I forgot how much I hate airline travel. Over the past week, I had to jet around the country to take the lead on qualitative research on TV ads for new drugs. It was for a biotech company getting ready to launch its first drug for diabetes. What we heard was eye-opening. Here are the findings.
CPG marketers are trying to maintain market share amid price increases and smaller product sizes, leading to a more significant jump in consumerism. But, in pharma marketing, the changes affect every product category.
Before most drugs are launched, much time and effort are spent developing marketing plans and getting approval. However, given the rapid changes in the market and the realization that too many tactics are more hype than reality, fixed marketing plans are a waste of time.
It’s time to stop using worthless online ad metrics. Click-through rates are the most used KPI in marketing, but they are useless. Click-through rates don’t correlate with any meaningful brand metrics. Billions of dollars are “optimized” based on nothing but noise. “One impression’ is one web browser making one server request for one advertisement. Human eyeballs have nothing to do with it, so it’s all useless.
- According to the NEJM “in participants with overweight or obesity, 2.4 mg of semaglutide once weekly plus lifestyle intervention was associated with sustained, clinically relevant reduction in body weight”.
- In the clinical study, participants were enrolled in an “intensive” behavioral study with 8 weeks low-calorie diet.
- Yet the media has led with “diabetes drug leads to major weight loss”.
- Will doctors inform patients?
SUMMARY: The media headlines promise weight loss for diabetes patients, but Norvo’s new drug is in the same class as other drugs and carries many warnings. Can diabetes patients really stay adherent to a drug for 63 weeks in which 85% of patients report GI side effects and will insurance cover the cost?
QUICK READ: Prescribers are reviewing some of their favorite prescribed drugs and are open to learning about new drugs in terms of efficacy and patient outcomes but you had better be ready to talk about patients beyond the science.