Independent University, Bangladesh

Spring 2021

INTERNSHIP REPORT

Virgo Pharmaceuticals Limited

 Internship Report

On

“Marketing Strategy Assessment of Virgo Pharmaceuticals Ltd in Bangladesh”

Prepared For:

Mr. Abul Khair Jyote

Senior Lecturer
Department of Marketing
School Of Business & Entrepreneurship

Independent University, Bangladesh

Prepared By:

Lubaba Maisha

ID: 1720608

Date of submission:

15th April, 2021

 Letter of Submission

April 15, 2021

Mr. Abul Khair Jyote
Senior Lecturer
Department of Marketing
School of Business & Entrepreneurship &
Independent University, Bangladesh

Sub: Submission of Internship report.

Dear Sir,
With great pleasure, I submit my Internship report on Virgo Pharmaceuticals Ltd’s Marketing Strategy
Assessment in Bangladesh. As an intern employee, I had the opportunity to work at the country's leading
pharmaceutical firm, Virgo Pharmaceuticals Ltd. I found the experience to be very interesting, and I did
my best to prepare an effective report on the above-mentioned subject under the supervision of my
superiors and with the assistance of all members of the department. My report's title is "Marketing
Strategy Assessment of Virgo Pharmaceuticals Ltd in Bangladesh."

I am expecting your kind consideration to judge the work that I have completed during the period of my
internship.

Sincerely,
Lubaba Maisha
ID: 1720608
 Acknowledgment

First and foremost, I would like to express my gratitude to MD. Syed Shafayetul Islam, the Chief
Executive Officer of Virgo Pharmaceuticals Ltd, for providing me with the opportunity to intern at his
prestigious company. I would also like to express my gratitude to Mr. Ishmum Islam, who served as my
Virgo supervisor. As my boss, I was fortunate to have someone as supportive as him. Special thanks to
my coworkers, who were extremely helpful and polite.

Finally, I must state that the project will be incomplete without the help of my academic supervisor, Mr.
Abul Khair Jyote, Senior Lecturer, Department of Marketing, School of Business & Entrepreneurship,
for his constant support and spontaneous support, efficient care and his contribution in stimulating
suggestions and encouragement, helped me in writing this report. Throughout my internship, I received
his direct and indirect assistance in completing my tasks. I owe him a debt of gratitude.
 Table of Contents

Executive Summary.....................................................................................................................................7

Introduction..................................................................................................................................................8

1.1 Company Profile................................................................................................................................8

1.2 Vision and Mission............................................................................................................................8

1.3 Corporate division.............................................................................................................................8

1.4 Products and Services & Operations.................................................................................................9

1.5 CSR activities....................................................................................................................................9

Internship Experience................................................................................................................................10

2.1 Job Responsibilities.........................................................................................................................10

2.2 Functions of the Departments..........................................................................................................11

2.3 Critical Observation.........................................................................................................................12

Strategy Assessment..................................................................................................................................13

3.1 Industry Analysis.............................................................................................................................13

3.1.1 Contribution of Pharmaceuticals Industry to the growth of GDP............................................14

3.2 Key Market Players.........................................................................................................................16

3.2.1 Features of the Market Players-................................................................................................18

3.3 Promotional Marketing for Pharmaceuticals...................................................................................19

3.4 Assessment of Marketing Strategy- Virgo Pharmaceuticals Ltd.....................................................20

3.4.1 Promotional Preparation of A Pharmaceutical Company:........................................................20

3.4.2 Marketing promotion methods of Virgo Pharmaceuticals Ltd.................................................20

3.4.3 Training Preparation and Incentive Programs:.........................................................................22

3.4.4 Promotional Sales Methods of Virgo Pharmaceuticals Ltd.:....................................................23

 3.4.5 Public Relations Techniques Virgo Pharmaceuticals Ltd. employ :........................................24

3.4.6 Seasonal Promotion Techniques used by Virgo Pharmaceuticals Ltd :...................................24

3.5 Quantitative Analysis.......................................................................................................................25

3.6 Observation and Finding..................................................................................................................27

3.7 Recommendation.............................................................................................................................28

4.1 Implications.....................................................................................................................................29

4.2 Conclusion.......................................................................................................................................30

References..................................................................................................................................................31

List of Tables
Table 1.1 The top ten used drugs in the perspective of Bangladesh 17
Table 1.2 Market share of top 20 Pharmaceuticals of Bangladesh 18
Table 1.3 Significant Ratios of VPL 26
Table 1.4 Comparison Ratios of VPL with other market players 28

