Pharma marketing refers to the marketing of drugs and medical devices by private and public organizations to doctors, clinicians and consumers. Also, marketing and revenue should be tied in order to produce the most desirable results. In fact. 8 You have successfully subscribed to Healthcare Weekly's newsletter. 5 key themes of Modern Marketing innovation. Researched – Content Marketing must also be well researched and articulated in an appropriate manner. Using pharmaceutical sales in 2006 to measure firm size, 5 of the survey firms are top 10 companies, 7 are top 25 firms, and 3 are outside the top 25 (Pharmaceutical Executive, May 2007). For this reason, research and development will always impact the cost of a particular drug and this is also true when it comes to the costs associated with pharma marketing. For an industry which, historically speaking, is closely connected to the idea of growth through innovation it comes as a big surprise to find that only one of the ten big pharma companies is in the top 20. The pharma industry is no longer being rewarded for incremental innovation, me-too products and selling the most pills. The global market for pharmaceuticals is $900 billion and this figure is fully expected to exceed $1,1 trillions  in the next few years. From the discovery of therapeutic biologicals in the 1920s, such as Salvarsan and insulin, to the blockbuster drugs birthed in … Digital Innovation in Pharma Marketing was presented by Dorothy Czylyski (August 2019) at MarketingTO. However, it’s clear that this demand is not likely to slow down anytime soon and online trends can also attest to this statement. That being said, doctors hold the key to consumer sales and establishing a relationship with these professionals is a good way to communicate with a much wider audience. are also health related and it’s not just consumers that use these engines but also the doctors who prescribe them. All rights reserved. One is that the pharmaceutical industry dramatically misunderstands what a patient goes through to get diagnosed and treated, so the first thing that’s necessary is to understand this better. Analyze existing search results and identify commonly search keywords with low competition for depression medicine. It is mandatory to procure user consent prior to running these cookies on your website. This has led to rising awareness regarding the need for a more efficient and cost-effective drug discovery and development process. By creating targeted, value-driven branded content that offers prospective or current patients insight into relevant information… But there’s still room for some serious innovation as we enter a new decade—particularly in the specialty care arena, one expert says. Well, marketing is now the key driving force behind shareholder value. We don’t share your contact information with any 3rd party. Pharma marketers face many constraints but they must embrace innovation. When you think of it, this significantly reduces the impact of standard marketing efforts that focus on features and benefits. One of the most significant transformationsseen by digital’s influence on the pharma industry is the fact that pharmaceutical companies are no longer the sole gatekeepers or providers of the information surrounding their treatments or products. Now, in case this seems a little confusing, let’s take a simplistic look at the process: While this is a rather simple example and just one of many aspects of content marketing, you should see this investment is highly practical. Any cookies that may not be particularly necessary for the website to function and is used specifically to collect user personal data via analytics, ads, other embedded contents are termed as non-necessary cookies. Unfortunately for many companies, most methods look the same when it comes to marketing to doctors and it must be known that there is often a reason for taking a conservative approach. For example, most patients who suffer from depression will use a search engine to find medication for this condition. As a result, marketing to doctors is often more beneficial for pharma companies and different strategies are needed to address both doctors and patients. By continuing to use this site you are agreeing to our. However, research is essential and choosing the right keywords, links and strategies is always just as important as any amount of implementation. But what makes pharma marketing so important? When changing to analytics-driven methods, most marketers find the results are far more impressive than with taking a conventional approach. London, UK. The pharmaceutical industry is one of today’s most dynamic and complex industries, involving commercialization of cutting-edge scientific research, a huge web of stakeholders (from investors to doctors), multi-stage supply chains, fierce competition in the race to market, and a challenging regulatory environment. That by definition is not innovation. , a depression drug, it would make sense to create content around this particular drug which the end user is likely to find in search engine listings. Marketing science – brand innovation for pharma. So how do you stand out of the crowd in pharma marketing? That is to say, relevant data and tools often indicate a much higher return on investment for pharma companies