Advertising Regulation on the Pharma Market
Regulation and Technology vs the Pharma Market
When the pharma market was first created in the 1800s, advertising miracle cures and miraculous overnight results might have been popular and successful, but nowadays strict regulation and promotional guidelines have long put a stop to unproved boasting. As the market for drugs has grown in size, more and more regulation has been put in place to guarantee the safety and to correctly inform the buyer. A significant number of developed nations prohibit direct to consumer advertising completely, and even in the US where such things are allowed, it is heavily supervised to ensure advertising and promotional labelling information is not false or misleading. The cost of alleged misconduct can be devastating to a brand’s profit margin and future market trust, and so the correct internal processes governance and tools must be in place to constantly monitor and maintain compliance with all laws and regulation.
The regulatory issue becomes even more complicated when a product is to be marketed across more than one country. Differing regulatory practices have to be adhered to depending on which end market your consumer is in.
Advances in pharma technology have made this more complicated. Typing a pharma brand name into google in the UK will often generate a number of results which are not controlled in the UK. This of course makes it very difficult for the pharma marketer to create effective campaigns which result in demonstrable ROI. With more and more people, both within the medical professional and consumers look to the internet for their health and medical information, the issues of border control and media management are becoming more troublesome. This in turn raises the inherent costs in delivering the desired and approved messages and visuals to the right audience.
Regulation and technology are issues that strongly affect the pharma market and their impact is only going to increase in the future as technology develops to open new marketing channels.
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