Marketing Mix of Wockhardt Pharma and 7Ps (Updated 2024)

The Marketing mix of Wockhardt analyses the 7Ps of Wockhardt, which includes the Product, Price, Place, Promotion, People, Physical Evidence, and Process of Wockhardt. Wockhardt is an Indian-based pharmaceutical company that invests many resources in research, employing hundreds of scientists who focus on developing recombinant biopharmaceuticals, making new drug discoveries, and producing generic drugs. A Khorakiwala Holdings & Investments subsidiary, Wockhardt was founded in 1960 by Habil Khorakiwala and is headquartered in Mumbai, India.

Competitors

• Pfizer Inc
• Aventis Pharma Ltd
• GlaxoSmithKline Pharmaceuticals Ltd
• Reddy’s Laboratories Ltd
• Abbott India Ltd
• Ajanta Pharma Ltd
• Zandu Realty Ltd

About Wockhardt Pharma

• Type: Public limited company
• Industry: Pharmaceutical
• Founded: 1967
• Founder: Habil Khorakiwala
• Headquarters: Mumbai, India
• Area served: India, US, UK, Europe, and other countries
• Key people: Habil Khorakiwala (Chairman) and Murtaza Khorakiwala (CEO)
• Number of employees: 15,000

Wockhardt Product Strategy

Wockhardt has developed a rich product line with a complete product range and broad base within new drug development and production, recombinant and production, biopharmaceutical discovery, and generic drug production. Its products are in tablet forms, injectables, liquids, and topical (ointments & creams).

The company produces topicals under its brand names and for other companies such as Pfizer, Johnson & Johnson, and AstraZeneca, to name a few companies. Wockhardt Pharmaceuticals has at least 250 patents filed for its biotechnological products. The company deals not only in biopharmaceuticals but also in formulations, nutrition products, and vaccines. Overall, Wockhardt is a well-known pharmaceutical company for its zeal and efforts in researching, developing, and producing pharmaceutical products.

The new Product Mix of Wockhardt in 2024 is as follows (Source).

1. Therapeutic Areas: Wockhardt’s products cater to various therapeutic areas, including orthopedics, dental care, dermatology, rheumatology, gynecology, pediatrics, cardiology, pain management, nephrology, neurology, and diabetes.
2. Pharmaceutical Products: The company manufactures and markets vaccines, active pharmaceutical ingredients (APIs), formulations, and biosimilars.
3. Research Focus: Wockhardt is involved in research in new chemical entities (NCE), generics, abbreviated new drug applications (ANDAs), biosimilars, and novel drug delivery systems (NDDS).
4. U.S. Market Products: In the United States, Wockhardt offers injections, oral solids, and liquids. Featured products include Lidocaine HCL Topical Solution, Oxacillin for Injection, Piperacillin, and Tazobactam.
5. Global Vaccine Programs: Wockhardt has entered into agreements for manufacturing vaccines and delivering global vaccine programs. This includes collaborations with Serum Life Sciences UK and the Russian Direct Investment Fund for COVID-19 vaccines like Sputnik V and Sputnik Light.

Wockhardt Pricing Strategy

Wockhardt’s pricing strategy can be inferred from its overall marketing mix and approach, which focuses on developing innovative pharmaceutical products for a global market. Here are the five countries’ critical points of the marketing mix:

1. Market-Oriented Pricing: Reflects the unique value of their innovative products while maintaining competitiveness in international markets.
2. Value-Based Approach: Prices likely correlate with their products’ therapeutic value and uniqueness, particularly in specialized areas.
3. Global Market Consideration: Tailoring prices for different markets, considering local economic factors and healthcare systems.
4. Competitive Positioning: Ensuring prices align with industry standards and competitor pricing strategies.
5. Research-Driven Pricing: Reflecting the investment in R&D and developing new pharmaceutical products.

Wockhardt Place Strategy

Wockhardt is an Indian company with manufacturing plants in 15 different locations. These are found in the USA, India, France, the UL and Ireland. These production plants serve the world with generic drugs and other formulations. Wockhardt is prevalent in almost all emerging markets in all countries, with its product range targeting all the different market segments and several conditions. Their products and formulations can be accessed in offline stores and online pharmacies such as in online pharmacies.

Its most formidable marketplaces are within the five countries where it has production plants. About half or over a decade of the company’s revenue generation is from Europe, with emerging markets in Kenya, Myanmar, Kuwait, Uganda, Brazil, Sri Lanka, Russia, Ghana, Nepal, Mauritius, Tanzania, Lebanon, Nigeria, and others.

