Research has said pharma had increased its digital spending because of the pandemic. That may be right, but I would suggest that 50% of that spending is wasted because pharma doesn’t have the resources to measure its digital marketing adequately.
Access to HCPs has declined steadily, with about 49 percent of Physicians in the U.S. placing restrictions on visits from pharma sales reps. But according to Fierce Pharma, “more than 8 in 10 (83%) of HCPs say the content they’re getting from pharma companies is more relevant now than before COVID-19, and they likely have more time to read it. Three-quarters said they’d seen fewer patients over the past year, and 61% said they have more available time than they did pre-pandemic”. You can launch a drug digitally but..
Launching a new drug can cost well over $500 million. Is there a way to cut those costs using digital as the only channel? The short answer is; it depends on your audience and market.
- According to the Lancet, “from 1995 to 2014, there were 14,672,409 incident cases for 30 types of cancer. Incidence significantly increased for six of 12 obesity-related cancers in young adults (25–49 years), with steeper rises in younger generations.
- The risk of cancer is increasing for half of the obesity-related cancers in young adults, with the increase steeper at progressively younger ages.
When it comes to DTC TV ads, most DTC marketers are clueless and just plain stupid, as illustrated by two products defying the proven research of reach & frequency. When I see ads run so much, I know their scripts; someone should be held accountable for wasting so much money.
The obesity market is expected to grow into a $54B market, but many questions remain, including the cost of $1,000-$1,500 a month and side effects, including nausea or diarrhea. After years of failed drugs, a new class of weight loss drugs reached the market last year — proving to be highly effective, but we don’t know about long-term side effects.
Until 1973, federal law did not encourage health insurance providers from functioning under a profit motive. By the late 1990s, 80 percent of MCOs were for-profit organizations, and only 68 percent or less of insurance premiums went toward medical care. The remainder was paid for MCO executives’ and salespersons’ salaries. In retrospect, it was a huge mistake.
While medical data is usually an effective way to reach HCPs, patient testimonials can sometimes be more effective. Physicians want to understand patients’ behavior so that outcomes can improve.