that invest in marketing as opposed to those who place less emphasis on it. Marketing to doctors is all about identifying the needs of these professionals and providing well-researched solutions in a creative way through tactical media placement. The Summit offers an intimate environment for a focused discussion of key new drivers shaping Pharmaceutical marketing and sales. Pharmaceutical industry is a highly innovation driven industry which throughout its history has contributed to the well-being of the humans by providing new medicines to address various diseases and have grown into one of the major sectors in the world. Strategic Marketing … Marketing science – brand innovation for pharma. Five Essential Google Analytics Reports to Understand Your Website Traffic, Content Personalization & Pharma Using Sitecore. – Tactical placement is highly important to reach individuals who might be desensitized to traditional marketing strategies. As a rule, drug affordability and disease prevalence continue to drive this rate, while government policies and regulation can impede or slow down this growth. The quest for innovation is a major driving force in pharma. “You can’t innovate by looking at the best thing someone else did in the pharma industry and copying it. The below detailed agenda is for the face-to-face format. Researchers can use this data to identify specific gene abnormalities, or biomarkers, to understand which types of patients a drug will be most effective for, and who is likely to experience sever… Pharmaceutical marketing is certainly not dead, but it is undergoing unprecedented changes that are not within the typical realms of many Pharmaceutical companies’ expectations. But opting out of some of these cookies may have an effect on your browsing experience. At the same time, marketing is not always seen as a priority for pharma CEOs which is why professional marketers are often required to take responsibility for pharma branding and for the ROI on investment. These cookies do not store any personal information. In many ways, implementing these strategies can take time due to lack of understanding and for the fact that many CEOs are still consumed by the ‘old way of thinking’. With this in mind, pharma marketers will place emphasis on identifying customer needs and finding solutions to meet these needs. ... marketing for pharmaceutical products is, itself, a multi-billion dollar industry. She has professional experience in primary research in Life Sciences, advance statistics in pharma brand marketing and advance modeling for Risk and Fraud detection. While studies show that most pharma CEOs believe new products to be the driving force of revenue, professional marketers think otherwise. In this environment, digitally enabled \"beyond the pill\" solutions, which include not just drugs but also sens… In short, analytical decision-making can save both time and money for pharma companies. It’s true, we live at a time in which people turn to their mobile devices for advice and price comparisons. Full disclosure: we’re not affiliated with Doxepin, we’re just using them as an example in this scenario. Taking a Closer Look – How Big is the Pharma Industry? innovation in pharma Pharmaceutical industry perspectives on the Global Innovation Survey 2013: The insatiable appetite of society, investors and patients for pharmaceutical innovation is linked to the breakthrough advances in science and technology by the innovation process. With this in mind, if a pharma company creates a drug or treatment for depression, they can directly target the end-user through search engine optimization and content marketing in particular. She was a part of core strategy group for growth opportunities at E&Y. Pharma marketers have two audiences – patients and doctors. In short, data is now an important element for effective marketing and measuring these results is just as important. © Copyright 2019 ASENTECH LLC . Create articles about depression or this depression drug and insert selected keywords such as “best drug for depression” or “recommended drugs for depression” within this content. We use cookies to enhance your browsing experience and provide you with additional functionality. But what might this look like in the pharma industry? We might create robust content and marketing strategies that will communicate directly with the person searching for a solution to their depression. What’s more, the pharma industry is now highly commoditized which means that these products have less intrinsic value which in turn means that most pharma marketing deliverables are more or less the same from one company to the next. At the end of the day, patients and doctors are all consumers of information and pharma marketers must use known marketing strategies to build awareness and attract and convert these consumers. •Market in India is prescription- driven and branded generic. up-to-date on the latest in: (function($) {window.fnames = new Array(); window.ftypes = new Array();fnames[0]='EMAIL';ftypes[0]='email';fnames[1]='FNAME';ftypes[1]='text';fnames[2]='LNAME';ftypes[2]='text';fnames[3]='ADDRESS';ftypes[3]='address';fnames[4]='PHONE';ftypes[4]='phone';}(jQuery));var $mcj = jQuery.noConflict(true); Healthcare Weekly | Copyright © 2018 All Rights Reserved. Keeping pace with the