List of Figures
Figure 1.1 Specifications of the different types of pharma sector 14
Figure 1.2 Contribution o GDP 15
Figure 1.3 Revenue Trend 25
Figure 1.4 Profitability Analysis 26
Figure 1.5 Return Analysis 26
 Executive Summary
During the period of working in Virgo, I got attached to different projects. One of the projects was
preparing a report for WHO Bangladesh titled ‘Healthcare condition of Bangladesh; An overview of
Pharmaceutical Industry’. I got the opportunity to do the study part of Marketing and Promotional
activity of the Pharmaceuticals Companies. Therefore I decided to write my internship report on the
Marketing Strategy Assessment of Virgo Pharmaceuticals Limited.
Pharmaceuticals are at the center of Bangladesh's healthcare sector and are one of the country's most
important manufacturing sectors. With a history dating back to the 1950s, the pharmaceutical
manufacturing industry in developed countries has been one of the most popular. The industry already
meets 97 percent of local demand and exports to over 80 countries.
Over the past few years, the market has seen rapid expansion. The industry's growth is attributed to a
local industry that promotes drug regulation and an appropriate legal system, as well as TRIPS
relaxations.
Despite the industry's development toward self-sufficiency, it nevertheless imports 70% of its raw
materials. However, progress is being made, with a variety of companies now producing raw materials
locally. Besides, an API initiative has also been launched to support the industry's vertical integration.
In this study, I have represented the overall marketing strategy assessment of Virgo. I have tried to
found out the strategies Virgo has been implementing traditionally. I have also tried to show the new
strategies Virgo has come up with within the corona pandemic.
 CHAPTER 1

Introduction
1.1 Company Profile
Established in 2010, Virgo Pharmaceuticals Ltd. has been recognized as one of the fastest growth-
gaining pharmaceutical companies of Bangladesh. Since its inception, the company has been striving
hard to become one of the flagship companies in the pharmaceutical arena, both locally and globally,
through providing the best quality products at an affordable cost. In this connection, it has been
launching new and innovative products to cater to the needs of the medical fraternity.

1.2 Vision and Mission

They aim to change people’s lives by empowering them to go further, feel happier, and survive better.
They are constantly working to improve our core capabilities to meet patients’ healthcare problems and
to provide remarkable results for our creditors, stakeholders, and the general public.

Virgo Pharmaceuticals Ltd is inspired to make a difference in people’s lives, and they never lose sight of
our patients and their families. They agree that cooperation strengthens all concepts and results. Their
cornerstone is based on shared esteem, honesty, and confidence, and they challenge traditional wisdom.
Excellence is the product of their concentration, experience, and persistence in completing assignments.

1.3 Corporate division

Their fundamental beliefs are inspired by a desire to better one’s wellbeing. The ability to attract these
individuals is one of the most valuable properties. We recognize that any product that has enhanced
human health and well-being has been developed by their workers, who are inspired by their personal
beliefs to make a significant difference. We assume that the ideas expressed by their employees help to
recruit and retain the best values-driven employees in the world.

They currently employ over 800 people, including pharmacists, physicians, microbiologists,
biochemists, technicians, MBAs, and many others.
Effective leadership, the procurement and retaining of outstanding talent, the setting of common
expectations, open lines of communication, great learning and growth opportunities, and a good, secure,
and stimulating work climate are all priorities for us.

1.4 Products and Services & Operations

The plant is outfitted with innovative and cutting-edge equipment. In any operation of the factory, the
WHO-approved cGMP requirements are strictly followed. The manufacturing plant was created to
adhere to cGMP international standards.

To achieve the desired result, production facilities were based on an interconnected framework of
research and development, efficiency, and engineering. The plant is outfitted with innovative and
cutting-edge equipment. To ensure the maximum level of accuracy, all production instruments are
digitally configured.

Virgo has a huge manufacturing unit equipped with state-of-the-art facilities located in Gazipur, 40
kilometers north away from Dhaka.

The company has a wide range of product lines which include Antihypertensives, Anti-diabetics,
Antiulcer ants, Antibiotics, Antiemetics, Antihistamines & Expectorants, Antidepressants, NSAIDs,
Vitamins & Minerals, Iron preparations & other supplements of different dosage forms like tablets,
capsules, oral liquids, powder for suspension, drops, cream, ointment & sachet, etc.

To improve the production facilities, we are trying to upgrade our tools, machinery, equipment, and
planning to construct our production house aiming to produce high tech Cephalosporin, Hormonal
products, and Bio-tech products.

1.5 CSR activities

The ultimate aim of Virgo Pharmaceuticals is to become one of the prominent companies in the country
through its honest and intelligent approach. Management has a great desire to serve the society where
they live through improving the health sector.

Virgo pharmaceuticals ensure equal opportunity for women to discourage gender discrimination and to
achieve the Millennium Development Goal (MDG)-2015.

From the beginning, Virgo Pharmaceuticals discourage child labor and ensure maximum safety measure
for its employee.
 CHAPTER 2

Internship Experience
2.1 Job Responsibilities
My internship journey was performed in Virgo Pharmaceutical Ltd. I joined there as a Marketing and
Public Relations Intern. The journey started in February 2021 and will end at April 2021 continuing
three months at a stretch. Virgo has been recognized as one of the fast-growing pharmaceutical
companies in Bangladesh. The internship period was quite challenging at the beginning for me. But with
the help of my fellow mates, I managed to eradicate my inferiority. Further, it gave me enough strength
to overcome my difficulties in the job sector.

