Century. It revolves around the concept of tailored pharmaceutics that presupposes personalized medicine and its distribution among specific target populations. Analysis of the case assumes the investigation of the current vision and mission of the company, strategies employed to achieve success, and models that can help to guarantee further growth.

Main body

The prior mission of the discussed firm is the implementation of the idea of personalized pharmaceutics into the functioning of the given company. The primary cause preconditioning the need for this change is the increasing pressure the sector has been experiencing since 2008. Under these conditions, the demand for the new approach preconditioned research in the sphere and formulation of a new mission. Because of the significant impact of genetic profiling on effects caused by drugs and responses that emerge in patients, the current vision presupposes the creation of the paradigm that considers the unique peculiarities of clients and provides them with the best possible options. The mission is to achieve success and set a ground for the further rise of the firm.

The Marketing Mix framework proves the existence of multiple opportunities associated with the given approach. The product, or personalized drugs, will possess unique qualities differentiating it from similar offerings in the market and potential for occupying the niche that remains uncovered by other companies. As for the price, the higher cost of the product might demand additional investment that should be discussed with stakeholders because of the absence of similar experience in the given field. However, the higher costs of the product will be compensated by its increased effectiveness.

As for the place, the strategic shift happens at the correct time as some of the companys most popular drugs face clients expiration, and there is a need for new measures. It means that the application of a new approach is vital to support the company and replace old offerings with new, more effective, and popular ones.

Promotion activities include attempts to popularise the product among the target audience. As for personalized pharmaceutics, the company encourages the collection of information about clients preferences and traits. For this reason, there are multiple options for the promotion of a new generation of drugs among these groups by appealing to qualities that will be appreciated by patients.

Finally, as for the segmentation, targeting, and positioning model, the company adheres to the demographic principles as the proposed drug should consider personal attributes such as age, medical history, genetic peculiarities, etc. to create the most effective drug and distribute it among clients. In such a way, representatives of the most involved cohort who has unusual features and are ready to pay for new medicines will comprise the target audience. Finally, as for the positioning, the consideration of the Marketing Mix will help to create a sufficient model that can generate revenue.

Conclusion

In such a way, the case demonstrates the companys attempt to occupy a niche of personalized pharmaceutics by using the readiness of the population and the absence of rivals in this very segment. The practical strategies might help it to achieve success and continue its growth regarding the highly competitive environment.

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Eli Lilly: Recreating Drug Discovery for the 21st Century

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