Archive for the ‘Marketing’ Category

Social Marketing in Pharmaceuticals

Sunday, November 15th, 2009

This past week was the FDA discussion session on Social Marketing for biopharma communications. (See our Summer/Fall 2009 BioPharma Pulse Newsletter for more details). The meeting was so popular 800 people tried to attend but there was only space for 350. The main theme from biopharma was concern about lack of clarity in FDA expectations.

With perfect timing, SCIP and the American Marketing Association held a joint meeting this past week as well to discuss Tapping Social Media for Market Analysis in the New York City metro region. Panelists included Darryl Ort of the marketing agency Plaid, Tom Anderson of Anderson Analytics, Brook Aker of Expert System USA and Fred Wergeles of CT Chapter chair of SCIP. This meeting was also well attended, emphasizing the growing importance of social media and the need to professionals to keep on top of it. Panelists discussed how to effectively use social media to converse with customers. The main goal is creating a positive awareness of a brand and listening to what consumers have to say. Savvy companies use the feedback in creating strategies and tactics. However, using social media poorly can backfire and leave negative brand impressions.

From an intelligence point of view, social media makes gathering information about ones own brand and competititors brands feasible and beneficial.

Social media is here to stay. The key question is where to spend you marketing dollars.

Posted in BioPharma Trends, Marketing, pharmaceutical industry | No Comments »

Social Media: Marketing Regulations in BioPharma

Wednesday, October 28th, 2009

Our new BioPharma Pulse newsletter will be out within a week. A strong focus in this issue is Social Media Marketing. The FDA commented this past February at the DIA Marketing Pharmaceuticals in a Time of Change conference that they had noted a rise in marketing via social media. Product information has appeared on You-Tube, Face Book and other social media sites. Some of these information spots have spurred FDA letters over lack of balance in risks and benefits.

In response to the rising use of social media and perceived lack of clarity in regulations, the FDA is holding a forum for public comment on biopharma marketing for social media in November.

Despite the fact that social media is the current “hot” marketing trend, there remain concerns about the benefits of conducting markeing in this arena. Currently, participating extensively in social media is labor intensive, although technology is beginning to change this time cost. On the other hand, going where the customers are makes a lot of sense. The smartest approach is a balanced one. Get involved in social media, but monitor ROI. Does tweeting raise the overall volume of tweets about a disease, product or company? Does blogging raise volume of chatter on the disease, product or company? What sort of conversations are happening? Are they positive? Have negative conversations been turned around? The minimum goal should be to increase positive awareness, which will increase the likelihood of a sale. If this minimum goal isn’t being met then either the approach is incorrect or that particular social media environment is a poor match for the company or product.

Jumping on the social media bandwagon is easy. But smart marketers don’t just follow trends, they build a compelling story with carefully chosen tools.

To learn more about social marketing and other current trends in biopharma, subscribe to our BioPharma Pulse newsletter.

Posted in Marketing, Regulatory, pharmaceutical industry | No Comments »

Lessons from the DIA Marketing Pharmaceuticals in a Time of Change Conference

Friday, February 27th, 2009

After two intensive days, I’m at the DIA Marketing Pharmaceuticals in a Time of Change conference, I’m back in the office and reflecting on lessons learned. The overwhelming sentiment this year was that “time of change” was a serious understatement.

Continuing medical education is undergoing revolutionary change unprecedented in the history of the field due to intense environmental and political pressure. Numerous companies will or have voluntarily or involuntarily exited the field and consolidation can be expected to continue until a new equilibrium is reached.

Overall the pharmaceutical industry is being buffeted by the same political and economic changes that are affecting other industries. Because the pharmaceutical industry had already been preparing for change (due to loss of cash cow products) and because healthcare products are necessities the industry is likely to fare somewhat better than others.

However, regulations on both the state and federal level are changing rapidly requiring companies to invest money and manpower in keeping on top of current requirements. In addition, technological changes are altering long held marketing strategies forcing companies to wade into untested waters just at the time the regulations are in flux and legal penalties are high for transgressions.

This year won’t be for the faint of heart but for those who enjoy challenges, there will be an abundance to choose from.

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Posted in Forecast, Marketing, Regulatory, pharmaceutical industry | No Comments »