Internship in the marketing sector of the pharmaceuticals has been a tremendous opportunity to gather
much expertise and insights about the real-life corporate moves out there. I was in the core promotion
department where I basically studied the industry and the competitors, the relationship between the
marketing expenditures and marketing strategy of the company. But I also worked in the other teams as
a collaborator as well. As a casual employee, it was my responsibility to gather all project
documentation from each division and publicize it via e-mail and the company's Facebook page. I had to
archive the whole article and write a news item for Virgo's webpage. Another aspect of my job that I had
to keep up with was public relations. It was my daily job to stay in contact with Virgo's media, medical
experts, physicians, and other stakeholders.

Each month, Virgo employees are required to write two articles related to the health sector, and I was
assigned to publish those articles in various news publications while retaining relationships with the
media.

Several duties were allocated to me during my internship as an intern, and I had to complete them all at
the same time. I've devised a scheme that involves several activities to collect money for a covid patient.
Those plans were submitted to a variety of national and foreign funders. I ran a fund-raising social
media initiative by creating a Profile where the covid patient could share past covid updates on his
feelings and condition with pictures. I've orchestrated many human chains in which a community of
Virgo visits numerous Medical Colleges and Hospitals to increase cancer awareness. I organized several
formal and informal meetings with high-ranking officials to collect funds. I need to hold a variety of
meetings with donors, global development organizations, government officials, and mother NGOs to
establish relationships, request various project plans, and provide updated reports on current initiatives.

It was my job to gather all information about Virgo's current projects from each division and transmit it
via e-mail and the company's Facebook page. I had to archive the whole article and write a news item
for Virgo's website. Another aspect of my job that I had to keep up with was public relations. It was my
daily job to stay in contact with Virgo's journalists, medical experts, physicians, and other stakeholders.

2.2 Functions of the Departments

Marketing has always been so enjoyable to me. Working as a marketing research intern, I had to deal
with the emerging marketing department of the firm. I also had to maintain communication with all the
other departments as well. i.e. Finance, Human resources, Information Technology, etc. I closely
observed the existing relationship and how the other department influence the marketing department. I
had to follow up the regular transactions and generate more and more creative ideas with promotional
activities. I also had to go to visit the nearly pharmaceuticals shops as well which was not that
comfortable in the covid situation. But I communicated through calls and texts with them. I monitored
that if the product supply was enough per the demand or not and reported it to the company. Overall
maintained connection between the mass people and the departments of the company as well.

 Preparing a detailed industry average report of the existing pharmaceutical

 Generating creative and exciting marketing ideas for the new-normal situation
 Communicated with inside and outside of the firm
 Analyzing the relationship among the departments both financially and non-financially
 Coming up with new-normal marketing ideas
 Conducting covid awareness marketing programs.
2.3 Critical Observation
While Virgo has a diverse and talented workforce, its monthly employee turnover rate is about 10-15%.
Owing to a lack of enthusiasm and sound business practices, such as extending working hours
informally up to 14 hours per day, which is unproductive much of the time, canceling government
vacations, and withholding payments for several months at a time, wages have been kept up. Top
officials have been involved in a few cases of gender discrimination, but the Chief Executive Officer has
taken no action to address them.

Virgo employs about 100 employees in its Dhaka branch. The rest of the workers are nice and
cooperative, but there are some significant institutions in place when it comes to decision-making. This
is a structured entity in which the Chief Executive Officer must authorize all decisions.
 CHAPTER 3

Strategy Assessment
3.1 Industry Analysis
Bangladesh’s pharmaceutical sector is one of the country’s most profitable export industries the
economy is heavily reliant on export earnings and it allows the country’s export earnings to grow. Any
person in society suffers from several illnesses and needs treatment to heal. As a result, it has the
opportunity to expand the business.

The pharmaceutical industry of our country is one of the most integrated industries in the world,
contributing significantly to the economy. Since the 1960s, when a few multinational companies and
local entrepreneurs established manufacturing facilities in what was then East Pakistan, Bangladesh now
has over 220 companies producing medicines. Since the early 1980s, Bangladesh’s pharmaceutical
industry has earned a significant and advanced technological and knowledge-based framework, which
has been developing and expanding day to day Following the Drug (Control) Ordinance of 1982, several
local pharmacy producers significantly expanded their product selection and increased the quality of
their drugs. Bangladesh’s pharmaceutical industry is dominated by national firms, which account for
more than 65 percent of the market. Six multinational corporations are, however, inside Bangladesh’s
top 20 firms. Just about all life-saving imported drugs and novel revolutionary molecules are funneled
into these companies and sold in Bangladesh. Multinational and major national businesses typically
adhere to existing good industrial practices (camp), which require stringent product quality management.
The 1940 Narcotics Act and its regulations served as the foundation for the country’s drug laws.

