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Pharmaceutical marketing should have a customer-centric approach and leverage the potential of big data coupled with AI, to evolve itself.
Fremont, CA: Pharmaceutical marketing is continuing to grow at a rapid rate, not to forget that there is an ongoing pandemic. The marketing spending in this sector has increased by almost 70 percent in the past 20 years. It sums up to $30 billion.
There needs to be a change in pharmacy marketing with the evolving world of patient outcomes and their demands. Traditional marketing strategies are in the process of replacement.
Commercial success usually attributes to aggressive digital marketing and promotional activity that targets the physician who prescribes drugs. However, now, this has to change, because, today’s communication technology has driven consumers to be more aware of their health. They are focusing on holistic health outcomes.
Focus on users
Pharmaceutical marketing should target patients directly. They should look at their needs and expectations. Their focus should be on drug users, not drugs alone. Embracing the power of digital innovation, coupled with a customer-first model, will create deeper loyalty and lasting brand preference.
Delving more into their social, cultural, economic, and ethical impacts of medicine need more insights. Healthcare technology can aid greatly in a patient-centric approach, using a predictive analytics tool, powered by artificial intelligence (AI) and machine learning, such as predicting which patients are at the highest risk of hospital readmissions.
Pharmaceutical marketing should enhance to mobile communications and other online platforms for diagnosis and marketing. Cloud, mobile technologies, social media, and the Internet of Things (IoT) are few things disrupting healthcare.
For example, a Parkinson’s patient can be given a “chip on a pill” to monitor drug taking. A smart-watch with sensors can monitor the patient’s overall condition.
Rapidly changing market demands more value. Here, value means more cost efficiency, demonstrated patient outcomes. Processes need to be fine-tuned to address patients’ specific needs all along the healthcare value chain. This approach will make companies post higher profits in the global market.
Demographics also drive change greatly. According to a Raconteur estimate, there will be 2 billion people, globally who are over 60 years of age by 2050, and the number of seniors (65+) in the United States is estimated to double to 100 million by 2060.
By 2024, the market for prescription drug treatments will be boosted to somewhere around $1.2 trillion.
We see that companies should invest in technologies and leverage big data’s power. Strategies based on data analytics and segmentation, customer journey mapping, and Omni-channel marketing will help.
Some pharmaceutical marketers leverage tools that monitor patient’s health for real-time, personalized feedback.
See also: Top IoT Companies