The pharmaceutical industry changes faster than almost any other and the pace of change is only accelerating. Here are some top pharma trends marketers should be aware of. Knowing about these things will help you prepare for the marketing and communication issues you will likely face in the year ahead and beyond.
1. COVID-19 encourages industry-wide collaboration.
The coronavirus pandemic has dominated the news —and the pharma industry — for most of the last year and there’s no sign that will change. COVID-19 has forced closer collaboration between people and organizations across the industry so they can respond to the pandemic as quickly as possible. Experts all over the world have been able to learn from each other and the research and testing they’re doing. This has proved valuable when it comes to combating coronavirus and its spread, and it’s likely to become a standard way of doing business in the years ahead.
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2. Pharma companies are putting more focus on customers and their individual needs.
In an industry that’s constantly becoming more competitive, most businesses have found that it pays to focus on individual customers and their specific needs. At a time when medical professionals and patients have more choices than ever, speaking directly to them about the things they care about, using language they understand, will help your business and products stand out. This is especially important when there’s a whole lot of similarity and overlap in product offerings. Marketers should become masters at customization and personalization to make the most of this trend.
3. Network building will continue at pace.
Leaders at pharma businesses are realizing their companies can’t go it alone. They’re entering into contractual agreements that allow their organizations to become more efficient, increase speed to market and expand globally. This will continue for the foreseeable future as businesses seek greater flexibility so they stay competitive.
4. New technologies will continue to be rolled out.
Tech innovations are impacting how drugs are developed along with how they’re distributed through the supply chain in big ways. They also make it possible to market and sell products better and serve customers more effectively. It’s important for marketers to stay up to date on these trends so they understand how to provide the businesses they work for with a competitive advantage in the marketplace.
5. Use of digital marketing continues to grow.
The coronavirus pandemic has accelerated the movement of marketing and sales activities from in person interactions to virtual experiences. Marketers who know how to fully leverage the data collected by digital customer interactions are more likely to beat the competition. That’s because they’re able to create customized marketing campaigns and sales presentations that are more likely to resonate with prospective customers, which will help increase sales.
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6. Value propositions will need to be rethought and revised.
In a competitive environment like we’re living in today, it’s often the case that the drug or company with the clearest and most compelling value proposition will win out. Extra points if it can be communicated in an easy-to-understand way. Marketers must be prepared to work with their product and sales partners to update value propositions in the year ahead and beyond.
7. Customers demand to be heard.
People today are used to being asked their opinions. They provide online ratings and reviews for virtually everything — from restaurants to the stuff they buy on Amazon. They expect the same from pharmaceutical providers. Make it easy for medical professionals and individuals to provide feedback on everything, including their experiences with your products and the service they receive from your sales and customer service representatives. Make sure you have processes and procedures in place to respond to the feedback you receive. Also have a plan. for how you will leverage feedback to improve your marketing, communications, sales process and customer service. Otherwise, asking for feedback is just a waste of time.
8. Electronic health records become more valuable.
Electronic health records have become more common over the last few years. If privacy concerns are respected, they could be used to supply doctors and patients with meaningful information. This will take patient engagement to a whole new level beyond old school brochures or generic websites. Marketers need to understand how they can use electronic patient data in legal and compliant ways to improve their communication activities.
9. Innovative therapies are likely to impact pharmaceutical businesses.
Thinking ahead into the future, gene and cell, and other novel therapies, are rapidly becoming factors that could disrupt pharmaceutical companies. Marketers must carve out time every now and then to brainstorm with their product and sales partners. They should use the time to consider what could impact their business now and in the future. It’s the best way to prepare for what could lie ahead.
10. Artificial intelligence gains superpower status.
Pharma companies are becoming more dependent on artificial intelligence every day. They’re using it to gather, analyze, classify and gain insights about massive volumes of data. This could be used to:
- Predict outcomes and come up with recommendations for the next best actions that medical professionals could take with patients.
- Anticipate patient adherence to their regimens.
- Help patients gain better control over their health.
- Provide more valuable insights to sales reps.
- Recognize trends that could impact businesses.
Did you know: A sales enablement platform like Mobile Locker’s can be thought of as artificial intelligence for marketers? It takes complex data about your marketing and sales support initiatives and provides clear, easy-to-understand reporting about what’s working and what’s not. Contact a knowledgeable Mobile Locker representative to find out how our software could benefit your business.
