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      Author: Japheth Oseghale

      Why Pharma CRM and Personalized Medicine are Enhancing Patient Care

      Posted on by Japheth Oseghale

      As the healthcare industry advances in complexity, design, and management, pharmaceutical and life science companies must adopt automated systems to streamline daily operations. 

      For sales forecasting, automating tasks, expense reporting, marketing campaigns, and customer service, technologies like customer relationship management (CRM) help to keep track of how companies engage their customers. 

      These systems are also central to nurturing ongoing contracts with healthcare professionals, sales reps, and other stakeholders. 

      When a medical or life science organization has healthy working pharmaceutical CRM software, it ensures proper patient or customer monitoring, promotes business relationships, and ultimately helps to generate more revenue.

      We’ve explored in great depth how pharmaceutical CRM software can help in the adoption of personalized medicine for better patient care. Here’s how it works.

      Table of Contents

      Understanding Personalized Medicine

      Drug design and development used to be a one-size-fits-all model. However, with the discovery of how the presence or absence of certain genes affects drug metabolism, efforts have been made to factor in genetic markers during drug production and dispensing of medications. 

      Personalized medicine is a modern practice involving genetic considerations while making therapy decisions for patients.

      Personalized medicine does not mean the drug is developed for a single person. Rather, it means drug development and drug use design for specific genetic populations. This means that the treatment option is based on factors like sex, race, gene factors, and dosage regimen.

      For example, a patient who’s a poor metabolizer has little or no CYP2D6 gene function, while an ultrafast metabolizer will metabolize drugs extensively and quickly. 

      Knowing if a patient is a poor or ultrafast metabolizer will assist the physician in determining the right dose to prescribe and avoid side effects associated with metabolic problems. Personalized medicine is the future of precise prescription and optimal patient care.

      The Role of Pharma CRM in Personalized Medicine

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      Pharmaceutical CRM software allows medical representatives to manage current customers and improve their marketing strategies. This is critical to boosting sales reps’ performance in the pharma industry.

      Pharma CRM also provides an avenue for doctors and other healthcare providers to record multiple data about a patient such as their demographic, medical history, genetic information, insurance payers, and drug use history. Using CRM software serves multiple roles in personalized medicine delivery. These roles include:

      Pharma CRM: Accurate Data Collection and Analysis

      When a hospital, pharmacy, or healthcare facility installs CRM software, it can easily record, monitor, and improve patient or customer interactions. Analyzing the data is useful to gain insights about the patient’s health performance over time, their habits, and other useful patterns.

      The organization can interpret the insights to understand the state of their patients and develop personalized strategies for each patient’s therapy.

      Pharma CRM: Enhanced Communication

      Pharma CRM software provides multiple communication channels like email, SMS, phone calls, and other media for enhanced patient or customer interactions. Having a CRM solution that allows the medical or sales team to capture leads, monitor patients, and maintain constant communication is critical to the success of any healthcare organization. 

      For example, a customized pharmaceutical CRM system can help pharmacists send reminders for patients to take their pills at the right time. This will assist the pharmacist in providing optimal pharmaceutical care for better health outcomes.

      Another instance where having an efficient CRM system is important is in the prevention of missed appointments. The technical support team can program the CRM software to set up automatic reminders for patients’ future appointments. 

      Pharma CRM: Gathering Patient Feedback

      As the world evolves, technology offers new and improved ways to deliver swift, efficient, and convenient services. Healthcare providers can bank on a solid CRM solution to get valuable feedback from their patients. 

      The feedback can help healthcare professionals (HCPs) understand how effective their patients’ therapy is and how it can be improved. They can easily get information about any adverse drug effects and possible gene-medication concerns.

