Giant strides in health care reform, technology and public policy are changing the landscape of the pharmaceutical industry as we know it. In order for marketing techniques to keep pace, drastic adjustments are needed for how the industry approaches branding, distribution and even in how it measures success.
A Shift from Mass Marketing
The traditional measures of success for a medication or manufacturer focused on volume and incremental innovation. Overall volume of sales was praised, and attempts to “cash in” with competing versions of successful products were a viable strategy for gaining market share.
Many industry experts are advocating a change from mass-market strategies. A highly targeted approach is predicted to dictate success for both branding and the bottom line. A new sales representative force must be smaller, smarter and more agile to reach the markets that companies wish to penetrate.
Approaching the New Market
Patients and their physicians have become skeptical of over-prescribed medications. They want to see results to back up treatment recommendations. To create sales in this environment, pharmaceutical companies must clearly demonstrate the value of their products to everyone.
They cannot accomplish this with one single product and call it a day, either. Gone are the days when one pill’s success can be enough to bolster your sales all year.
Pharmaceutical companies must diversify their approach. They must be ready with solutions tailored to the needs of nuanced conditions. Doctors do not want to use a square peg for a round hole anymore, nor do they want to assume that one treatment will be enough to address a whole umbrella of related conditions.
When a company can demonstrate through trials and market success that they are able to adjust to the needs of the changing medical landscape, clients will be willing to pay a premium for their products.
How the Industry Is Changing
In addition to the factors already mentioned, the global healthcare system is evolving as a whole. Chronic diseases are on the rise. Developing markets are becoming more likely to seek pharmaceutical solutions for these conditions.
On top of this, governments are becoming more aggressive in their management of pharmaceutical treatments. They have begun to fund initiatives for preventative health care. At the same time, governments are becoming more risk-averse. Policy makers are no longer hesitant to mandate the types of treatments they deem appropriate.
In order to adjust, your company must be flexible. They cannot depend merely upon the success of one product, which can face restrictions down the road. The industry must consider their products as one component in a larger landscape of medical therapy.
Several treatment options must constitute health care packages that are easier to market and are more likely to be well-received by clients. Companies must also be willing to be flexible when it comes to pricing.
Investment in medicines that meet the needs of the market must be a priority. By never resting on its laurels and targeting the concerns of the new, more-educated health care market, pharmaceutical companies can weather the changes and become industry leaders into the future.