Here’s an overview of Wockhardt’s place strategy:

1. Global Presence: Wockhardt has a significant global footprint, operating in major markets such as India, the US, the UK, Ireland, Dubai, and the UAE. Additionally, they have a market presence in countries like Brazil, France, Russia, Vietnam, Mexico, the Philippines, Kenya, Nigeria, and Ghana.
2. Research and Development Focus: Wockhardt places a strong emphasis on research and development, particularly in areas such as recombinant biopharmaceuticals, new drug discoveries, and generic drugs. Their R&D activities are crucial in maintaining their competitive edge in the global market.
3. Product Portfolio Expansion: The company actively develops new pharmaceutical products to address unmet medical needs. Products like WCK 4282, WCK 5222, and WCK 6777 are examples of their commitment to innovative solutions in healthcare, particularly in treating drug-resistant infections.
4. Biologicals in Diabetes: Wockhardt’s biological business, established in 2004, focuses on the development and manufacture of biological products, with a significant emphasis on the diabetic segment. They offer a range of insulin and insulin analog products and hold numerous patents, reflecting their innovation in this field.
5. Market Position and Product Recognition: Wockhardt’s pharmaceutical products hold leading positions in different geographies. For instance, in the US, they are among the top in various market segments of generics, OTC, hospitals, and pediatrics. In the UK, they rank amongst the top five generic companies.

Wockhardt Promotion Strategy

Wockhardt does a lot of promotions for its products, with a substantial amount of its marketing and promotions being carried out in the print media world. However, the electronic print media also plays a vital role in promoting Wockhardt Hospital. Simple things such as branded pens, notebooks, and even lab coats have extensively been used in their products’ marketing and promotion strategy.

There is also the aspect of diversity. The company has diversified to include prevention drugs, cure drugs, and even cosmetic platforms, thus increasing its product base. The market base has increased, and marketing and sales have spread from infants to older people.

Though a different entity from Wockhardt Pharmaceuticals, Wockhardt Hospital is a subsidiary of the same parent company. Wockhardt Hospital’s pharmaceutical products are highly promoted and used in Wockhardt hospitals. This greatly encourages the production and sale of Wockhardt Pharma and its products. The sales growth of Wockhardt Pharma due to Wockhardt Hospitals is considerable, especially with Khorakiwala’s plans to expand the Wockhardt Hospitals by opening about two Wockhardt hospitals each year.

Some Recent Video ads and Print ads for Wockhardt are:

Wockhardt People Strategy

When discussing the “People” aspect of the Service Marketing Mix strategies for Wockhardt, it’s essential to consider the various roles and qualities of the employees, customer service practices, and the overall impact of human resources on the company’s services and marketing mix. Here are some points that highlight the “People” component of Wockhardt’s Service Marketing Mix strategies:

1. Highly Qualified Staff: Wockhardt employs a workforce that includes highly skilled pharmacists, researchers, and healthcare professionals. Their qualifications and experience are crucial for developing, manufacturing, and marketing pharmaceutical products and services.
2. Training and Development: Wockhardt invests in continuous training and development programs for its employees to stay updated with the latest trends and technologies in the healthcare and pharmaceutical industries. This ensures that the staff can provide innovative solutions and high-quality customer service.
3. Customer Service Excellence: The company places a strong emphasis on customer service, ensuring that all employees, from sales representatives to customer service agents, are trained to handle inquiries, feedback, and complaints efficiently and effectively. This approach helps in building trust and loyalty among customers.
4. Employee Satisfaction and Retention: Wockhardt works towards maintaining high employee satisfaction levels through various HR practices, including competitive compensation, recognition programs, and career advancement opportunities. A satisfied workforce is more engaged and committed to delivering excellence.
5. Professional Ethics and Conduct: Employees at Wockhardt are expected to adhere to strict professional ethics and conduct, aligning with the company’s values and compliance standards. This ensures integrity and transparency in all their interactions and operations.
6. Teamwork and Collaboration: Wockhardt fosters a culture of teamwork and collaboration among its employees, encouraging cross-functional teams to work together in developing and delivering healthcare solutions. This collaborative environment enhances service innovation and customer satisfaction.
7. Customer-centric Approach: The people at Wockhardt, from top management to frontline employees, are guided by a customer-centric approach. They strive to understand and meet the needs and expectations of their customers, tailoring their products and services accordingly.
8. Global and Local Expertise: With operations in various countries, Wockhardt’s workforce comprises diverse people with global and local expertise. This diversity enriches the company’s understanding of different markets and healthcare environments, enabling it to offer tailored and culturally sensitive services.
9. Healthcare and Pharmaceutical Expertise: Wockhardt’s people are not just employees but experts in healthcare and pharmaceuticals. Their expertise is crucial for researching, developing, and disseminating medical and pharmaceutical knowledge, supporting the company’s commitment to improving health outcomes.
10. Community Engagement: Employees at Wockhardt are encouraged to engage with the community through various CSR activities. This helps build a positive brand image and instills a sense of social responsibility among the employees.

