Ritemed Corporate Strategic Study

Ritemed Corporate Strategic Study
  • Ritemed Corporate Strategic Study

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Strategic Management



RiteMed Educate to minimize confusion Consumers are confused, specially the elderly in taking generic medicines significantly when it comes to the benefit and safe use of medicines. Strategy: Continuing support on educating the customer on the benefit and use of generic medicines. Body: The goal of this strategy is to continue educating consumers about the benefits and use of generic medicines. This will inform consumers that generics are less expensive but a better value than other brand-name drugs and are just safe.In return curing the confusion means gaining the public trust in the affordability and efficacy of the RiteMed generic medicine which also focus on its goal to convince Filipinos to use generics, making quality drugs more accessible to the poor. The program was divided into two part (1) is providing a seminar to those who were very poor rarely saw a doctor and could not afford medicines. In the rural areas, patients were even more desperate for quality health care.It was precisely in these areas that government efforts were lacking in the Philippines, resulting in pharmaceutical prices remaining high, and the poor having very limited access to affordable medicines. it will be life-threatening diseases that the populations have no possible way of getting access to at the costs they are being sold at in the market or that the governments are unable to expand their budgets to pay for at current prices., and (2) providing gadget doctor app. In which all the question about generic will be answer and if the medicine they are

taking have equivalent Ritemed generic drug on the market. This app. Also provide the information about the sickness, symptoms and the cure.

I.The following are Questions and Answer that will be in the program: Q: Are generic drugs the same as branded medicines? A: Yes, generics are the therapeutic equivalent of the originator branded pharmaceutical products. They contain the same active substances and thus are interchangeable with the originator product. Generics provide the same quality, safety and efficacy as original branded medicines. Q: Does every branded drug have a generic equivalent? A: No. When a new drug is released in the market, its manufacturer is protected by a 17- to 20-year patent which grants him the exclusive right to produce and sell it. Once the patent expires, other manufacturers can start producing the drug and sell it, provided that they get BFAD approval for this. Q: Are generic medicines subject to regulations and approval before they can be sold? A: Yes, all medicines in the Philippines, whether branded or generic, must be registered and approved by BFAD before they can be sold on the market. Q: Why are generic drugs less expensive? A: When a manufacturer produces a generic medicine, it basically has only its production costs to cover. It does not to pay for expensive research and development costs because the formula of the medicine is public and has been proven already since the medicine has been existing for at least 20 years already. Also, the manufacturers of generic medicines usually incurs minimal expenses for advertising and promotions. Therefore, it can sell the generic medicine cheaper than the original drug. Q: Are brand-name drugs made in better factories? A: A pre-requisite for the approval of all medicines, whether branded or generic, is that the factories where they are manufactured must meet certain quality standards. If the factories do not meet certain standards, the BFAD will not allow them to manufacture drugs.

Q: Do generic medicines take longer to work in the body? A: No, generic drugs work in the body in the same way and in the same amount of time as branded drugs, because they have the same active ingredients. Q: If branded and generic medicines have the same active ingredients, why are they different in appearance and taste? A: Active ingredients in branded and generic medicines are the same. But trademark laws do not allow generic drugs to have the same appearance as the branded drug. Colors, flavors and other physical characteristics do not affect the way the medicine works. Q: Are drugstores authorized to substitute a branded medicine by its generic equivalent? A: Yes, the Generic Act of 1988 authorizes drugstores to inform buyers about other drug products having the same generic name, together with their corresponding prices, so that the buyer may adequately exercise his option to choose which medicine he wants to purchase. Q: My prescription contains only the branded names of the medicines. Is this normal? A: No, the generic Act of 1988 requires all doctors and medical practitioners to indicate on the prescription the generic name of all medicines which they prescribe. The branded names are only optional and can be indicated in parenthesis.

II. “Cheaper does not mean low quality” Generic manufacturers are able to sell their products for lower price because they are not required to repeat the costly clinical trials of new drugs and generally do not pay for costly advertising, marketing, and promotion. In addition, multiple generic companies are often approved to market a single product, this create competition in the market place often result to lower price.. Teach consumer how to identify the active ingredients in the medicines. Advice them that the packaging and appearance of the medicines may look different, but they contain the same active ingredients. In the pharmacy Pharmacist should be educate on the provisions of the Generic Act mandating that they must educate patients (at the counter) and provide the choice of branded or generic drugs where available . Pharmacist should explain any differences in appearance or form of generics ( eg. colour, tablet vs. capsule) and ensure the active ingredients appear prominently on pharmacy labels. Pharmacy assistant should be educated about potential consumer

confusion (particularly in the elderly) and how to avoid it. Doctors also influence on consumers choice since most consumers stick on what have been prescribed to them because they feel safe with their doctors choice of medication.

Obstacles: People who actually experience taking other brand of generic drug might not take generic drugs anymore. Generic drugs earned a bad reputation in the Philippines. They became synonymous with low-quality or ineffective medicines. Reported incidents about ineffective generic drugs in the market scared doctors and patients alike. company that planning to market a generic drug line needed to gain the public’s trust to be successful over the long term. Benefit: Consumers are better informed of option to choose less expensive generic drugs. Doctors/Pharmacists offer generic medicines. RiteMed may gained positive reputation, brand goodwill market share.