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Pharmaceutical, Medical Device and Life Science (PML) industry continues to evolve more dynamically with key market opportunities in hand.
Key Drivers:
- Rate and pace of portfolio commoditization
- Shift in stakeholder influence at market level
- Growing scrutiny of regulatory bodies and the growing criticality of offering value
- Requirements to drive greater efficiency and effectiveness in commercial practices overall
- Misallocation and misalignment of promotional spending
“Due to evolution, commercial execution is being probed and fit for future purpose; however progression is at low pace.”
PML Industry is predominately operating under common objectives:
- Launch into a changing and emerging market more effectively
- Explore new efficiency and effectiveness in current commercial model
- Evaluate and develop new marketing strategies based on major and emerging markets scenario
- Align marketing strategies across pharmerging markets while addressing major markets that are flat to declining in opportunity
- Find new sources of growth and align commercial, R&D and investment decision in the best way
- Irrespective of the market scenario, field force has been the major thrust; but market changes has increased the need for a solid multi-channel strategy
“Irrespective of the market scenario, field force has been the major source of revenue to the company; however, market changes has increased the need for a dynamic-practical multichannel strategy”
Questions for Pharmaceutical, Medical Device and Life Science players
- “Which alternative channels are being used currently? Globally? By whom?”
- “What are the benefits and costs of alternate channels?”
- “Will traditional ways of promoting products to be replaced? To what extent? By what means?”
- “If so, is there a first mover advantage, or should we wait until leading models emerge?”
- “Are there regulations and/or legal restrictions for choosing new channels?”
- “Do we use one multichannel strategy for the whole portfolio or customized approach for each product/product group?”
- “How do we integrate with current marketing group, measure success and ROI?”
Multichannel Marketing Solutions:
- Health Care Practitioner (HCP) information and insights derived from such an effort will help to maximize brand strategy and segmentation while allowing for reinforcement of brand messages, particularly where direct-to-consumer advertising also is leveraged.
- A well-devised strategy can help to appropriately identify and recognize key HCPs across multiple channels.
- Channel integration and a multi-touch point strategy can deliver a differentiated customer experience for each HCP (Cadence and frequency are important to story flow).
- Channel innovation – using best practice and the best technologies – provides for a seamless delivery of the desired customer experience. That is the communication mix for HCPs can be optimized using intelligent business rules based on expressed and observed preferences and usage.
- Coordinated channel execution supports the design, delivery, monitoring and measurement of solutions for HCPs. Using best practices helps ensure better return rates and measurements.
- Keeping HCPs engaged exclusively with the brand, in addition to engaging them in related non-branded channels sponsored by the manufacturer, will support a measurable ROI
Multi-Channel Marketing Key Success Factors:
- Align to the brand strategy and creative platform while integrating direct marketing tenets and channel best practices
- Incorporate a segmentation strategy that considers product lifecycle, prescribing behavior, motivational attributes and rep call pattern
- Motivate segment-specific behavioral changes through differences in messages and offers
- Deliver the message through an integrated mix of channels while considering the HCP’s channel preference
- Consider the company’s channel capabilities
- Deliver a measurable business impact
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