- The IMS Institute for Healthcare Informatics states that “the strategies that pharmaceutical companies use to engage with social media could be categorized as low-risk and less innovative than those employed in other industries.”
- The pharmaceutical industry has been slow to embrace social media.
- One reason is the lack of guidance from health regulators about using social media. In the US, for example.
- Users of social media now expect to be able to have a conversation with pharmaceutical companies when they face uncertainties.
KEY TAKEAWAY: Patients and caregivers want to better understand chronic health conditions and, more importantly, what to expect when evaluating different treatment options. With the increase in “fake news” pharma companies have an opportunity to really engage their audience if they can think beyond “what’s the ROI?”. Continue reading
KEY TAKEAWAY: As more patients go online social media IS a part of the conversation. What we don’t really know is how much social media weighs in the healthcare treatment choices patients make but at this point in time biopharma cannot continue to ignore this channel. Continue reading
POST SUMMARY: At its heart social media is a conversation between your brand/product and your audience. Do you want someone from the corporate communications talking to your audience or should it be someone from the brand team who understands your audience and can converse with them in a meaningful way that adds value to your brand? Continue reading
POST SUMMARY: While the pressure on pharma companies to maintain profit margins is high the industry needs a better focus on patients as consumers of healthcare. Part of this focus should be using all the digital tools at their disposal to help consumers navigate the confusing world of empowered healthcare and make choices based on good, clear and easy-to-understand health information. Continue reading
According to IMS “with average per-product returns constrained by tighter payer controls, and higher commercialization expenses, over $35 billion of cost reduction is needed through 2017 in order for large pharmaceutical manufacturers to maintain their current levels of research and development activities as well as their operating margin levels. Our survey respondents also confirm an expectation of continued cost reductions, with 45% of executives indicating cuts of more than 10% are planned over three years.” So how is pharma supposed to invest in digital and social media? Continue reading