      Data Collection and Analysis with Pharma CRM Software: Platforce

      Healthcare customer relationship management software collects different patient data types. The data is then used to create an extensive profile for each patient. Some of the data usually collected for managing patient-provider relationships effectively include:

      1. Demographics: Personal information like the patient’s age, sex, address, contact, and insurance details.
      2. Health history: This covers the patient’s past medical diagnoses, treatments, medications, and surgeries.
      3. Lifestyle behaviors: This includes habits and behaviors such as exercise, substance use, and dieting patterns.
      4. Appointment history: Records of previous appointments, reasons for visits, and outcomes.
      5. Communication history: Phone conversations, emails, and text communications between the patient and the healthcare institution.
      6. Billing and payment information: Financial information concerning the patient’s insurance status and payment records.

      CRM software enables healthcare providers to nurture leads by providing personalized follow-ups based on the patient’s needs and preferences. This is possible with the use of data analytics CRM tools to collect and analyze data like demographics, health conditions, or treatment history.

      Personalized communication also aids in the development of trust and rapport, resulting in improved patient-provider interactions.

      Pharma businesses and other healthcare-providing ventures use CRM software to collect, store, and analyze customer data, such as contact information, medical history, credit card information, feedback, therapy patterns, and behavior. 

      While this data can help pharmaceutical businesses improve their patient care delivery and get more deals through sales campaigns, it also poses a data security threat to patients. Patients want assurance that their data is safe from data breaches, and theft. 

      Here are some tips to secure data privacy when using pharmaceutical CRM software:

      1. Choose a CRM platform with a transparent privacy policy, good regulatory compliance, and efficient data management systems. 
      2. Train your sales teams or support staff on how to ensure data privacy with CRM software. 
      3. Use strong passwords and authentication tools to protect your CRM software and prevent unauthorized access,
      4. Encrypt and backup the data on the CRM software to prevent data loss or corruption.
      5. Keep your CRM software up-to-date to strengthen its functionality and prevent incompatibility issues. 

      Patient Engagement and Communication

      Whether you run a local pharmacy or you have a private clinical practice, using a CRM system will help to facilitate better patient engagement and communication. Before digital CRM systems became popular, doctors and HCPs interacted with patients in person. Follow-ups were not easy as it was up to the patient to follow their treatment instructions. 

      However, with the advent of CRM solutions, HCPs can automate messages to each patient to remind them about tests, follow-up consultations, and medication use.

      This helps patients manage their health better and build a good rapport with healthcare providers. Such a relationship motivates more individuals to seek out physicians who can answer questions and help them live healthier lives.

      Treatment Adherence and Monitoring Using Pharmaceutical CRM Software

      Regardless of how meticulous a doctor designs a patient’s treatment, it can only be effective if the patient adheres to the therapy. Patients can succumb to non-adherence due to the medications’ side effects, the inconvenience of returning to the hospital, a hectic lifestyle, or frequent work travel.

      An effective CRM system gives a 360-degree perspective on how several factors like behavioral patterns, demographics, and lifestyle choices contribute to treatment adherence.

      For example, analyzing a patient’s lifestyle and behavior can help predict when a patient is likely to skip dosages. It can also be used to identify those with the propensity to abandon therapy. 

      Here are three approaches HCPs can use to improve patient adherence: 

      1. Create an extensive overview of the patient using pertinent data. 
      2. Design models to identify key contributors to non-adherence. 
      3. Use predictive analytics to forecast future trends in adherence behavior. 

      HCPs can use pharma CRM software built with patient hubs to reach patients directly with strategic interventions that could improve adherence. Using such real-time monitoring solutions can improve awareness of potential treatment concerns which helps in treatment modification for better health outcomes.

      Overcoming Challenges with Customer Relationship Management in Healthcare

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      Healthcare providers use CRM systems to implement personalized therapy for patients. However, using a CRM platform is not without its challenges. Here are five common challenges HCPs face when using CRMs and how to resolve them: 

      1. Security concerns

      Pharmaceutical companies must follow a security-first model when dealing with customer data. To ensure that the pharma CRM is free of any cybersecurity threats, employing experts to routinely inspect the software is essential.

