The Evolving World of Pharma Marketing – How You Can Stay a Step Ahead
With numerous changes being introduced by the latest digital technology, every pharmaceutical company has been trying hard to stay a step ahead!
In this article, we help you understand the ways the evolving realm of pharma marketing can benefit your pharmaceutical company and how you can be successful.
Challenges Faced By the Pharma Companies
The cloud, Internet of Things (IoT), mobile communication, and advanced analytics are among some of the major innovations that have been revolutionizing the healthcare sector just the way it has revolutionized retail, banking, media, and other sectors.
However, several pharma businesses are unable to figure out the digital initiatives, which ones can be scaled up, and how exactly they can do it. This is mainly because they still don’t have enough clarity on what digital success could mean to them five years down the line.
Pharma Marketing in the Present Era – It’s Not About Customers But the Drugs
Being one of the biggest businesses in the market, pharma marketing is still growing at a faster rate. The pharma industry’s marketing expense has surged by around 70% and is somewhere around $30bn.
But the real question is – with the constant evolution in the realm of preventive care and patient advocacy, will the same marketing approach work for the pharma companies?
Presently, the future of the pharmaceutical business does look promising!
Although, only those companies who are successful in embracing the potential of customer-centric business models and digital innovation will be able to create a stronger loyalty, long-lasting brand image, and effective customer interaction.
Irrespective of the worldwide competition, cost-control, and regulatory restrictions, the realm of pharma marketing will have to focus more on the customers and not the drugs.
One-Size-Fits-All is No Longer the Best Marketing Approach
In the pharma industry, conventional marketing tactics have always been focused on the prescribed drugs that the pharma owners think would make more money.
Besides, business success has always been linked to promotional activity and hostile digital marketing which is normally directed towards physicians. In other words, focusing on the expectations and requirements of providers and patients has never been the top priority.
The present state of pharma marketing is intricate and has to follow either of these paths:
These firms do not differentiate between either of the channels and end up taking the ‘one-size-fits-all’ approach.
But with the ongoing evolution in the pharma industry, companies need to focus more on omnichannel marketing, personalization, and customer experience to achieve the desired success in the market.
The Changing Expectations of Customer Healthcare
It is expected that 30 years down the line, nearly 85% of 2bn people (above the age of 60) would not only prefer being enlightened but also a part of every health-related decision that’s taken for them.
But the unfortunate reality is, the majority of pharma companies aren’t yet prepared to provide value through preventive care, especially in a digital-driven world. The conventional marketing playbook of pharma companies is also not in line with present-day tactics.
In today’s time, however, it is important to have a forward-thinking marketing strategy that is intended to meet the requirements of patient demands and advocacy – after all, it is your customers who matter the most!
Although this is just the beginning, it is high time that all the pharmaceutical companies take the digital leap! It is also crucial that they start taking strategic planning and customer-centric approach in stride to ensure they are a step ahead of the curve!
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