I could argue strongly that patients have changed how they make healthcare treatment decisions based on what happened over the last three years. Research found that 61 percent of participants trusted the pharmaceutical sector, but despite this increase, the pharma sector is the least trusted subsector of healthcare. The question then becomes, “do people trust DTC marketing?”.
DTC marketing via TV is a great way to inform patients that a new treatment is available for health conditions with large patient populations. But what happens when your patient population consists of 200,000 people? Will DTC work? Yes, it can, but only if you understand your audience in-depth.
The pandemic is changing consumer behavior, and there is zero chance they will return to their carefree spending ways. Using the same ads to advertise prescription drugs repeatedly is a waste of money and doesn’t lead to sales.
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.
Pharma DTC marketing is unique, and drug marketers need to think more about the journey from awareness to requesting an Rx. In addition, the patient journey is different for each product category and audience. Some will lead to more online research, while others may not.
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.
The word influencer was added to the Merriam-Webster dictionary in 2019, but influencer marketing is nothing new. Scandals, fake followers, bot technologies, and the pandemic crisis converged have put a halt to influencer marketing growth and tarnished the public view of influencers as a whole. Can pharma leverage influencer marketing?
Yes, there will be changes in healthcare in the coming years but put away the thoughts that telehealth and wearable devices will revolutionize healthcare. More and more patients demand a level of service they want with the increased costs of health insurance premiums. Here are things I believe are more realistic.