      Healthcare firms should train their staff on basic to advanced data management rules to prevent data breaches. When a company establishes proper security practices, customers can be assured of their data safety and this in turn helps the company’s reputation.

      2. Complex integrations

      Expert CRM software providers allow healthcare companies to integrate any feature needed. This is particularly important when integrations with external apps become key features that are necessary for effective patient relationship management.

      3. Data migration technicalities

      Migrating data from one product to another can be tasking. And without the right experts on board can result in data loss. CRM providers like Platforce make data migration easier by providing customized tools to ease the transition.

      4. Low User Adoption

      Installing CRM software is the first step towards improved patient care in a healthcare organization. The next step is adoption, where the employees use the software in actual practice.

      Some employees may refuse to make maximum use of the CRM software due to a perceived lack of value, or insufficient training. As a result, data is inadequate or erroneous, making it difficult to derive valuable insights, resulting in ineffective decision-making.

      Companies should invest in training programs to onboard their staff to the technical know-how of CRM systems.

      5. Regulatory Compliance

      Businesses in the healthcare sector must implement all the regulatory requirements for data privacy. These include the Health Insurance Portability and Accountability Act of 1996 (HIPAA), a federal law that was created to protect sensitive patient health information from being disclosed without the patient’s consent or knowledge.

      Pharma and life sciences companies must collaborate with legal and compliance teams to strike a balance between leveraging customer data for effective CRM strategies and ensuring data privacy and protection.

      Final Thoughts

      Modern healthcare focuses on how precisely doctors can deliver treatment for optimized individual patient care. For example; Personalized medicine is one of the recent advancements in healthcare that provides healthcare services according to the need and health requirements of the patient.

      For healthcare professionals, customer relationship management software can help in monitoring drug use, adherence, side effects, and receiving feedback from patients. Pharma CRMs also helps analyze data to promote better healthcare delivery to patients.

      To insure the safety and security of these patients’ data, It’s advisable to choose reliable and regulated Pharma CRM like Platforce that complies with regulatory frameworks, supports integrations with external apps, and provides a comprehensive suite of tools to facilitate relationships with customers.

      See for yourself!

      Enhancing Customer Experience in Pharma: Strategies for Patient-Centric Care in 2024

      Posted on by Japheth Oseghale

      It’s interesting how, in Pharma businesses, customer experience should take priority over profit. But that’s only sometimes the case. Many pharma companies today are ranked as having the least customer-friendly experience. Finding how to maintain profitable revenue growth without compromising the quality of your customer experience makes you stand out from the crowd of Pharma companies.

      In this post, we’ll explore some of the best strategies for enhancing customer experiences. For you, this could mean driving high customer engagement and developing a feedback loop that helps you understand where you need improvements in various touchpoints of your customer journey and experience.

      Providing top-notch customer experience gives a competitive advantage that guarantees positive business results and helps upsell the lifetime value chain of your customers.

      Table of Contents

      How Important is Patient-Centric Pharma Marketing?

      Any reliable patient-centric approach employs techniques that prioritize patient support services and customer satisfaction over everything else. In return, it guarantees profits, brand loyalty, and customer lifetime value to your brand.

      In today’s marketing world, a customer-centric approach is a strategy that guarantees results in the Pharma industry because it gives a sense of importance. In most cases, it builds the idea that your business only exists for their needs. What could be more assuring? Other advantages being customer-centered gives you over other healthcare providers include:

      1. Empowering patients and enhancing patients’ experience
      1. Improving patient outcomes
      1. Tailoring treatment plans for individual patient requirements.
      1. Increase customer satisfaction
      1. Promotes compliance with regulatory standards
      1. Guarantees customer longevity and lifetime value to your Pharma business.

      Touch Points in a Patient’s Journey Where Pharma Companies Can Improve Customer Experience 

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      For pharmaceutical companies, it takes more work to guarantee customer centricity or understand customer needs. Especially since there are almost always intermediaries like prescribing physicians, regulators, and payers, these intermediaries often significantly contribute to the overall Pharma customer experience (CX).