changing ecosystem and adapting to it has become a key challenge, yet when it comes to embracing innovation, pharma is less enthusiastic relative to other industries. If we were the marketers behind Doxepin, a depression drug, it would make sense to create content around this particular drug which the end user is likely to find in search engine listings. In fact, the key to growth in the pharma space is more closely associated with understanding consumer needs as opposed to creating or improving products. In terms of marketing strategy, it’s important to identify the most suitable audience and know the difference between them. The offbeat thinking is all about seeding innovation. While studies show that most pharma CEOs believe new products to be the, Marketing to Doctors versus Marketing to Patients: Differences & Similarities, Marketing to doctors is all about identifying the needs of these professionals and providing well-researched solutions in a creative way through tactical, That being said, doctors hold the key to consumer sales and. 15 Marketing means the whole business seen from the point of view of the final result, i.e. , pharma companies spend approximately $2.6 billion for every drug they bring onto the market. Digital is embedded in pharmaceutical marketing, with marketers using it in numerous ways. Meaning the tendency to avoid innovation in pharma and healthcare marketing out of a fear of failure -- that it outweighs to risk of experimentation and the possibility of greater rewards. Companies will need to demonstrate that their brand adds value to patients and they will have to offer a package of products and health services that the market not only wants and needs but is willing to pay a premium for. Already subscribed to list Healthcare Weekly's newsletter. A copy of the survey instrument can be found in our online supplement (Appendix G). Marketing has changed a great deal in recent years with most pharma companies starting to recognize the need for alternative strategies. As for the focus of these marketing efforts, pharma companies have a tendency to target physicians instead of the actual consumer. 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Digital Patient Journey. Marketing to patients and doctors require distinct strategies but pharma marketing in general involves the same principles that you find in any other industry. •80% Prescription market •20% Institutions/ hospitals and dispensing doctors. With so much spending involved, most companies understand the great role and importance of marketing in pharma. Managing small steps in that process can make a big difference. Digital channels are multiplying and consumer habits are evolving faster than ever. More specifically, marketing enables pharma companies to identify, anticipate and provide solutions for customer requirements. With the average American spending  $1,000 on drugs a year, marketing is a top priority for the major players in the pharmaceutical industry. After all, patients are online nowadays and the statistics back this up. Precision medicine is an approach that integrates clinical and molecular information to understand the biological basis of disease. That being said, how does one stand out or gain traction with so much competition? Innovation is a concept that is referenced regularly in marketing content: from blog posts to keynotes, it is widely acknowledged as a critical ingredient for success in the digital age. Agenda of The Strategic Digital Pharma Marketing Course. ... marketing for pharmaceutical products is, itself, a multi-billion dollar industry. This post comes from one of our partners and has been written by Codrin Arsene, CEO, Shingles vaccine shortage sends people on pharmacy pilgrimage for Christmas, Lockdown Serves Domestic Pharma the Bitter Pill: April Growth Slips, Mission Therapeutics and AbbVie team up to develop DUB inhibitors to treat Alzheimer’s and Parkinson’s Diseases, Actelion To Pay $360 Million Following Anti-Kickback Violations Charge. More specifically, we would use specific keywords, backlinking and organic marketing strategies to position this drug at the top end of search results for various depression-related queries. The pharma industry has the biggest need for innovation worldwide. Eye For Pharma’s Marketing and Customer Innovation Europe Summit brings you exclusive case studies on delivering superior HCPs and patient experiences, adopting an above-brand culture, and allowing digital transformation to flourish. Healthcare Weekly: At the Forefront of Healthcare Innovation (36), artificial intelligence in healthcare (9). Marketing to patients is all about identifying individual needs and creating a patient experience that will provide efficient and specific value to address these same needs. Through online communities, mobile applications and a wealth of web content, people now have wide access to a range of pharma-based insights. The online version of this course will cover the same modules, but the format and timing will be adapted to suit the online training setting. Keeping pace with the changing ecosystem and adapting to it has become a key challenge, yet when it comes to embracing innovation, pharma is less enthusiastic relative to other industries. Converting unfulfilled customer needs into new products and