Optimal sales team's initiatives and pricing of pharmaceutical products

Abstract

The paper proposes a production-inventory model for pharmaceutical new-products considering long-run profitability and growth of a firm. The demand rate of the new-product, when launched in a market, is dependent on revenue from sales unit, level of stock in hand and advertising/sales team constituted by general physician, pharmacist and other salesmen of the firm. An optimal control policy based on its dynamical system is solved to obtain optimal revenue and advertising effort over time. The paper investigates a stable relation among revenue, advertising effort and sales rate by examining the equilibrium property of a dynamical system. The model also estimates the cost overtime of government and nongovernment organisations.

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