      Since you cannot eradicate intermediaries or even meet customers, having a workaround would suffice. But, it starts with understanding major touch points where you can provide positive customer engagement for improved customer experience.

      Awareness and Education

      Many healthcare journeys start with the patient’s awareness of their condition, potential treatments, and clinical trials. Here, pharmaceutical companies can contribute by providing accurate, precise, and patient-friendly educational materials through accessible digital channels. These materials help patients understand their condition and make informed decisions about their health. 

      It also allows the Pharma industry to facilitate data-driven customer engagement. The interaction between a patient and their healthcare provider is crucial as it contributes to how pharma can improve customer experience. 

      Any reliable Pharma company should support this touchpoint by providing healthcare professionals with comprehensive and up-to-date information on medications and treatment options. In doing so, they facilitate more informed discussions and decisions that boost the Pharma customer engagement strategies.

      Access and Affordability

      Simplifying the process of obtaining medications and ensuring affordability is a critical touchpoint. By working on transparent pricing, collaborating with insurance providers, and offering assistance programs, pharma companies can reduce the financial burden on patients.

      Additionally, actively seeking and incorporating feedback is a hallmark of patient-centric care. By collecting patient insights, pharma companies can continuously improve their services to match customer expectations.

      Community and Support Groups

      The power of shared experiences in patient communities is immense. Pharmaceutical companies can support or facilitate the creation of patient support groups, fostering a sense of belonging and empowerment among patients.

      Key opinion leaders are also a significant contributing community and support group factor. Sometimes, they spearhead actions on these groups and can influence your potential customers. They could also be instrumental in your strategies to guarantee seamless customer experiences.

      End of Treatment/Follow-up 

      As patients transition out of treatment, they may require resources to adapt to life post-treatment or prepare for a new phase. Pharmaceutical companies can offer guidance and support to ease this transition.

      Staying connected with patients even after their treatment concludes is a critical touchpoint. Collecting data on their long-term outcomes not only supports patients but contributes to improving future treatments and patient care.

      Maintaining stringent quality assurance and regulatory compliance is a non-negotiable aspect of pharmaceutical care. Patients trust that the medications they receive meet the highest standards for safety and efficacy.

      How Can Pharma Companies Measure Customer Experience?

      Providing a fantastic customer experience can be a stretch for many new pharma businesses, especially since interactions between pharma companies and end-users are minimal. So, it begs the question: how can you improve your customer experience if you cannot measure it? 

      Workarounds can help pharmaceutical businesses measure how customers perceive their business to show where they need to improve to provide these customers with high-end customer experiences. 

      To measure customer satisfaction in the pharmaceutical industry, consider using:

      1. Surveys, 
      2. the Net Promoter Score (NPS), 
      3. complaint tracking, 
      4. focus groups, 
      5. online reviews and social media monitoring, 
      6. key performance indicators (KPIs), 
      7. benchmarking, 
      8. employee feedback, 
      9. longitudinal analysis, and 
      10. data analytics. 

      These methods will help you gauge customer sentiment, improve services, and maintain trust. However, these measures must be controlled to eliminate some of the controversies like survey bias, NPS limitations, and private concerns that surround each action. 

      Do Patient-support Programs Enhance Customer Experience?

      Patient support programs are a strategic approach for enhancing customer experiences. But, deploying a patient support program is only achievable with real-world data or real-world evidence that aims to help you onboard the right customers.

      These programs should utilize personalized engagement strategies and market research that addresses the pain points of your customer journeys. It should also encourage and provide access to valuable information sharing.

      How Platforce Can Help Improve Customer Experience

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      Some other strategies we’d explore use digital transformation to analyze key performance indicators in exceptional customer experiences. These are the kinds of techniques deployed by leading companies to keep their services customer-centric.

