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.
Category Archive: Business of the drug industry
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..
Democrats have been campaigning for 30 years on promises they’d let Medicare directly negotiate the cost of prescription drugs. Now, after the majority of voters want reduced costs for their prescription drugs, the bill seems ready to pass despite record pharma lobbying.
I’ve been working with various pharma and biotech companies with my consulting group for over ten years. Some things have changed, but a lot has not. Here’s what I have learned during that time.
If You’re Short On Time:
- The U.S. Food and Drug Administration approved Eli Lilly’s novel treatment for diabetes.
- The drug led to impressive blood sugar and body weight drops in clinical trials.
- The approval for tirzepatide—which Lilly will market under the brand name Mounjaro—isn’t for weight loss but Type 2 diabetes.
- Will patients, who are obese and don’t have Type 2 diabetes, ask for the drug for weight loss, and will patients understand the risks?
DTC marketing has evolved. Those DTC managers who use the exact roadmap will waste a lot of money when accountability is increasing. Challenges await, and there isn’t one set of guidelines for every product category.
Every year, pharmaceutical companies contribute millions of dollars to U.S. senators and representatives as part of a multipronged effort to influence health care lawmaking and spending priorities. For example, Sen. Tim Scott, a rising star in the Republican Party with broad popularity in South Carolina, is getting showered with drug industry money before facing voters this fall.
After two years of pandemic fatigue, healthcare trust is at an all-time low, according to Edelman’s Trust Barometer Special Report on Trust in Healthcare. Still, the report may be too generalized for every healthcare player.