World of Pharma Marketing, thirty years from now, 85% of the two billion people who will be over the age of 60 will expect to be more involved and empowered in decisions that manage their health.
But most of the World of Pharma Marketing is woefully unprepared for how they’ll deliver value in a digital-first world driven by preventative care. The traditional pharma marketing playbook isn’t in tune with today’s way of thinking. Without a forward-thinking strategy that’s designed to meet the needs of a new world of patient advocacy and strong ‘proof of outcomes’ demands, no amount of ad spend will be able to make up for a lack of vision and outdated thinking.
Traditional marketing strategies in this industry have revolved around vigorous product marketing of the prescription drugs that the decision-makers think will make money. Commercial success is attributed to aggressive digital marketing and promotional activity—usually targeted to the physician. Responding to the needs and expectations of patients, providers, and payers hasn’t typically been the top goal, but that’s about to change.
The current state of pharmaceutical marketing is complex and usually takes 1 of 2 paths: direct-to-consumer or direct-to-provider/payer. Pharmaceutical firms today don’t normally differentiate between these 2 channels.
They tend to take more of a one-size-fits-all approach. This runs counter to today’s way of thinking, which is all about personalization, customer experience, and targeted omni-channel marketing of the right product, at the right time, to the right user, and using the right media.
Patients today require a different approach to addressing their health problems. Mobile technologies, social media, the cloud, and the Internet of Things (IoT) are just some of the new realities that are disrupting health care today.8
Savvy pharmaceutical marketers see the opportunity that lies in leveraging tools that can monitor a patient’s health and provide real-time, personalized feedback to help improve outcomes. Making just minor tweaks to the marketing approach, along with taking advantage of disruptive technologies, can have a huge impact on growth and performance
Pharmaceutical companies need to take note when marketing their drugs – patients today require a different approach to addressing their health problems. Mobile technologies, social media, the cloud, wearables and the Internet of Things (IoT) are just some of the new realities that are disrupting healthcare today – and is the key to enabling a patient-centric approach. In fact, investment in technologies to leverage the power of big data is a prerequisite. That’s virtually the only way to collect and appropriately utilize valuable insights from the vast and unmanageable pools of data currently out there in the health IT ecosystem.
Drugs occupy the vast majority of marketing dollars for pharmaceutical companies – for now. In the next decade, they’ll only be a piece within a sophisticated digital ecosystem that primarily functions as a long-term partner with patients, frequently monitoring and providing feedback.
As the outcomes-based approach to healthcare grows in popularity, now is the time for pharmaceutical agencies to benefit from a new personalized, omnichannel approach to marketing. Pharmaceutical companies must find creative ways to adapt.
In order for pharmaceutical companies to continue thriving, they need to engage with patients, who are becoming more aware of their health and are more focused on holistic health outcomes. This means expanding their offerings and capabilities to beyond drugs with a focus on continuous patient outcomes, using behavioral insights to drive how they market specific drugs, and using the appropriate channels to deliver the right information.
Becoming visible, active partners in consumers’ management of their health might feel like an ambitious target at the moment, but technology evolves fast. In just a few years, the early health tech-adopting pharma companies may have earned the right to sit beside consumers in their homes.