      Platforce is one of such digital innovations that helps you pique your customer’s minds and develop practical customer-centric strategies using advanced customer data analytics or online footprint.

      Some of the most significant digital solutions for improving Pharma customers’ experience that Platforce provides include:

      Omnichannel Marketing

      Any Pharma business brand that focuses on omnichannel marketing would be able to quickly provide a consistent buying experience across all the channels it operates on. This experience cuts across in-store, socials, internet, and SMS.

      Many people today are undeniably mobile. As a business, you must measure up to provide a seamless user interface across all these platforms to help your customers not feel the need to learn new models or new intricacies when they switch to new channels of communication.

      Online CRMs

      To guarantee customer engagement, pharma companies need to be seamless. With Platforce, you can use online CRMs to collect and analyze patient data. These insights provide a better understanding of patient behaviors, preferences, and needs. This data-driven approach allows for the continuous improvement of patient services. 

      Also, CRMs make it easier to automate tasks or reminders. This can help in cases of treating patients with Alzheimer’s, where they’d need to be reminded to medicate. Other benefits include: 

      1. Medication adherence tracking 
      1. Feedback collection 
      1. Data security and privacy 
      1. Efficient appointment scheduling. 
      1. Personalized engagements and patient interactions

      Offline CLM

      Offline Closed-Loop Marketing (CLM) systems in the pharmaceutical industry offer personalized, educational, and interactive interactions with healthcare professionals (HCPs). These systems provide efficient access to information, ensuring consistency in messaging, compliance, and data collection. 

      They save time and resources and are environmentally responsible, contributing to a more positive customer experience for pharmaceutical representatives and HCPs.

      Why Pharma Industries Need a Digital Solution for Better Customer Experience

      It’s evident that crafting an exceptional customer experience strategy isn’t just an option; it’s a necessity. The days of focusing solely on traditional channels within the healthcare ecosystem, like doctors, pharmacies, and para-pharmacies, are now behind us. Today, the healthcare emergency, with all its urgency, needs a more comprehensive approach.

      The magic word here is “integration.” Everything within the world we see today is now undeniably digital. Other industries that have implemented digital strategies with in-person processes have had breathtaking results in their approach to customer centricity. So, many health systems and Pharma industries must learn to do the same for similar results.

      The emerging digital world holds the key to personalization – a concept that helps the healthcare industry put the customer at the center stage. Platforce is one example of a digital solution that allows many pharma companies to make sense of big digital data.

      How Pharma Companies Can Partner with Patients for Better Customer Experience

      Pharma companies are often working tirelessly to provide premium services to their customers but often need to pay more attention to the role of patients in how they can improve their services. 

      The truth is that patients remain a crucial player in the Pharma ecosystem and can provide valuable clues on what problems need a solution and what Pharma companies should focus on. 

      For example, some patients refuse to fill new prescriptions because they are relatively unaffordable, and others will not show up for scheduled appointments because of the availability of transportation or lack of childcare coverage. In some cases, patients stop taking medication because there are no commendable results after prolonged use. These are all cues, but are Pharma businesses paying attention? 

      Key Takeaways 

      Arguably, enhancing customer experience is not a walk in the park. But, if done correctly, it guarantees customer satisfaction and provides useful data for personalized and targeted marketing for nurturing the right leads rather than wasting resources on unconvertible leads.

      With the increasing number of intermediaries between Pharma companies and end-users, it becomes increasingly difficult to reach a desirable customer experience. 

      Nonetheless, with the help of highly operational and optimized software solutions, you can remove these barriers. Let’s show you how.

      E-detailing in Pharma: A Digital Revolution in Healthcare Engagement 

      Posted on by Japheth Oseghale

      It is not news that the world is becoming a digital powerhouse, and the pharmaceutical sector is a key beneficiary. Depending solely on physical meetings to increase brand awareness is no longer effective, and digital marketing techniques, such as E-detailing, overcome this shortcoming.