Bangladesh is now regarded as an established generic drug center in the area, thanks to four decades of
hard work. According to the Bangladesh Association of Pharmaceutical Industries and the Directorate
General of Drug Administration (DGDA), Bangladesh has approximately 257 approved pharmaceutical
manufacturing companies of which 150 are operational effectively. Around 98 percent of domestic
demand is met by these local producing firms. To satisfy the residual 2% of demand, specialized
medicines such as vaccination, anti-cancer medications, and hormone drugs are imported. In
Bangladesh, generic drugs account for 80% of production, while proprietary drugs account for 20%. The
following chart displays the specifications of the different types of pharma sector- Homeopathic,
Allopathic, Unani, Ayurvedic, and Herbal.

Figure 1.1 Specifications of the different types of pharma sector

3.1.1 Contribution of Pharmaceuticals Industry to the growth of GDP

The pharmaceuticals have an increasing trend in the matter of contributing to the GDP growth of
Bangladesh. We see that the average contribution rate for the contribution was about 1.85%. It was
lowest just less nearly 0.02% drop in the year 2014-2015 and the year 2017-18. Except for this period,
all the periods have an increasing trend. And during 2019-2020 the Corona out-breaking period had the
highest rate of contribution. It is so obvious because of the funding and great emphasis on the
pharmaceutical sector, which never happened in the history of time. If we take 2014-15 as a base year,
then the contribution rate of 2019-2020 possesses a 2.18% increased trend.
 Contribution to GDP
1.87%
1.87%
1.86%
1.86% 1.85% 1.85%
1.85% 1.84%
1.84% 1.83% 1.83%
1.83%
1.82%
1.81%
1.80% Figure 1.2 Contribution o
1
GDP
2013-14 2014-2015 2015-16 2016-17
2017-18 2018-2019 2019-2020

How the pharmaceutical

industry stole the limelight is magnificent. Because of the increasing population and rapid urbanization,
the expense of per capita healthcare is increasing. And the global pandemic is making people more
aware of the health and safety issues. Adaptation of high facilitated healthcare types of equipment and
manufacturing process is attracting more and more people towards local manufacturing firms. As the
labor cost is so low here, the global market is getting more attracted to the pharmaceutical market of
Bangladesh.
3.2 Key Market Players
Best pharmaceutical firms of Bangladesh currently are working on a shared technology, infrastructure
construction, and joint venture basis to enter bulk drug manufacturing. Square Pharma, Incepta,
Beximco, Opsonin, Renata, Incepta Alma, Apson Chemicals, FEI, Araneta, Hudson Pharma,
Biopharma, and SKF are among the large-scale players in Bangladesh's pharmaceutical industry.
Aventis, Pfizer, Novartis, Glasko-SmithKline, General Pharma, and Astra Zeneca are among the
international pharmaceutical firms with a substantial presence in the region. Companies are typically
able to charge a higher price while retaining a stable role due to the branded and generic quality of
goods. The top ten used drugs are given below in the perspective of Bangladesh-

Table 1.1 The top ten used drugs in the perspective of Bangladesh
The market share of the top 20 market players of the Pharmaceutical industry is given below-

Market Share of Top 20 Companies

2020 Q2 2019 Q2 Change (YoY)
1 Square 17.73% 18.83% 1.10%
2 Incepta pharma 10.21% 10.18% 0.03%
3 Beximco 8.39% 8.52% 0.13%
4 Opsonin pharma 5.54% 5.55% 0.01%
5 Renata 4.97% 5.03% 0.06%
6 Healthcare pharma 4.57% 3.78% 0.79%
7 A.C.I. 4.43% 4.31% 0.12%
8 Aristo pharma 4.38% 4.41% 0.03%
9 Eskayef 4.36% 4.50% 0.14%
10 Acme 3.91% 3.90% 0.01%
11 General 2.42% 2.22% 0.02%
12 Radiant pharma 2.26% 2.02% 0.24%
13 Drug international 2.06% 2.21% 0.15%
14 Sanofi Bangladesh 2.04% 1.98% 0.06%
15 Popular pharma 1.90% 1.88% 0.02%
16 Unimed & Unihealth 1.82% 1.61% 0.21%
17 Novo Nordisk 1.77% 1.76% 0.01%
18 Sun pharma 1.22% 0.96% 0.26%
19 Novartis 1.22% 1.26% 0.04%
20 Ibn sina 1.13% 1.06% 0.07%
Source: IMS Health Report 2020 Q2 and 2019 Q2
Table 1.2 Market share of top 20 Pharmaceuticals of Bangladesh

In the pharmaceutical sector, the top 10 players possess about 68.49% market share of Bangladesh. The
others companies all together possess the other 31.51%. The top ten companies have been almost
unchanged over the years, with no variation in ranking. Square has always topped in the rank followed
by Incepta and Beximco.

