Executives in the pharmaceutical industry are worried that frontline marketing teams lack innovation in their digital tactics. They believe the current strategies rely on TV commercials and basic digital efforts that are not very creative. Even the companion apps for treatments typically just reuse content from drug websites with little customization or engagement for patients. This is causing anxiety among leaders in the pharmaceutical field.
During my tenure at Amgen while working on the Enbrel project I observed an issues marketing team demonstrate reluctance when it comes to abandoning methods that fully embrace digital strategies. On the other hand, executive leadership is perceived as a tool capable of enhancing patient experiences and driving substantial profit growth.
The Digital Imperative for Pharma:
Pharmaceutical industry executives are becoming more aware of the importance of solutions, in addressing challenges. With competition and the ease with which competitors can replicate innovations, the uniqueness of products is diminishing. Free digital marketing courses suggest that traditional marketing strategies such as TV advertisements for prescription medications are facing difficulties in proving their effectiveness and profitability. Additionally, pricing pressures and limitations on sales representatives’ access add complexity to the industry landscape.
A significant proportion of new drugs fail to meet their growth targets. Deloitte’s analysis found that 36% of new drugs failed to meet market expectations in the first year, from 2012 to 2017. 70% of them continued to underperform in the following year. The combination of these difficulties drives senior leaders to champion ambitious digital projects. Here are practical measures to boost the accomplishment of this digital effort.
Transformative Market Research:
Traditional market research often falls short of uncovering the potential of solutions. Then asking users about their preferences is more effective in pinpointing the challenges and difficulties that all parties involved encounter throughout their treatment journey. Compared to the development of the banking industry, users didn’t initially request applications. Recognizing this, we understand the importance of research to identify unmet needs.
Improving RX Fill Rates:
Using digital tools to simplify specialty drug prescription processes that previously required 12-20 authorization touchpoints decreases the burden for patients. This improves patient compliance with medication regimens, resulting in improved health outcomes, stronger brand loyalty, and higher income. Simplifying the process enhances prescription fulfillment rates, which benefits patients and the healthcare system overall.
Fear of failure inhibits leaders from embracing innovative strategies. Counter this by setting rewards that encourage teams to take risks. Consider bonuses tied to the success of launching impactful digital solutions. This fosters a culture that values daring and cross-functional collaboration.
Cultivating Ambitious Vision:
Encouraging marketing teams to think beyond industry standards. In healthcare, digital innovation is lagging. Don’t just match your competitors. Inspired by the success of the banking and automotive sectors. Empower markets to deliver bold digital strategies that line up with evolving patient expectations. Challenge the status quo and explore the full potential of digital marketing.
Embracing the Digital Frontier:
In short, frontier marketing teams must recognize the importance of adapting to the digital frontier. The industry requires breaking away from conventional wisdom and pushing boundaries to meet the changing needs of patients. By asking for the right ambitious vision, pharmaceutical companies can position themselves as pioneers. Style in the digital age. Boards of directors and senior management look forward to the technological advancement that awaits markets that dare to redefine the future of pharma through transformative digital strategies.
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