services that people want, need, value and expect -- and are willing to pay for -- is what strategic (as opposed to tactical) marketing is all about. Longer R&D programs are not, however, associated with longer periods of exclusive marketing. Pharma marketing refers to the marketing of drugs and medical devices by private and public organizations to doctors, clinicians and consumers. In terms of the overall spend, most companies spend more on pharma marketing as opposed to research and development. That is the only way, To view this interview on PharmaSummit website, please click here. Innovation and Marketing in the Pharmaceutical Industry Emerging Practices, Research, and Policies. Optimizing the innovation journey to achieve operational excellence Request a FREE pilot to learn why leading pharma and life sciences companies leverage analytics to … Continue to optimize the article until Google and other search engines rank this content on page one for the keywords that were identified for Doxepin. While many people continue to view pharmaceuticals as commodities, marketers know that branding is the only way to help differentiate these companies from each other. Payors and governments have an ever sharper focus on managing costs while delivering improved patient outcomes, putting an even greater onus on pharma companies to demonstrate the value of their drugs in the real world—not just in randomized controlled trials—if they are to retain market access and premium pricing. Marketing and Customer Innovation Europe Summit TBA. Moreover, consumers are much more likely to buy with the recommendation of a doctor and this is certainly true if a certain device or prescription can be covered by insurance. It is not ‘business as usual’ anymore. The answer is simple – Analytics based marketing. - Drucker Pharmaceutical Marketing in India It works in this way: 16. Statistics show that more than 2.5 million depression-related search queries are made every month and many of these keywords are yet to be targeted by pharma companies. Now, while this might seem like a lot to the naked eye, pharma marketers are able to identify more than enough reasons to justify this large number. Biopharmaceutical innovation is highly dependent on a period of exclusive marketing after approval, to cover the costs of research and development programs. Creating this patient experience is often an online process and one that relies heavily on strong search engine optimization and user experience. Swati is CEO and Managing Partner at Asentech. Pages 19-81. If companies can provide clear and efficient solutions to these search queries, this will inevitably impact sales and revenue. She holds a Master's degree in Bio Statistics from Rutgers University. To this end, marketers can use analytics to measure effective marketing strategies and also to eliminate the risk of knee-jerk decision-making that might not produce a decent return on investment. ... marketing and innovation. Surveys show that one in twenty searches on Google are also health related and it’s not just consumers that use these engines but also the doctors who prescribe them. According to the NCBI, pharma companies spend approximately $2.6 billion for every drug they bring onto the market. Let’s take a quick look at the difference between these two audiences and what pharma marketers might want to consider during the process. Either way, pharma is big business and one of the most in-demand and profitable industries in the world. ... this need for progress is particularly acute within pharma marketing. This site uses cookies to enhance your user experience. Full disclosure: we’re not affiliated with Doxepin, we’re just using them as an example in this scenario. With those insights, one can develop drugs with labels that are more likely to meet patients’ needs, commercialize them in a more patient-oriented way, and perform clinical trials more efficiently. The pharmaceutical industry is experiencing a wave of disruption as part of what PwC refers to as the New Health Economy, says Rich Quelch, Global Head of Marketing at Origin. Needless to say, marketers must be able to prove that these methods are working and make changes in order to improve the bottomline. As a rule, marketing analytics metrics should include many factors including sales, costs and profits. We also use third-party cookies that help us analyze and understand how you use this website. Sign up for the Healthcare Weekly newsletter to stay Menu Close. These cookies will be stored in your browser only with your consent. However, creativity is essential in order to stand out as doctors are highly educated and most often desensitized to “savvy” marketing. Digital marketing in pharma industry has already picked up and starting to transform the Pharma and Healthcare industry in the ways it has already transformed retail, media, banking, airline, telecom and education industries. An Example of How a Pharma Company Might Market a Product. Placement – Tactical placement is highly important to reach individuals who might be desensitized to traditional marketing strategies. When we take a closer look at the statistics, the average doctors in America has control over $2 million of healthcare costs every year which accounts for nearly 80% of the total spending countrywide. The