Adapt to New Industry Regulations

Add comment July 16th, 2008

Any business industry has to be able to adapt to changing markets, technology or consumer demands. We also have to adapt to changing regulations and laws that affect our industry. The Pharmaceutical Research and Manufacturers of America announced on Thursday that after January 1, 2009 drug company sales representatives will not be allowed to give health care professionals free meals, knickknacks, golf games or vacations. This change to the industry’s conduct code is a result of their growing concern that interactions between sales representatives and doctors are focused on education as opposed to entertainment or bribery. Now that patients won’t see products featuring a drug company’s logo scattered on their doctor’s desk, pharmaceutical marketing has become increasingly focused on targeting consumers directly through advertising and always encouraging patients to “ask their doctor” about their product.

Marketers may also have to deal with new restrictions regarding product placement in television shows. The FCC is considering a regulation that requires networks to fully disclose any product placement deals during the show in which they appear. This regulation is supported by certain consumer groups who believe that product placement has too much influence over programming.

Business is constantly changing and it is your responsibility to understand the rules and regulations of your industry and constantly monitor any changes or updates.