According to Medscape, “the amount of medical knowledge is said to double every 73 days, making it much more challenging for physicians to identify innovative findings and newer guidelines for helping patients. Yet not keeping up with the latest information can put doctors at risk.” There is an excellent opportunity for pharma, but they have to shift from “selling” to be a resource.
Category Archive: Marketing to health care professionals
Data indicates that physicians have less time to meet with pharma salespeople as they deal with an influx of patients after COVID. Some agencies have suggested videos to clients, but that takes time that HCPs don’t have. So what do they want, and how do you get them talking?
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.
Digital ad spending in the industry will reach $15.84 billion in 2022. Although growth in digital budgets is slowing, we estimate the category will see nearly $20 billion in spending in 2024. For every $1 million invested in online banner ads, just 0.1%, or $1,000, derives value for brands, resulting in $999,000 wasted by brands. So why is pharma wasting so much money?
DTC marketers spend a lot of time and money gaining insights into patients and caregivers. That information should be shared with HCPs and insurers to understand better the barriers and opportunities of treating patients.
We just finished talking to over 200 hundred HCPs about pharma marketing and salespeople to measure any differences since before the pandemic. Attitudes are indeed changing, but one need remains clear: access to data obtained during clinical and ongoing trials.
The old model of looking at performance in the first six months of product launch isn’t relevant. Today, colossal budget product launches are not returning the same ROI as before. Product launches are going to need to be micro-targeted to specific audiences.
Biotech start-ups face challenges in raising money and cutting through the “noise” of other prominent pharma marketers, but their website can provide a wealth of insights into what visitors want to know.