3.2.1 Features of the Market Players-

Fast TECH & Superior Quality: Bangladesh's pharmaceutical industry is now capable of
manufacturing pharmaceuticals that meet the highest quality standards. In the production and control of
medications and drug products, it ensures a high level of Quality Safety. Bangladesh's Directorate of
Drugs Administration, a professional enforcement body, maintains that the production facility and
operations comply with CGMP (Current Good Manufacturing Practice) and regulatory standards.
Bangladesh has processing facilities that follow the strictest CGMP criteria. Quality Management
Facilities are outfitted with cutting-edge technologies and conform to CGMP standards.

RAW Materials Procuring: Pharmaceutical producers in Bangladesh import raw materials from a
variety of countries, including the United Kingdom, France, Germany, Japan, Holland, Italy, Denmark,
China, Switzerland, Austria, Hungary, India, and Ireland. We are not using imported raw materials for
locally produced raw materials. If the local sourcing gets higher, the cost will decrease more of a
manufactured drug.

Global Marketing: Bangladesh could be able to realize its national target of converting its
pharmaceutical industry into a premium medicine export market. We have indeed initiated our global
sector, and as the first step toward internationalization, we have begun exporting our essential chemical
to a few overseas foreign markets. Iran, South Korea, Malaysia, Taiwan, Vietnam, Hong Kong Thailand,
and Nepal are among the countries to which we have exported our essential chemicals.

3.3 Promotional Marketing for Pharmaceuticals

Publicizing facts about production, line of products, brand, or organization is what promotion is all
about. It's one of the marketing mix's four main components. (Product promotion, pricing, and position
are the other three elements.) “It all boils down to businesses engaging with their clients when it comes
to promotion.” The cornerstone of the commercial mix is prescription commodity marketing
promotion[ CITATION Phi19 \l 1033 ]. The vehicle in which the commodity, its price, and methods of
delivery can be presented to the company's consumer consistently and convincingly is called promotion.
What and how markets are told about the firm's offering, place, and price. Marketing Promotion, mostly
ads, has a higher level of glitz than the other elements of the mix. It is undoubtedly more obvious, and it
frequently seems to be more inventive. The benefits of the other aspects are meaningless because they
are conveyed to people who have to know. Promotion, on the other hand, will not last if the other
aspects of the promotional mix are inadequate[ CITATION Bha11 \l 1033 ]. Marketing Promotion might
help sell a decent promotion or service, but it can't replace it or keep a bad product or service going too
long.

Marketing Promotion Types: Promotion is usually split into two sections[ CITATION Blo11 \l 1033 ],
as seen in the diagram.

Advertising above the line: Advertisement placement in the newspapers for which the company paid an
advertising firm. All other promotions are included below the top. Most of this is achieved in such a
manner that the user is unaware that a campaign is occurring[ CITATION Ste04 \l 1033 ]. Sponsorships,
product placements, partnerships, brand marketing, merchandising, mailings, personal selling, public
affairs, and trade shows are only a few examples.

Type of drug promotion: Drug marketing aims to convince people to purchase more drugs or spend
more money on them. This is accomplished by raising the drug's perceived worth –

The incidence and/or severity of the symptoms are considered to be rising. Growing the number of
people who are aware of the symptoms. Increasing the expected probability of gains and their size.
Reducing the potential risk and severity of negative consequences[ CITATION Dut10 \l 1033 ].
Growing the drug's use for prolonged periods. The primary goal of promotion is to inspire rather than to
warn. Advertisements for consumer products seldom have any detail about the product's features.
Instead, most advertisement focuses on associating product intake with optimistic feelings.

3.4 Assessment of Marketing Strategy- Virgo Pharmaceuticals Ltd.

3.4.1 Promotional Preparation of A Pharmaceutical Company:
The following tasks are used in the promotional planning process: 1. Determine the targeted audience,
2. Create the optimal answer 3. Choose a letter to send. 4. Settle on the media to use, and 5. Determining
the results.

Academic scholars, pharmacists, hospital managers, physicians, nurses, clinicians, the press, and the
wider community are also potential target markets for an advertising campaign. Identification of the
target demographic necessitates a detailed understanding of consumer desires, business characteristics,
competitive practices, and the commodity itself[ CITATION Eps12 \l 1033 ]. As a result, gathering
further data (both primary and secondary) is critical to making this decision. Again, the choice of a
pushover a pull strategy, the consumers' acceptance point, and the product life cycle are all critical
factors to consider when selecting a target group. The understanding of each audience's desires, wishes,
and buying preferences also help to decide the optimal response. A pharmaceutical organization's
multifunctional departments, which include marketing, sales, market analysis, and medical marketing
experts, can assess these responses with each participant[ CITATION Har14 \l 1033 ]. Customers,
industry, product attributes, and promotional goals all play a part in evaluating promotional
communications. Image creation, market segmentation or placement, or a direct customer reaction are
examples of the above.

