KEY TAKEAWAY: GlaxoSmithKline’s chief executive has warned that cheap money has increased the risk of companies making “poor choices” in mergers and acquisitions and questioned the “stretched” valuations of recent pharmaceuticals deals. More than $460bn of deals have been struck across the pharma and biotech sectors since the start of last year — the busiest period of M&A on record. So what effect is this going to have on DTC marketing and drug marketing in general? Cuts and more cuts.
KEY TAKEAWAY: Ogilivy Healthworld’s report on social media is shallow and flawed and ignores advanced metrics within digital marketing. While experience can indeed be a curse, young, inexperienced digital people can spend a lot of money without showing needed results.
KEY TAKEAWAY: “When the world is changing quickly, experience can become a curse, trapping us in old ways of doing and knowing, while inexperience can be a blessing, freeing us to improvise and adapt quickly to changing circumstances. Those who choose to live and work on a learning curve will experience greater vitality in their careers and will be well positioned in the new game of work.”
According the Journal of Medical Internet Research “Online communities can be an effective channel for caregivers, especially women, to seek and offer information required for managing clubfoot-related uncertainty. To enhance communication with parents, health care institutions may need to invest additional resources in user-friendly online information sources and online interactions with caregivers of children with special illnesses such as clubfoot. Furthermore, explorations of information-seeking and information-provision behaviors in online communities can provide valuable data for interdisciplinary health research and practice.” So why are pharma marketers continuing to ignore the needs of online health seekers ?
KEY POINTS: Worldwide spending on cancer medicines reached $100 billion in 2014, an increase of 10.3 percent from 2013 and up from $75 billion five years earlier, according to IMS Health’s Global Oncology Trend Report. Drugmakers worried about a backlash over soaring drug prices are increasingly talking with insurers ahead of time about paying for new therapies that could cost six figures a year. 14 drugs cost the federal government and Medicare beneficiaries more than $1 billion each, accounting for nearly a quarter of Medicare prescription drug spending in 2013.
POST SUMMARY: Among women across markets, regardless of their marital status and whether they have children, 94 percent make decisions for themselves and 59 percent make healthcare decisions for others. Among those who work and have children under the age of 18, 94 percent make decisions for others. These decision makers, whom we call the Chief Medical Officers (CMOs)** of the family, comprise the industry’s core consumer segment, as they set the health and wellness agenda for themselves and others, choose treatment regimens, and hire and fire doctors, pharmacists, and insurance providers.
POST SUMMARY: Over the last three years there has been a steady exodus of marketing talent leaving pharma. Forget about patent cliffs and empowered patients the biggest challenge facing pharma is the lack of talent within their organization. Unless it’s corrected the marketing of prescription drugs is going to continue to be marginalized.
Post Summary: While the use of social media by consumers has been increasing the FDA still has not issued social media marketing guidelines but even without these guidelines pharma marketers have to ask the question “do patients really want us as part of the conversation?”. In conducting qualitative research on the use of social media in healthcare decisions by patients we found that the use of social media varies by condition and patient population. However, social media can provide drug marketers with invaluable real time insights into patient populations.