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For pharmaceutical companies to thrive, they need to engage patients with new marketing initiatives, which is more focused on holistic health outcomes.
FREMONT, CA: Pharmaceutical marketing is a big business that grows at a rapid rate. The pharmaceutical industry's marketing spending has increased by nearly 70 percent in the past few years and now totals nearly 30 billion dollars. With all these, the future of pharma marketing looks bright. Those businesses that adopt the power of digital innovation and a customer-centric business model will succeed in building effective interactions, loyalty, and lasting brand presence. Read on to know more.
Conventional marketing strategies in this sector have revolved around mere product marketing of the prescription drugs that the decision-makers think will profit. Commercial success is attributed to digital marketing and promotional activity targeted to the physician. Responding to patients, providers, and payers' demands and expectations hasn’t been the primary goal, but that’s about to change. The fast-changing market demands more value from pharmaceutical manufacturers. In this case, value means cost efficiency, proven patient outcomes, and improved contribution to the overall health care experience throughout the value chain.
Those pharma firms that shift their attention to what providers, payers, and patients seek will profit from the growing market on preventative care. The key will be becoming a vital player in the integrated health management model that ties conventional pharmaceutical marketing into mobile communications and other online platforms for diagnosis and marketing. The regulatory environment surrounding pharmaceutical marketing grows challenging to provide value-based health care. Notably, there is no evidence to say that the regulatory landscape will become clearer and easier any time soon.
Pharmaceutical companies respond with personalized and improved offerings that have been fine-tuned to address patients’ needs throughout the health care value chain. Health care technology is the key to allowing a patient-centric approach. This approach can be achieved using predictive analytics tools powered by artificial intelligence and machine learning to determine which patients are at the highest risk of hospital readmission. Regardless of which technologies are used and how they are levered, those pharmaceutical companies who insert themselves into this value chain in a meaningful method with patients, providers, and payers, will develop value, trust, and loyalty with their constituents.