This article highlights some of the key takeaways of a webinar sponsored by Datavant. The webinar included a panel of representatives from leading companies in pharmaceutical marketing and technology, each bringing unique perspectives on marketing trends, data, compliance, activation and strategy:
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- Scott Ronay, Partnerships, Datavant
- Joe Kotz, SVP Product Sales, VideoAmp
- Ted Sweetser VP of Advertising, PurpleLab
- Jose Ferreira, Executive Vice President, Product Strategy & Transformation, CMI Media Group
Pharma marketing at an inflection point
Pharmaceutical marketing is undergoing a significant transformation. Traditionally dominated by sales representatives, the industry is now pivoting towards a more technologically sophisticated approach. Enormous advancements in adtech and martech have driven change across a number of verticals, and the pharmaceutical sector is now catching up.
This transformation is happening amidst evolving regulatory and privacy policies that vary widely from state to state – changes that significantly impact how pharmaceutical companies bring products to market and manage patient data. Given these restrictions, companies are being forced to get more sophisticated and strategic with how they communicate with audiences.
The rising importance of healthcare data analytics
Healthcare data analytics is becoming increasingly central to pharma marketing strategies, with both clinical and commercial teams recognizing that the entire commercial lifecycle of their products must be informed by real-world data (RWD). This data is crucial for understanding the total addressable market, especially when millions are spent on drug research and development. Large pharmaceutical companies often have dedicated teams for this purpose, but this is not always the case for advertisers who may struggle with outdated data due to the lengthy analysis process.
RWD provides invaluable insights into the patient journey, helping pharmaceutical advertisers target the right individuals at the right time with the most effective messaging. It also allows commercial teams to anticipate future patient needs, enabling more proactive marketing strategies.
The empowered consumer
Another significant trend is the growing influence of the end-consumer. Traditionally, pharma marketing focused on physicians, with sales reps playing a crucial role. However, in today’s digital age, consumers are more informed and proactive about their health. They conduct their own research and approach doctors with specific medications in mind. For instance, drugs like GLP-1s, despite being available for years, are more likely to be accessed by patients who advocate for themselves.
While direct-to-consumer (DTC) pharmaceutical marketing has traditionally relied on broadcasting methods like linear TV, the advent of real-time insights from RWD is enabling more agile and targeted marketing strategies. Companies can now leverage data to adjust their marketing dollars to align with media consumption trends among their target audience.
The agency model is evolving
With significant changes in the regulatory space as well as emerging digital channels and evolving consumer behavior, the role of marketing and advertising agencies in the pharma sector is shifting. Agencies are transitioning into technology-oriented organizations, offering tech services in addition to the creative, media buying and strategy services they’ve traditionally offered. They are not only providing technology stacks but also becoming technology consultants for their clients, helping them optimize their use to achieve the best results.
Technology providers working alongside agencies play a crucial role in ensuring that campaign messaging aligns with data insights. For example, analyzing RWD might reveal different indications for a medication, prompting the development of multiple campaigns with distinct messages tailored to each target audience.
The shift towards unified marketing strategies
Historically, marketing efforts within pharma companies were siloed, with separate budgets and strategies for each medication. However, new technologies are fostering a more unified approach, enabling marketing teams to think strategically about brand interplay with consumers, healthcare professionals and payers. Innovative companies are creating centers of excellence to facilitate cross-channel and cross-brand communication, sharing successful metrics and ideas to maximize results. Smaller biotech firms, with fewer brands and more nimble structures, often have an advantage in adopting innovative go-to-market strategies due to less internal friction.
Adapting to precision medicine
Pharma marketing efforts also have to adapt to the evolving paradigm in drug research and development. Throughout the 20th century, many drugs were designed to treat large swaths of the population, making generalized, sweeping marketing efforts viable for reaching consumers. However, the last two decades have seen a shift towards precision medicine, focusing on treatments for rare diseases or specific genetic variations of more common diseases.
Take breast cancer, for example. Scientific advances have continually broken this disease down from being considered one type with a single treatment to multiple subtypes, each requiring different treatments. As patient populations are fragmented into smaller and more specific groups, traditional broadcasting marketing tactics become less effective. More personalized messaging and targeting are required to reach these specific patient groups. In this context, companies need to rethink where they allocate their marketing dollars and develop more strategic, agile campaigns that respond to the behaviors of precise patient populations.
Final thoughts
The pharmaceutical marketing landscape is at a pivotal moment, embracing technology and data to drive innovation and effectiveness. As the industry navigates regulatory changes and the growing empowerment of consumers, it must continue to adapt and optimize its strategies to remain competitive while ensuring patient privacy. The future of pharma marketing lies in the seamless integration of technology, data-driven insights and a unified, patient-centric approach.