Marketing Innovation and Brand Performance of Superior Pharmaceutical Companies in 2017: A Descriptive Study

Lack of attention to marketing innovation for achieving competitive advantage leads to pharmaceutical brands performance decline. In this regard, the purpose of the present research was to determine the relationship between marketing innovation and market performance of pharmaceutical brands.

In this descriptive study, statistical population included marketing managers and experts of the top fifteen pharmaceutical companies in 2017. Available sampling method was used and finally, 72 analyzable questionnaires were obtained. The collected data were analyzed using Variance-Based Structural Equation Modeling.

The most important findings of the research indicated that there was a significant positive relationship between marketing innovation and market performance in pharmaceutical industry (β=0.840, t=14.768). Otherwise, the data showed that a decrease in marketing innovation could ultimately lead to pharmaceutical brands performance decline in the market. Also, goodness of fit index equal to 0.74 indicated that the relationship was desirable and R squared equal to 0.705 indicated that 70.5 percent of the variance for market performance variable was explained by innovation marketing variable.

It seems that marketing innovation to be effective in increasing pharmaceutical brands performance. Therefore, it is recommended to pharmaceutical companies’ managers to take an innovative approach in formulation and implementation of marketing elements in order to grow pharmaceutical brands performance and prevent their decline.