3.4.2 Marketing promotion methods of Virgo Pharmaceuticals Ltd.

Advertising: Virgo Pharmaceuticals Ltd. uses the following advertisements. Advertisements in print
Any guidelines and standards for written ads are strictly followed in the pharmaceutical industry. Virgo
Pharmaceuticals Ltd. uses printed products for their ads, such as posters for medication shops and RMP
chambers, as well as sites where all of the operations are focused around the pharmacy. Virgo
Pharmaceuticals uses several formats for their written ads, which are listed below.

a. Newspaper

Virgo Pharmaceuticals Ltd. advertises in the newspaper for new employees and hires most of the time
for MPO recruitment. According to government legislation, no pharmaceutical firm may advertise their
drugs in the media. As a consequence, if the company posts a work listing, it advertises it in the media.

b. Magazines

In terms of drug store magazines, Virgo Pharmaceuticals Ltd. advertises in those publications. The
organization will have a company history as well as a product catalog here.

c. Journal

Along with the association of medical journals, several pharmaceutical firms market their manufactured
drugs and aim to attract a larger audience.

d. Mailing Lists - Virgo Pharmaceuticals Ltd. occasionally uses direct mail to promote their products
both domestically and internationally. They send letters to physicians and other parties in the pharmacy
industry in other countries.
e. Catalogues and Brochures: Brochures and catalogs are used by Virgo Pharmaceuticals Ltd. to promote
their goods to new markets. They have a catalog that includes the product name and price, as well as
general product details. In foreign marketing, this kind of advertising content is commonly
used[ CITATION Har14 \l 1033 ]. Virgo Pharmaceuticals uses leaflets and display cards as pamphlets
and catalogs.

f. Maintaining Web pages and Digital Marketing: Web content is also generally used to market
prescription products[ CITATION Kap10 \l 1033 ]. Virgo Pharmaceuticals Ltd. maintains its website to
advertise its products, as well as putting them on other platforms to obtain access to new foreign
markets. Social media marketing is getting much popular nowadays. Virgo regularly updates Facebook
and Linked-In profiles about their new launches.

a. Sales: demonstrations personal selling Virgo Pharmaceuticals Ltd. organizes promotional

presentations for their Medical Promotion Offices regularly, as well as assisting the MPO in developing
new marketing strategies for the company's products.

b. Sales Meetings: One of the most successful methods of marketing is to hold a sales conference. The
organization holds a distribution conference with the MPO, district sales manager, sales department
staff, and PMD employees. The organization honors good salespeople and MPOs of the year at sales
sessions, and these kinds of programs encourage other workers to aim to boost or increase the company's
sales.

3.4.3 Training Preparation and Incentive Programs:

Training is an important promotional technique for Virgo Pharmaceuticals Ltd. educates the MPOs,
RMPs, physicians, and pharmacy owners as a way of promotion. Virgo Pharmaceuticals Ltd. has
organized the following training sessions:

a) MPO qualifying preparation Virgo Pharmaceuticals Ltd. guides its Medical Promotion Officers
(MPOs) to improve their understanding of the company's new and emerging medicines, as well
as competing products. During the preparation, the company also teaches their MPOs a new
strategy for marketing the specific services while also increasing sales.
b) RMP certification training - To market the company's product, the company guides Rural
Medicine Practitioners (RMPs) to expose them to the company's invention as well as how they
 prescribe their patients for various diseases[ CITATION Kup13 \l 1033 ]. These practices draw
more people to the RMP, who either prescribe or deliver the company's drug to their clients.
c) Doctors' training- Virgo Pharmaceuticals Ltd. provides regular training for doctors in order to
bring their product to them. The company can attract physicians' interest with these kinds of
promotions, and these types of marketing activities maximize the number of prescriptions for the
company's goods.
d) Training for pharmacy shopkeepers: Virgo Pharmaceuticals Ltd. periodically arranges training
for pharmacy shopkeepers in order to draw their interest. The organization instructs these
persons on how to secure medicines from hampers, how to organize medicines in their shops,
and how to identify medicines in a brief amount of time.
e) Samples: Samples are commonly used in pharmaceutical marketing, and sample costs are often
the greatest when advertising a new or current product. In terms of samples, the organization
offers free medicine to physicians and RMPs, as well as hospitals and clinics, so that they can
administer their medication, while still using these opportunities to gain market share in the
pharmacy industry[ CITATION Rob19 \l 1033 ]. The most powerful way to promote a particular
feature is by a sample. Virgo has sent a lot of free samples of covid related staff and PPEs to the
doctors and pharmaceutical bodies to draw attention to their new product line.

