An Insider’s Look at Results: The Future of Pharmaceutical and Healthcare Marketing
Wednesday October 21st, 2015
The changing nature of the relationship between life science companies and their clients is a hot topic that comes up at our events. We recently had the pleasure of reading Results: The Future of Pharmaceutical and Healthcare Marketing, a new book about the top trends shaping how healthcare and pharma companies approach marketing in today’s rapidly evolving world, and jumped at the opportunity to interview its authors. Here’s what they had to say in response to our questions.
What were the primary catalysts that spurred you to write Results?
It is a perfect storm for healthcare with government regulation, payer consolidation, the patent cliff, digital disruption, personalized genome targeted medicines and other massive changes impacting healthcare. The industry feels like it is at the early stages of a massive disruption, which many thought was not possible, but it’s here. We felt the timing was right for providing brand managers and other marketers insights on both current and future trends and guidance on how to best navigate the waters.
Chapter One focuses on the localization of healthcare and the need to create more regionalized, targeted campaigns. To do so, you mention the “six Ps” of pharmaceutical marketing. Why are these particular factors given the most weight?
The six “P’s” that are often major drivers in pharmaceutical marketing, and vary greatly region by region, include: Payer, Provider, Prescriber, Product, Place and Population. For most brands, there is no “one driver” that is consistent across the country. That is why a brand may have a 3% share in one region and a 12% share in another. Approaching all regions as if they were homogenous is a mistake, yet it is what many brands do. The factor that should be given the most weight and attention varies greatly region to region. In one geography, it may be the payer relationship. In another it might be the patient population and demographics. In another it might be the lack of a specialist in a given geography, etc… Regional marketing identifies what the key drivers to getting more market share are in each geography.
The importance of allocating your resources widely is a topic that emerges repeatedly in the book’s narrative. How has the industry handled allocating resources in today’s rapidly changing environment?
Resource allocation is improving, but pharma still lags most other industries on shifting their media spend to the far more efficient and measurable channel of digital. While many companies are investing in beyond-the-pill services and strategies, that shift is probably not happening fast enough or with enough scale to adapt to the changing payer landscape. Those companies that allocate more resources to moving beyond pill manufacturers toward a service-based digital healthcare company will create competitive advantage and separation from their competitors.
Big data plays a significant role in different types of marketing and our approach to care. In your opinion, how has big data changed the way we look at results?
From a marketer’s perspective, we are getting better at both measuring results of marketing efforts and analyzing those results to impact future promotional efforts. The next major advance will invoke personalizing both the content and timing of the delivery of those marketing messages. We will better use data for targeting and the measured results of our efforts will be fed back to improve targeting even further. This is happening today through quality CRM programs that are increasingly bridging the sales and marketing functions.
As the customer changes and we get more focus on IDNs, ACOs, large hospital systems, etc. where outcomes driven medicine and solutions will dominate, we need to also get better at working with these customers to harness real world outcomes data and how our brands, and their new accompanying services, impact those results. While we need to throttle our involvement in line with current regulations, this deeper expansion into the front lines of healthcare represents a unique opportunity for pharma to leverage its skill sets on big data analytics to support customers at all levels including the patients.
What do you hope readers will take away from your book?
We hope readers will discover useful tips for growing their brands and adapting to a changing landscape. Readers will walk away with some good ideas of how to leverage the areas of regional marketing, digital marketing, big data, to their advantage. They will get insights on the evolving systems of care and the changing customer landscape. The final chapter provides a view from marketers themselves, gathered through more than two dozen executive interviews. Their thinking helped shape the book overall, and the last chapter highlights their personal insights on the future of pharmaceutical and healthcare marketing.
Want to Learn More? Download a Free Chapter of Results
Results: The Future of Pharmaceutical and Healthcare Marketing is a read you don’t want to miss. Visit http://results-book.com to register for a free download of a chapter on digital marketing. Registered site visitors have a chance to win a free copy of the book!