The pharmaceutical market is changing in its very character and pharma marketing companies have been forced to change with it. With shifting goalposts, practices and consumer expectations, marketing companies are innovating with new tactics and solutions to meet new market conditions. The inclusions of fast changing IT solutions have further changed the scenario.
The changing tactics are also a response of changing markets worldwide. Internationally some developing markets have opened up for the Indian pharma sector, while the developed markets have tightened their rules and regulations. Domestically too there has been a definitive change in the way businesses are run and consumer expectations are shaped.
Healthcare Trends And Future Tactics
To understand how pharma companies will meet their changing future, we have to first understand how the healthcare sector is changing. This change will eventually have an impact on the pharma companies. New products, technology and consumer expectations will means that companies will have to plan ahead for them. Some of the trends in healthcare and pharma companies' future tactics will be:
1. Rising cases of chronic diseases: Studies show that despite all measures, chronic diseases are showing a marked increase. For instance, lifestyle diseases like diabetes are on the rise, spreading like an epidemic. On the other side is the rising incident of other diseases like dementia.
For pharma industries this has meant a shift towards chronic medications. It also represents an opportunity to invest in new drugs and medicines to manage chronic disease. Many pharma companies have also used the opportunity to manufacture cheaper generic drugs.
2. Advent of wearable tech: Wearable tech has changed healthcare in many different ways. It has brought IoT in healthcare closer than ever before. Today you can check your heartbeat, pulse, blood sugar, exercise levels and even calories. For pharma marketing companies this provides an opportunity to explore the new industry of wearable tech. Companies are now coming up with innovative ideas on linking wearable tech to their products. For instance, providing specialised medical solutions according to health readings or connecting with the tech app in selling their product. The possibilities are endless here.
3. Shift to managing overall health: The focus is now shifting to managing healthcare from treatment. The difference lies in the overall approach. We are now focusing on prevention, managing diseases and illnesses in a holistic manner and leading a healthy life. This has forced pharma companies to change from simple one-stop shop for drugs.
It is essential to understand that pharma companies must change their own selling tactics. Many companies are now diverging into specialist therapies and linking this with their medicines. This can also be in the form of information, programs, seminars etc. A company that is involved in preventive care is more likely to be referred to when looking for medicines for the actual treatment.
4. Forming alliances: Collaboration is the new rule of the game. Pharma marketing companies in the SME sector have realised that simply do not resources to offer multi-level services that many consumers now looking for. Even for larger corporations, such an outlay is too cost-heavy today. The innovative solution here has been collaboration with different agencies to ensure that diverse services are offered. This could involve door-to-door delivery to on-call healthcare advice.
5. Manage multi-country sales: The Indian pharma sector has been on a global expansion mission for some time now. This means that even the smaller pharma companies must manage a sales function across different countries. Today many small firms are actually actively involved in selling generic drugs in a number of countries, from developed countries like the US to many of the underdeveloped economies in Africa. As a result, these multi-national small companies have evolved a unique character. A competent manufacturing unit which specialises in generic drugs is backed by a tight and efficient marketing team that liaisons across different markets, rules and regulations.
6. Social media marketing: As social media continues to dominate the way we live and think, pharma marketing companies have been quick to take advantage of its reach. This domination will continue in the future as pharma companies reach consumers through innovative messages. Social media is also used to gather important data on consumer behaviour, trends and information spread.
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