The pharmaceutical industry was rapidly changing even before the pandemic struck. Be it technological shifts, mergers & acquisition, or the way drug makers market their products, changes have been everywhere. The crisis has induced unprecedented capacity enhancement in medical care through healthcare solutions and other measures. At the same time, pharma companies are undergoing sped-up transformations. And all these changes have begun at a large scale in pharmaceutical marketing.
In this blog, we will discuss changes that companies need to adopt for successful pharma marketing. We will begin with a little background about how the pharmaceutical industry is evolving. Then our discussion will more specific, into the transformed arena of pharma marketing.
A rapidly transforming pharmaceutical marketplace
The ongoing public health crisis has triggered a growing interest of investors and consumers in the pharmaceutical industry. Even before the crisis, the industry was nonetheless seeing a flurry of changes driven by different factors. As the prevalence of chronic diseases rises, for instance, pharma companies feel the pressure to reduce prices and increase productivity. Chronic illnesses like diabetes becoming more common in developed and developing countries alike. This has prompted new socio-economic dynamics associated with the drugs used to treat such diseases.
At the same time, policymakers and regulators are seeking to have more control over what doctors prescribe. The target audience of the industry is becoming broader as the government guidelines replace individual prescription decisions. Shifts like these have significant implications on the pharmaceutical marketing model. Besides, the lines between traditional areas of medical care are blurring swiftly. The primary care sector is expanding. Self-medication is seeing substantial growth. The needs of patients are changing like never before. All these factors together are demanding radical change in the way pharma companies operate sales and marketing.
Remodel marketing to address the changing needs
The changes mentioned above, along with many other factors, call for an urgent need to remodel the marketing and sales strategies of pharma companies. Marketing processed of pharma companies have already become more dynamic and incremental.
Until a few years back, drug makers launched products with big campaigns. Today, product launches have become more frequent as companies rely on live licenses for many new drugs. So, companies now need rapidly evolving labels and dynamic dosing information, among other things. Here’s how you can implement an effective marketing strategy in the evolving marketplace.
Focus on value-based health care
Pharmaceutical companies today need to demonstrate that their products offer the value that consumers are looking for. The value could include the efficacy of the drug, cost-effectiveness, and satisfactory healthcare experience, among other things. The value chain is what makes your pharma company stand out from others. To stay ahead in the competitive landscape, you need to turn your attention to what healthcare payers looking for. The payer could be a patient, a government agency, or an insurer. Your marketing should promise the desired value to everyone. Your products should deliver that value.
Abandon the one-size-fits-all marketing model
Consumer behavior and demands are changing. You simply cannot design a marketing campaign that appeals to the patient and physician alike. Your marketing strategies need to be different depending on what kind of market and audience you’re targeting. These factors have significant implications in both traditional and digital marketing. While choosing digital marketing services, you need to consider these elements more meticulously.
You need to differentiate between direct-to-consumer and direct-to-provider/payer marketing strategies. Personalization, customer experience, and omnichannel marketing are some of the key factors. These factors the effectiveness of your marketing campaign. Personalization of content and channels remains key to succeeding in a dynamic pharmaceutical marketplace.
Omnichannel marketing for larger, better outreach & conversion
Almost every major industry is adopting omnichannel marketing. This is due to the tried-and-tested effectiveness of the marketing approach. Omnichannel marketing requires different strategies for different marketing channels. These strategies should be aimed at targeting patients, doctors, and other payers in a personalized way.
Big pharma companies are moving to precision marketing. This involves targeting the audience via digital platforms. Marketers use insights like consumer behavior and specific interest to target potential customers. Others are using more sophisticated tools like machine learning and big data analytics. These approaches to marketing are rapidly evolving and becoming more effective than ever before.
Marketing specialist therapies
The development and popularity of specialist therapies are growing. With the rapid progress of the most advanced branches of medicine, pharma companies are launching new specialist therapies. Biotechnology, genomics, and proteomics, among others, providing new tools for the development of such advanced treatments. Biotech companies like Amgen and Biogen were the earliest beneficiaries of such shifts. Now many other players have joined the race. So, it has become more crucial than ever to efficiently market such therapies.
Disruptive technologies as tools for growth
Keep relying on the traditional way of addressing the market needs doesn’t suffice in a ruthlessly competitive market like this. Pharma companies need to do more. Many companies are already adopting an array of emerging and disruptive technologies to stay in the race. Whether it’s wearable devices, internet of things (IoT), or AR/VR-enabled therapies, disruptive technologies have growing dominance in the industry. These technologies also make you look like futuristic and technology-driven. Such appearances are good for both your brand image and marketing campaigns.
The creation of a new, more effective pharmaceutical marketing starts with the analysis of your value chain. Identify the key players you need to target and collaborate with. Effective collaboration with the payers will enable pharma companies to create marketing and product development strategies. You must also know how to use advanced enterprise software applications and digital marketing channels.
At OrangeMantra, a digital transformation services provider, we have a years-long experience of collaborating with pharmaceutical companies. From workflow management to process automation and digital marketing, we can fulfill all your tech needs. We have helped several pharma companies achieve their business goals with efficient tech solutions. Follow our blogs to stay updated about all things enterprise tech.
Q. How do I start a pharmaceutical marketing plan?
You need to start by analyzing the marketing and setting the target audience. Then know who your competitors are. Set goals for the marketing campaign and then choose the right channels. If you choose digital marketing, use all the advanced tools like machine learning and big data analytics.
Q. Why is Omnichannel marketing important?
Omnichannel marketing enables you to focus on customer needs and demands. It also allows you to stand out in a competitive market. Omnichannel marketing helps you achieve sales goals by connecting with prospects and customers through a personalized experience.
Q. Why is IoT is important in healthcare?
IoT enables healthcare providers to be more watchful and connected with the patients. IoT devices enable medical care professionals to identify the best treatment and accurately monitor recovery, among other things.