The pandemic drastically transitioned marketing trends by acting as a catalyst in digitization of technology. Globally, the sector is undergoing rapid transformation as businesses adopt digital initiatives to make the most of resources to handle today's challenges and accelerate experimentation and innovation to keep up with emerging business trends.
In this digital age, new concepts and methods are required to stay competitive in businesses and support the economy. Here are a few key trends that will significantly influence how the pharma sector will be shaped, going forward:
Programmatic marketing: The popularity of programmatic messaging in the healthcare industry has increased because marketers are focusing their efforts on interacting with physicians through tailored communication strategies. It appears promising in the new age, allowing marketers to send trigger-based messaging at the optimal time and providing a performance analysis report of the campaign’s effectiveness. Given that it is based on data insights and analytics, it gives businesses the ability to connect with institutional stakeholders, gauge account lift, deliver hyper-targeted communications to key decision-makers, and assist them throughout the care journey.
Artificial intelligence: Pharma businesses all over the world are utilizing cutting-edge machine learning algorithms and AI-powered platforms to accelerate the process of drug research and development. AI simplifies the determination of eligibility conditions and patient inclusion activities. Further, it makes cohort identification less complicated and expensive. As a result, a number of problems, such as automating and optimizing manufacturing processes for higher output, greater efficiency, and faster manufacturing of life-saving medications are being addressed by pharmaceutical companies who are looking at best ways to use these technologies.
Programmatic clinical trials: Programmatic clinical trials are outcome-based, patient-centered studies that contrast the benefits and drawbacks of therapeutic interventions to support clinical and/or policy decision-making. The Internet of Things (IoT) technology and self-monitoring tools are already helping researchers improve enrolled subjects’ well-being by utilizing crucial data. The future of clinical research is predicted to be affected by digitization, pharma companies can leverage these programmatic clinical trials for marketing.
Accelerate use of big data and blockchain: An open, decentralized, secure, public ledger and the technology behind crypto currencies like bitcoin has caught the eye of the traditional pharma sector. Pharma R&D has struggled with declining success rates and a sluggish pipeline for several years. Given how much the sector depends on data, stakeholders are highly wary about the information they gather. Blockchain is a viable alternative for monitoring and safeguarding pharma transactions in a competitive market, which is made possible due to digitization.
Rising role of precision medicine: With the help of data analytics to create personalized treatments an ever-expanding database of medical information may be used by researchers. The specialty of precision medicine is that it reduces the time, cost, and failure rate of clinical trials. Despite the fact that there isn't much competition in the industry right now, given the chance and the size of the market, it's plausible that mid-sized and smaller enterprises may enter it and provide new technology.
Augmenting digital therapeutics: Digital therapeutics (DTx) are software-based products for the prevention, management, and treatment of health conditions. Frequently by focusing on diseases that are either underserved by medicine or better managed through behavioral changes the use of digital therapies enables businesses to enter brand-new markets. DTx will benefit a company’s bottomline because they tend to cost a lot less to develop than traditional drugs and demand a significantly shorter regulatory process before they reach the market.
Rapid acceptance of tele-health and e-pharmacies. Pharma companies need to comprehend the market requirements and use programmatic tools to reduce communication costs, optimize campaign performance, enhance brand visibility, and many more as data is the backbone of this model. Given these advantages, marketers will be able to use these platforms to spread the word about assistance programmes that assist patients in lowering their out-of-pocket medical expenses while still offering high-quality care.
Evolving regulatory landscape: The simplification of regulatory information management (RIM) framework is a challenge for the pharma industry. The industry needs solutions that help them with everything from accurate event capturing and triggering actions all the way down to automating the entire processes via management of workflows, notifications, and record updates. By using various automation technologies like Robotic Process Automation (RPA), cognitive, and deep machine learning, which can assist companies in changing regulatory operational efficiency, quality, and compliance to meet long-term requirements, these processes can be streamlined.
Harshit Jain, Founder and Global CEO of Doceree |
Shifting industry dynamics: The sector is witnessing a series of changes, including a switch from ‘Make in India’ to ‘Develop in India’, more globalization, and a focus on rural markets. The businesses are relying heavily on technology and finding solutions for short-turnaround and development processes as well as streamlined operations. More pharma companies are implementing single-use technology (SUT) in their manufacturing processes. This shift is going to continue as more industry players become aware of the benefits of this technology in the digital age.
Emergence of new GTM models: Due to market upheavals and technological advancements, traditional industry dynamics go-to-market (GTM) methods are being disrupted, and the way companies interact with physicians is drastically changing. In this competitive digital marketplace, increased adaptation and flexibility will be essential for pharma players to succeed. Brands are advancing, handling numerous channels and developing communication for their key decision makers. Businesses can target them with relevant messages to enhance the account-based marketing efforts and maximize business objectives when they identify the major accounts that are significant for them to reach.
Elevating patient-HCP relationship: Pharma businesses will put more emphasis on new strategies than traditional drug manufacturing and marketing approaches, and for that they are relying on data analytics to elevate the health care professionals (HCP)-patient experience. These are often patient-support programmes and information pertinent to their medical treatment, which can improve patient outcomes and benefit the entire health system. These initiatives create win-win situations; patients receive more than just a pill, while pharma companies can build on the data and the feedback they receive and customize the communication accordingly.
Crux of the matter
With the ever-evolving technology, it is imperative for marketers in the pharmaceutical industry to keep up pace with changing trends. The new digitized environment is bound to open new doors for marketers that should be leveraged at the right time. Marketers should strive to provide new age solutions to their target health care professionals and reach them in an efficient and smart way.
(The author is Founder and Global CEO of Doceree)
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