Bowman's Strategy Clock and Other Business Strategies Assignment

Bowman's Strategy Clock and Other Business Strategies - Assignment Example Bowman’s strategy clock is an extension of the three porter generic strategies. Owing to the decrease in the profit margin, pharmaceutical companies have adopted innovative marketing strategies in a bid to sustain and neutralize the impact of price regulation such as exploring new markets, establishing the effectiveness in distribution and building customer loyalty. Some of the challenges in the global pharmaceutical industry that the managers are facing include increased globalization, increase in competition, lack of new products despite the improved research and quick development of generic markets among others.The application of Bowman’s strategy clock in the establishment of competitive advantage among the global pharmaceutical companies will result in value improvement and product promotion with minimal reliance on drug pricing. This is because the industry is bound by legal and medical restrictions that make application of marketing strategies difficult. The stra tegy is normally focused on value, product promotion, and differentiation. Most pharmaceutical companies improve the value for their products while maintaining product standards or increasing prices for drugs. The industry ensures value for pharmaceutical products through conducting pharmaco-economic evaluations meant to show the efficacy and effectiveness of a new drug. For instance, a study on the cost of diabetes confirmed that fewer patients applied for pharmaceutical medicine in managing it (Holland, 2005: 552). This provided an opportunity for pharmaceutical companies to invest in disease management initiatives that created awareness among the population on the existence and effectiveness of their products.