      E-detailing campaigns use IT tools to provide interactive content to engage healthcare professionals (HCPs) actively. This marketing strategy uses visual representations to explain the characteristics of a product better. In addition to increased healthcare engagement, e-detailing saves costs, improves customer experience, and improves patient outcomes. 

      Having a deep understanding of e-detailing is crucial before implementing it. This post will explain what e-detailing is, how it increases healthcare engagement, show you a step-by-step guide to integrate it, and the future of e-detailing. Read on to learn more!

      Table of Contents

      What is E-detailing?

      Electronic detailing, also known as electronic visits and pharmaceutical detailing, is a blend of electronic and pharmaceutical marketing that uses pre-recorded videos or interactive sessions through a mobile app to engage and serve healthcare professionals better. Platforce offers such an E-detailing service.

      E-detailing has replaced traditional communication channels, including papers, large laptops, and desktop computers in pharmacies. With conventional approaches, it is not feasible for physicians to obtain information at their convenience, and laptop computers slack in portability and ease of use. 

      With e-detailing, mobile devices are what pharmaceutical companies need for interactive presentations. Using this smart device, companies update data in real time to ensure that professionals have current information regarding their products.

      However, most pharmaceutical industries do not use electronic detailing alone. Pharmaceutical sales representatives and medical science liaisons combine this digital technology with: 

      1. face-to-face sales efforts, 
      2. webinars, 
      3. remote detailing, and 
      4. e-mail communications. 

      A pharma company can increase customer understanding and build meaningful relationships using this omnichannel approach.

      How does E-detailing Increase Healthcare Engagement? 

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      Pharmaceutical detailing delivers product information to health professionals in the most interactive form to help increase reach and boost sales. The following are some ways the e-detailing approach enhances healthcare engagement.

      Enhanced Customer Experience

      Pharmaceutical detailing incorporates different learning styles, such as: 

      1. images, 
      2. eye-catching animations, 
      3. interactive charts, and 
      4. videos. 

      Integrating relevant images and videos helps avoid walls of text and makes the information one is passing across easily digestible. 

      Additionally, charts and tables help to explain complex information and to deepen customer understanding. Combining these multimedia contents provides a more engaging and immersive customer experience. 

      Easy and Consistent Access to Information

      E-detailers contain digital documents that HCPs can access anytime using a mobile device. Because of this constant access, it is possible to disseminate relevant information about pharmaceutical products to engage them properly. They can also leave feedback and ask questions when they need clarification on facts. 

      Furthermore, pharmaceutical detailing breaks the distance barrier in pharma marketing. HCPs in remote areas receive the same information as those in the cities without physical interaction with pharmaceutical marketers. 

      Convenience 

      HCPs have busy schedules, and booking an appointment with them may be abortive. E-detailing platforms like Platforce allow them to access information at their convenience. They read educational modules at their own pace, focus on new information, and skip what they already know. As a result, they understand the pharma industry’s content better and may leave feedback or follow-up questions. 

      Accurate and Consistent Information Delivery

      Some pharmaceutical sales representatives fail to research before a visit and sometimes exaggerate details to make them more appealing. They may gain the trust of HCPs in that instance, but it won’t lead to a long-term relationship. E-detailing overcomes these shortcomings through powerful data collection and analytical tools. Credible and timely information will deepen HCPs’ engagement. 

      Tailored Marketing 

      E-detailing engages physicians using customized content according to their behavior and needs. By paying close attention to how HCPs interact with content, one would know what interests them. 

      Using this information, medical science liaisons group them based on past interactions, professional roles, and behavioral patterns. Creating ‘just for you’ content found on these factors rather than vague messages will increase engagement as physicians feel more valued and relevant. 

      A Step-by-step Guide to Implementing a Successful E-detailing Campaign

      It is essential to integrate this new pharma marketing approach to avoid losses carefully. Follow the seven steps below for a mistake-free implementation.