3.4.4 Promotional Sales Methods of Virgo Pharmaceuticals Ltd.:

 Sales: demonstrations personal selling Virgo Pharmaceuticals Ltd. organizes promotional
presentations for their Medical Promotion Offices regularly, as well as assisting the MPO in
developing new marketing strategies for the company's products.
 Sales Meetings: One of the most successful methods of marketing is to hold a sales conference.
The organization holds a distribution conference with the MPO, district sales manager, sales
department staff, and PMD employees[ CITATION Dut10 \l 1033 ]. The organization honors
good salespeople and MPOs of the year at sales sessions, and these kinds of programs encourage
other workers to aim to boost or increase the company's sales.
 Competitions: Virgo Pharmaceuticals also organizes contests among MPOs to encourage them to
sell more merchandise in a particular area or on the foreign market, and to reward those who
win.
 Product Demonstrations [ CITATION Wei12 \l 1033 ]: A product sample is one of the most
often used advertising techniques in the pharmaceutical industry. Doctors, hospitals, pharmacies,
 and RMP collect tests from Virgo Labs Ltd. to recommend their drugs. In the samples, some
criteria are listed below:
 Wholesale dealers must be licensed by the state, which includes minimum stock, handling, and
record-keeping requirements. It forbids the re-importation of medicines into other countries by
the producer or for emergency purposes. It makes it illegal to sell, exchange, or buy drug
samples. It prohibits the illegal trafficking or money laundering of prescription coupons. It
mandates that doctors submit drug tests in writing. It forbids the resale of medications obtained
by hospitals and clinic providers, with certain exceptions.
 Presentations of Trade Shows: The most important promotion mechanism for advertising a
company's commodity in a foreign market is a trade show. Virgo Pharmaceuticals Ltd.
participates in numerous trade shows organized by the Bangladesh government, the Export
Promotion Bureau, Bangladesh Association of Medicines, and other nations. Virgo
Pharmaceuticals Ltd. visits the bulk of medicinal trade shows in the United States and overseas,
which lets them market their product.

3.4.5 Public Relations Techniques Virgo Pharmaceuticals Ltd. employ :

a) Articles/Reports from newspapers and magazines Virgo Pharmaceuticals Ltd. occasionally
uses magazines to print articles and reports on their development or their product in a variety
of pharmaceutical-related magazines, which lets them build close relationships with people
who use these types of products.
b) Humanitarian Contributions: Virgo Pharmaceuticals Ltd. sometimes donates or provides
funds or other things to assist society in the event of a natural disaster or another disaster, and
this is referred to as a charitable donation that strengthens public relations.
c) Issue Advertising: There are occasions that a social issue arises that is disruptive to society,
and there is a need for awareness. In this case, Virgo Pharmaceuticals Ltd. uses issue
advertising to promote its own business and build good public relations. For instance,
achieving awareness for Covid Situation.
d) Seminars: Virgo Pharmaceuticals Ltd. hosts a series of seminars directed at physicians,
pharmacy managers, laboratory staff, medical workers, and RMPs to enhance their ability
 and educate them about a variety of issues relating to the use of different drugs or in special
cases, both of which allow Virgo Pharmaceuticals Ltd. to establish a positive public profile in
society.

3.4.6 Seasonal Promotion Techniques used by Virgo Pharmaceuticals Ltd :

The medication market fluctuates from month to month, with some months seeing a rise in demand and
others seeing a decline. Virgo Pharmaceuticals Ltd. uses two forms of promotions to respond to changes
in demand: off-season advertising and peak-season endorsement.

a. Marketing during the off-season: The market for medication is smaller during off-season
promotions than during other times of the year[ CITATION Wei12 \l 1033 ]. Virgo
Pharmaceuticals Ltd. expands the marketing during this season to meet the peak season's
demand. When an organization retains peak-season demand throughout the off-season, peak-
season demand increases as well.
b. Marketing during the crucial period: The demand for medication is strong during peak season,
and most pharmaceutical firms are keen to tap into new markets and capture the highest possible
share of the market which we saw during the corona period.

3.5 Quantitative Analysis

Particulars FY 2019-20 FY 2018-19
Turnover (TK in Million) 1,091.04 1,025.87
Turnover Growth (%) 6.35 -7.15
Cost To Revenue Ratio (%) 51.49 52.41
Gross Margin (%) 48.51 47.59
Operating Margin (%) 47.78 46.86
Net Profit Margin (%) 32.15 30.42
ROA (%) 9.22 8.97
ROE (%) 17.55 18.72
Table 1.3 Significant Ratios of VPL

Virgo Pharmaceuticals Limited's financial report was conducted using unaudited financial statements
from June 30, 20 and audited financial statements from June 30, 2019. The firm's revenue rose to TK
1091.04 million in FY 2019-20 from TK 1025.87 million in FY 2018-19, a 6.35 percent rise in FY
2019-20.
 Revenue Trend
1,104.87
Revenue
1,091.04

TK in Million

1,025.87

FY 2017-18 FY 2018-19 FY 2019-20

Figure 1.3 Revenue Trend

  Gross profit and gross margin have rose in FY 2019-20, from 47.59 percent in FY 2018-19 to 48.51
percent in FY 2019-20. This was the rationale for a lower cost-to-revenue rate of 51.49 percent in FY
2019-20, compared to 52.41 percent in FY 2018-19. The concern's net profits increased to TK 350.73
million in FY 2019-20 from TK 312.02 million in FY 2018-19.

