Importance of Customer Relation Management (CRM) in Pharmaceutical Industry

Abstract: Cut throat competition, markets flooded with similar or "me too" products, heavy advertising by competitors, luring customers with offers and discounts have made companies evolve strategies to sustain in the market place and outperform competition. Companies with same product are wooing customers and thus brand loyalty for a product by customers is retreating day by day. Companies have realized that although advertising and promotion is aimed at customer to "try and buy" the product, it is long-term relations with customers that are of vital importance. Thus, maintaining relations with customers is one of the crucial factors for success of the companies. Pharmaceutical industry is no exception.

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