Wockhardt Process Strategy

Discussing the “Process” aspect of the Service Marketing Mix for Wockhardt involves examining the methods, mechanisms, and flow of activities by which services are consumed. This can include patient care procedures, drug development and manufacturing protocols, customer service operations, marketing mix, and other systematic steps taken to deliver the company’s offerings. Here are critical points on the “Process” component within Wockhardt’s Service Marketing Mix:

1. Research and Development Process: Wockhardt strongly emphasizes its R&D processes, where cutting-edge research is conducted to develop new pharmaceutical products. This involves rigorous stages of drug discovery, clinical trials, and regulatory approvals, ensuring that the products meet the highest safety and efficacy standards.
2. Manufacturing and Quality Control: The company adheres to strict manufacturing processes and quality control measures to ensure that all pharmaceutical products are produced consistently and comply with global standards. This includes Good Manufacturing Practices (GMP) and regular audits to ensure compliance.
3. Supply Chain and Distribution: Wockhardt’s process includes an efficient supply chain and distribution network to ensure the timely delivery of products to hospitals, pharmacies, and healthcare facilities worldwide. This involves inventory management, logistics planning, and partnership with distributors to ensure that products are available where and when needed.
4. Customer Service and Support: The process of providing exceptional customer service is a crucial focus for Wockhardt. This includes accessible customer support channels, prompt response to inquiries, and effective resolution of issues, ensuring customer satisfaction and loyalty.
5. Patient Care Services: For healthcare services, Wockhardt follows a patient-centric approach involving personalized care plans, patient education, and follow-up services to ensure optimal treatment outcomes and patient satisfaction.
6. Digital Integration: Wockhardt is integrating digital technologies into its processes, such as online consultations, digital health records, and mobile apps for medication management. This enhances the accessibility and efficiency of healthcare services for patients.
7. Feedback and Continuous Improvement: The company has mechanisms to collect feedback from customers, patients, and healthcare professionals. This feedback is systematically analyzed to improve service processes and product offerings continuously.
8. Compliance and Regulatory Processes: Wockhardt strictly adheres to regulatory requirements and compliance processes in every market in which it operates. This includes following the guidelines set by local and international regulatory bodies and ensuring that all legal and ethical standards are met in delivering services and products.
9. Crisis Management and Response: The company has established processes for crisis management and response, particularly in handling product recalls, addressing adverse drug reactions, and managing supply chain disruptions. These processes are designed to minimize risk and ensure patient safety.
10. Stakeholder Engagement: Wockhardt’s process also involves engaging with various stakeholders, including healthcare professionals, regulatory authorities, and patient advocacy groups, to ensure that its services meet the evolving needs of the healthcare sector.

Wockhardt Physical Evidence Strategy

The “Physical Evidence” component of the Service Marketing Mix for Wockhardt encompasses all the tangible proofs and the environment in which the service is delivered, helping customers to evaluate the service before they commit to it. This aspect of the marketing mix is crucial for a pharmaceutical and healthcare company like Wockhardt, where trust and credibility are paramount. Here are several points that highlight the “Physical Evidence” marketing mix of Wockhardt:

1. Corporate and Manufacturing Facilities: Wockhardt’s state-of-the-art research, development, and manufacturing facilities prove its capability to produce high-quality pharmaceutical products. These facilities, adhering to global standards such as the US FDA (Food and Drug Administration) and the UK’s MHRA (Medicines and Healthcare products Regulatory Agency), reinforce the company’s commitment to quality and safety.
2. Branding and Packaging: The branding and packaging of Wockhardt’s products are critical elements of physical evidence. High-quality, informative, and secure packaging ensures product integrity and communicates the company’s professionalism and attention to detail.
3. Digital Presence: Wockhardt’s website, mobile apps, and social media platforms serve as digital physical evidence. These platforms provide comprehensive information about the company’s products, services, corporate ethos, and customer support channels, enhancing transparency and trust.
4. Patient Information Leaflets: The inclusion of detailed patient information leaflets inside medication packaging provides critical information about the medication’s use, dosage, side effects, and contraindications, serving as a tangible reassurance of the company’s commitment to patient safety and education.
5. Accreditations and Certifications: Certificates and accreditations from recognized healthcare and pharmaceutical regulatory bodies are crucial physical evidence of Wockhardt’s adherence to international standards and regulations, underlining its commitment to quality and excellence.
6. Customer Testimonials and Case Studies: Published testimonials and case studies from patients, healthcare professionals, and business partners are physical evidence of the effectiveness and reliability of Wockhardt’s products and services.
7. Marketing Collaterals: Brochures, flyers, and reports containing information about Wockhardt’s products, research initiatives, and corporate social responsibility activities provide tangible proof of the company’s values, achievements, and contributions to healthcare.
8. Healthcare and Community Outreach Programs: Participation in and sponsorship of healthcare camps, community health programs, and educational seminars demonstrate Wockhardt’s commitment to improving public health as physical evidence of its corporate social responsibility.
9. Customer Service Facilities: The availability of customer service centers, helplines, and online support platforms where customers can seek assistance, report issues, or provide feedback reinforces Wockhardt’s dedication to customer satisfaction and service quality.
10. Visual Identity Elements: The company’s logo, uniform of the sales and service staff, signage, and corporate stationery contribute to a cohesive visual identity that customers associate with Wockhardt’s reputation for quality and trustworthiness.

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