New-normal market entry mode for pharmaceuticals: an Internet of Things (IoT) market entry framework stemming from COVID-19

Article

Priporas, C. and Vellore-Nagarajan, D. 2022. New-normal market entry mode for pharmaceuticals: an Internet of Things (IoT) market entry framework stemming from COVID-19. International Marketing Review. https://doi.org/10.1108/IMR-12-2021-0363
TypeArticle
TitleNew-normal market entry mode for pharmaceuticals: an Internet of Things (IoT) market entry framework stemming from COVID-19
AuthorsPriporas, C. and Vellore-Nagarajan, D.
Abstract

Purpose: To determine new-normal uncertainty considerations stemming from the covid-19 pandemic to consider within transaction-cost analysis for pharmaceuticals. To propose new-normal market entry strategies to address the uncertainty as a result of covid-19’s implications and provide for lack of knowledge and information in an uncertain business environment by way of Internet of Things (IoT) ecosystem for pharmaceutical market entry.
Methodology: In this paper, we focus on the uncertainty facet within transaction-cost analysis consideration and utilise a descriptive three-case study approach taking in Johnson and Johnson (J&J), GlaxoSmithKline (GSK) and Novartis to present an ADO (Antecedent-Decisions-Outcomes) understanding of their usual market entry approach, the approach undertaken during the pandemic and the outcomes thereafter facilitating new-normal uncertainty considerations to factor in. Further with this insight, we develop a conceptual framework addressing the transaction-cost analysis implications of uncertainties toward lack of knowledge and information for new-normal market entry approach and operating strategy for pharmaceuticals applicable due to IoT (Internet of Things).
Findings: Uncertainty (external and internal) is different now in the new-normal business environment for pharmaceuticals and boils down to acute shortage of knowledge and information impact to make an appropriately informed decision. Therefore, considering the changed factors to consider, pharmaceuticals need to be able to undertake market entry with vaccines and medicines by way of IoT thereby enabling, the filling of the gap via real-time data access and sharing including enhancing predictive analysis for sustenance.
Originality: It is the first study to our knowledge that throws light on transaction-cost analysis theory’s uncertainty facet for pharmaceuticals. It is also the first study that provides new-normal market entry strategy for pharmaceutical companies built on interoperability of real-time IoT.

PublisherEmerald Publishing Limited
JournalInternational Marketing Review
ISSN0265-1335
Publication dates
Online07 Jun 2022
Publication process dates
Deposited24 May 2022
Submitted13 Dec 2021
Accepted13 May 2022
Accepted author manuscript
Copyright Statement

Copyright © 2022, Emerald Publishing Limited. This AAM is provided for your own personal use only. It may not be used for resale, reprinting, systematic distribution, emailing, or for any other commercial purpose without the permission of the publisher

Digital Object Identifier (DOI)https://doi.org/10.1108/IMR-12-2021-0363
LanguageEnglish
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