60.0% Profi tability Analysis

50.0%

40.0%
Percentage

30.0%

20.0%

10.0%

0.0%
FY 2017-18 FY 2018-19 FY 2019-20

Gross Margin Operating Margin Net Profit Margin

Figure 1.4 Profitability Analysis

The return on assets (ROA), which measures how effectively a company's assets are used to produce
earnings, increased to 9.22% in FY 2019-20 from 8.97% the prior year. Maintaining 10-20% ROA and
ROE is an ideal step for a copany. Likewise, VPL's proportion of ROE, which measures return on
investment, decreased to 17.55 percent in FY 2019-20 from 18.72 percent in FY 2018-19.
 Return Analysis

40.00% 17.55%
35.00%
30.00%
25.00%
9.22%
20.00% 18.72%
15.00%
8.97%
10.00%
5.00%
0.00%
ROA ROE

2018-19 2019-2020

Figure 1.5 Return Analysis

Ratios Beximco Square Virgo Comment

Gross profit margin 45.9% 50.9% 48.5% Gross Profit margin is
moderate
Operating margin 22% 32% 48% really low operating
margin , making it highly
profitable
Profit before WPPF 20% 39% 48% Really low debt and
finance expense
Profit after tax 14% 28% 32% Other cost are also very
limited. High net profit
margin than others
Tax rate 23% 25% 33% Higher tax rate as Virgo is
not listed in stock
exchange
Debt to Equity 50.4% 6.4% 83.1% has comparatively higher
debt
Earnings Per Share 8.29 15 0.01 Really low comparing
(EPS) with other market
players
Market Share in (%) 5.30 16.45 0.01 Really low comparing
with other market
players
Table 1.4 Comparison Ratios of VPL with other market players

If we compare some ratios of Virgo with other two major market player, we find out the prior
information. Despite of having higher tax rate, Virgo has a decent profitability ratio. But market share is
really very low competing with other players.
3.6 Observation and Finding
 By good product awareness and ability, the field force provides market distinction.
 Continually attending conferences and symposia that are well-received by prescribers.
 Innovative image-building events including a range of activities targeted at patients.
 In the industry, developing a service model in a strongly product-oriented marketing strategy.
 Conducting clinical trials in the region, something that few other firms do.
 Investing a large amount of money in medical preparation and development.
 It has a technical superiority over its rivals.
 Employees in the head office and the sector are highly qualified and inspired to achieve the
goals.

3.7 Recommendation

Virgo Pharmaceuticals Ltd. could develop a stronger presence in the district town and some main rural
areas, as these markets are still underserved. About the fact that Virgo Pharmaceuticals Ltd.'s products
are less expensive than those of competitors, the possibility of institutional sales should be investigated.
More strategies involving cooperation with other international manufacturers are needed to obtain access
to technologies and services, such as going into API manufacturing. To keep up with the industry's
evolving world, more responsive functional policies are needed. To do business in the LDC industry,
patent rights must be protected. To reduce the product's quality, search for low-cost raw materials. To
add strong growth, acquire local or global businesses. Clinical testing is being used to diversify product
indications to create further sales. More emphasis on a service-oriented solution to address doctors' price
objections by the development of relationships. Field events within the younger generation of
prescribers to further grow potential prescribers. Using creative products to further expand and enhance
the institution's market.
 CHAPTER 4

4.1 Implications
Virgo Pharmaceuticals Ltd. should take the following steps:

 Medicine and illness-related information: physicians often request this technical information in
order to further explain the disease and promote better case care. Because of its unique
capabilities in the areas of research and development, Virgo Pharmaceuticals Ltd. is attempting
to include such knowledge.
 Information on novel medicines: this is a highly valuable field in which only a few major
pharmaceutical companies are capable of developing new medicines. Virgo Pharmaceuticals
Ltd. is a leading pharmaceutical firm with outstanding communication capabilities and is widely
recognized as one of the best in the industry.
 Create a research center: Virgo Pharmaceuticals Ltd. can create a research center devoted to
conducting research on various incurable diseases. Several pieces of information are produced
as a result of such a study, which will undoubtedly add to the doctors' knowledge.
4.2 Conclusion
In this internship report, I’ve tried to summarize my internship journey at Virgo Pharmaceuticals
Limited. From the initial stage, my roles and their implications in the various divisions of the
organization have been shown. I have tried to show the overall marketing and promotional strategies
Virgo Pharmaceuticals implement in their organization. How they announce a new product line to the
community is one of the major concerns of this report. Virgo has improved a lot in the meantime. This
little period helped me a lot to learn, to grow, to gain my expertise in the organizational sector,
especially I would like to mention pharmaceuticals sector. I hope they overcome this crucial pandemic
period and their journey continues smoothly ever after.
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