Considerations for marketing your Pharma Business in 2013
How technology can influence Pharma Business marketing
In 1921 the first real medical advertising firm opened its doors in Chicago, Illinois. The most important role of the marketers then was to educate and inform the physician about the latest products created by the early pharma business. Nowadays this is not the only core purpose behind marketing directives. Even in countries where direct to consumer marketing is prohibited, the rise in technology has drastically shifted the landscape.
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First, pharma businesses began producing and handling products electronically; then pharma began to communicate electronically. Now we are faced with a digital world with multiple channels of communication and a hugely wide span of audience types. Marketing no longer just targets the physicians directly, but also professional advocates, pharma associations, and even direct to consumers.
Many of the larger pharma businesses are facing the end of the patent lifecycle for some of their key revenue driving drugs. Faced with the possibility of generic replacements, businesses have to realise that not only the method of marketing has changed, but also the speed to which products must be marketed. Competition, price pressures and the rising regulatory pressures combined have led a number of pharma businesses to enter into mergers and acquisitions to help their endeavours. Innovation is required to combat not only the price pressures and regulation but to navigate the increasing number of virtual marketing channels and outlets necessary to effectively market a brand in 2013. Marketing campaigns can now be accessed instantly all over the world on the internet, meaning that a campaign has to be effective to not only a specific culture or region but to the market at large. The most successful campaigns are often those who include images and wording that has global relevance, especially in the name of the drug itself. Quick and easy understanding of the drug’s functional attributes across the globe is essential for a really successful digital campaign.
Technology, regulation and global reach are factors that will continue to affect pharma businesses in differing and expansive ways. To keep ahead of developments, lend your knowledge insight to the discussion and download detailed content analysis on these topics, please visit PharmaIQ