simpler because it satisfies the consumers’needs and demands what then leads to
the long-run profit creation.
The task of marketing is not only profit accumulation. It is also to improve the
quality of life of both individuals and the society. Therefore, one of the techniques
used in marketing for the adequate recognition of market demands is market
segmentation. The market segmentation applied in the modern medicine led to
the creation of the personalized medicine approach. In order to support and satisfy
the consumers-patients’needs and demands for a specific medical health care, the
modern medicine has developed a wide range of medicines. The modern medicines
are the final product of the implementation of modern technology, and also a
product of intensive marketing research based on the necessity to target the small
group of specific consumers—patients. Therefore, the personalized medicine con-
cept can be seen as a technological progress in the customization of medical
products. The customization of medical products is based on market segmentation
on one side and technology transfer process on the other. Technology transfer
process enabled the creation of more effective medical products with higher
added value and level of adjustment for the end user—the patient.
The successful marketing management in personalized medicine approach
involves a number of activities: market research and analysis, with the focus on
competition; planning and development of products or services according to the
needs, desires, and requirements of the consumers/patients; selling and distribution
of products under the most favorable conditions for the consumers/patients; pro-
motion that aims to properly present the product to the consumer/patients and
inform them about the essential characteristics of the product and convince them
why they should buy a specific personalized product; integration and coordination
of all functions in the company in order to be profitable and to meet the needs of
consumers/patients, the economy, and society.
The marketing management process, through the satisfaction of consumers/
patients’ needs, provides the company long-term profitability. In Fig. 1 are
presented the elements of the market-oriented medical company.
Table 3 (continued)
Rank Biotechnology Applications
15 Life technologies 32
17 VIB VZW 30
18 Merck &Co 28
19 Amgen 26
20 U.S. department of health and human services 24
21 Regeneron Pharmaceuticals 23
22 CJ Cheiljedang 22
22 Monsanto 22
22 Toray 22
25 Abbvie 21
Source: European Patent Office (EPO) ( 2014 )
102 P. Karanikic