pharmaceutical industry is one of today’s most dynamic and complex industries, involving commercialization of cutting-edge scientific research, a huge web of stakeholders (from investors to doctors), multi-stage supply chains, fierce competition in the … Rather than use the same “differentiators” as everyone else, savvy markets use certain drivers such as efficacy to stand out. Out of these cookies, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. from the customer's point of view. This usually As already mentioned, the gap between the features and benefits of pharma products is becoming less pronounced over time. The Agile Elephant defines digital transformation as “a change in leadership, different thinking, the encouragement of innovation and new business models, incorporating digitization of assets and an increased use of technology to improve the experience of your organization’s employees, customers, suppliers, partners, and stakeholders.” In fact, recent studies show the industry is growing at a rate of 5%, which is just behind the two other major healthcare segments – medical services and equipment. Reverse innovation is a response to numerous challenges, that Pharma Industry is facing now: such as a slowdown in successful innovations, increasing research costs, decreasing revenues due to patent expirations, and the huge expense to bring a drug to the market as a result of enhanced regulatory hurdles. This category only includes cookies that ensures basic functionalities and security features of the website. Create backlinks to these articles from other high authority websites. On the other hand, the effectiveness of this data and these efforts must also be measured, while certain changes will always be needed to make improvements to achieve the desired outcome. Marketing and innovation produce results; all … You also have the option to opt-out of these cookies. How Pharma Marketers Think About Marketing to Doctors and Patients. That is to say, most patients will now use search engines to find information or solutions relating to drugs, treatment, disease or other pharma issues. Publish this content on websites that have high authority and traffic. As you know, consumers have a tendency to contact their local doctor for medical solutions or at least consult these individuals before purchasing a pharma device or prescription of some kind. The truth is, experts know that pharma marketing is more and more important as the differentiation between existing products becomes smaller. Either way, most companies are investing more in marketing than research and development for good reason but with most companies still implementing the same strategies, taking an alternative approach to marketing is most certainly the key to successful marketing in the pharma industry. The 18th PharmaMarketing Summit is the premium forum bringing pharmaceutical marketing executives together with solution providers. In this article, we take a look at pharma marketing and what enables some pharma companies to stand out from the crowd. The global market for pharmaceuticals is $900 billion and this figure is fully expected to exceed $1,1 trillions  in the next few years. Scott Weintraub, Chief Marketing Officer of HRM, compares traditional marketing with Regional Marketing innovation. Decade, pharma companies starting to recognize the need for innovation worldwide and more important as any amount of.... Is important but data analytics are needed to measure success way: 16 you the latest in innovation. Might be desensitized to traditional marketing strategies think of it, this will inevitably impact sales and revenue and. Refers to the marketing of drugs and medical devices by private and public organizations to doctors and patients spend $... And individual health is imperative for the focus of these cookies on your browsing experience and you. Out of some of these cookies example, most marketers find the results are far impressive. A big difference from depression will use a search engine optimization and experience. – how big is the premium forum bringing pharmaceutical marketing, with marketers using it in ways... Story: Branding is important but data analytics are needed to measure success gain. Rarely analysed or explored public and individual health is imperative for the focus these! To our below detailed agenda is for the website will inevitably impact sales revenue... 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As efficacy to stand out of some of these cookies a big difference with solution.! That help us analyze and understand how you use this website uses cookies to improve the.., the gap between the features and benefits of pharma products is, itself, a multi-billion dollar industry the! On deploying their time and money for pharma companies to identify the suitable! Said, how does one stand out or gain traction with so much hype innovation. Might create robust Content and marketing strategies analyze and understand how you use this site you are agreeing to.. To traditional marketing strategies that will communicate directly with the person searching for a solution their! This up know that pharma marketing their time and money for pharma companies starting recognize... Can provide clear and efficient solutions to these search queries, this reduces.