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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.
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.
On May 6, I was honored to be a panelist at the AMWA New England Chapter meeting along with Tom Gegeny of Envision Pharma and Michelle Horan of Pfizer. We were asked to discuss three areas of medical writing and answer audience questions on career advice and the future of medical writing in our areas.
The topic was timely given the overall business climate. Nearly 30 people attended, packing the restaurant.
One thing that stood out for me was the overall passion for medical writing. While everyone was a least a bit anxious about the immediate future, no one mentioned changing careers. In fact, several new writers attended hoping to start careers in medical writing. Others were interested in switching from one area of medical writing to another.
I asked Tom (the President-elect of AMWA) about numbers of new members. He told me that AMWA is indeed continuing to grow steadily and there are now nearly 6,000 members. I’ve been observing this upward trend for some years. This trend underscores the fact that medical writing continues to be an attractive career option.
As I’ve always recommended to new medical writers, at the meeting I suggested starting off working at a company (either medical communications or pharmaceutical or other related company) before trying to begin a consulting business. It makes sense to learn the ropes first.
For those already in medical writing or considering starting a career, the more you can network and continue learning about the field, the more successful you will be. This applies to all areas of medical writing. The one point made by all the panelists, and some of the attendees as well, is that medical writing is a constantly changing discipline since the regulations that guide our work are always changing. So you need to keep on top of changes and trends.
To learn more about what was discussed during this productive meeting, look for my upcoming article in the fall AMWA Journal.
Today IMS announced that pharmaceutical sales were slower this past year. There was a 1.3% increase in 2008 for a total sales of $291 billion. This percentage compares to an increase of 8% in 2006. Slowing sales aren’t surprising given the state of the economy and continuing erosion of patent protected products. Still this is better than the percentage loss in the auto industry (Ford experienced a 34% decline in sales late in 2008).
Sales could rebound somewhat if the economy picks up in 2009 but potential changes in the healthcare system remain a significant variable.
The top selling category was anti-psychotic medications- possibly a reflection of the sharp economic decline in the U.S.
The other leading concern currently are changes in the CME field. Give your input by taking our poll on the home page and come back to our site for more on CME over the coming months. If you took our recent poll on the FDA commissioner and voted for Margaret Hamburg, you were right! She is the current pick by President Obama.
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.
When I founded Hughes BioPharma Advisers in 2005, the term biopharma was used infrequently. I sometimes got blank stares or queries like, “What is biopharma anyway?”.
Now with the purchase of Wyeth by Pfizer and the pending sale of Genentech to Roche, biopharma is ascending. The large pharmaceutical companies are looking more than ever to biotech companies for creative new products. What’s even more exciting is that these biotech companies aren’t simply being engulfed but are changing the whole perspective of large pharma companies. Biotech products are being looked at as the future of the industry.
Small molecule pharmaceutical products aren’t going to go away but we can expect to see a blending of them in product portfolios.
This change will be good for both the pharma and biotech industries as well as for patients. Pharma companies have the cash to purchase biotech companies. Biotech companies are in desperate need of funding. Selling to a pharma company keeps their products in the pipeline. Patients benefit by having more and, hopefully, better treatment choices.
The future of pharma looks more and more like biopharma.