      Step 1 – Set Clear Objectives 

      Pharmaceutical companies should assess their marketing needs before setting specific and relevant goals. Ensure these goals align with what you envision for your business. Your short and long-term goals should include acquiring more prospects, increasing engagement, and boosting sales. 

      Step 2 – Selective The Right Technology Platform

      Choosing the right pharmaceutical detailing technology will determine your marketing success. You can go with a structured platform or a more robust CRM. Pharma companies should ensure they can meet the requirements of this new technology and that it is compatible with the physicians’ devices.

      Step 3 – Develop Content

      The next step is to develop informative and engaging content to give your clients exactly what they want. The digital documents must be accurate and medically proven. Some pharmaceutical companies engage in storytelling to make the messages more understandable. 

      Step 4 – Train Pharmaceutical Sales Representatives 

      One can decide to employ new staff or train old ones to fill gaps. Pharmaceutical sales reps should use role plays and real-life scenarios to understand better how E detailing works and how to respond to complaints. 

      Step 5 – Conduct a Pilot Test

      After proper training, conduct a pilot test using a targeted audience to assess the E-detailing strategy. This step will help life science companies access what they’ve built and check for potential loopholes. After, get necessary feedback and make adjustments as needed.

      Step 6 – Schedule Sessions with Health Professionals 

      Once everything is in order, schedule electronic visits with HCPs. Ensure the time is convenient for the physicians to avoid interrupting their daily agenda. Send a personalized message to remind them of their sessions.

      Step 7 – Review and Optimize

      Use data from the engagement rate, how long HCPs spend during each session, and reviews to assess how well the new pharma marketing technique performs. Based on this, pharma companies can continually improve the structure and quality of their content. 

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      There are no pharma marketing strategies without shortcomings. In addition to identification, it is crucial to know how to avoid and tackle them. The following are some challenges one may encounter when using electronic detailing and how to prevent them. 

      Saturation and Digital Fatigue 

      The fact that an HCP has access to a lot of information at once may be a limitation. Too much information may lead to mental exhaustion and a lack of interest in digital sales content. Using multiple channels to communicate will ease the pressure and engage HCPs better. 

      Technical Hurdles 

      One may experience technical issues, including

      1. buffering, 
      2. downtimes and 
      3. loss of connection. 

      These glitches may disrupt the information pharma companies are passing across. It is essential to conduct routine checks and maintenance of all software and hardware components. 

      Digital Literacy

      The level of digital literacy is different for every health professional. Some may need help understanding software solutions and may be reluctant to change. This is common in cases where the physician and sales rep are used to face-to-face communication. When faced with this problem, have an honest conversation and tell hesitant users why the new technology exists. 

      Regulatory Compliance 

      Digital laws like HIPAA and GIPA regulate how pharmaceutical companies collect, analyze, and use personal information. One must follow guidelines and ensure the content complies with rigorous demands. Furthermore, data security and privacy is a concern in healthcare. It is essential to use strong security measures against hackers and thieves to prevent legal issues and fines. 

      An E-detailing Success Story

      Let’s take a hypothetical company – ABC Pharma – for an example. ABC Pharma is a large pharmaceutical company specializing in rare diseases and has been in business for over 30 years. Being the best in this niche, they make massive sales yearly by having one-on-one meetings with HCPs. 

      However, the incidence of COVID-19 brought tremendous negative changes as sales representatives needed help to connect with old and new specialists. They could also not travel to remote places to sell their company’s products and services. All these made them lose profits they’ve incurred for years. As a result, they had to use virtual interactions to overcome this hurdle. 

      ABC Pharma used e-detailing to 

      1. collect and analyze HCPs’ data to know their needs and preferences,
      2. create personalized content for each physician, and 
      3. make the content available using mobile applications. 

      Pharma representatives asked for feedback and reviews to discover and make strategic adjustments. 

      Implementing e-detailing was the beginning of a new wave for ABC Pharma. The following year,

      1. They reached more health professionals and interacted at each person’s level.
      2. They cut down travel and accommodation expenses. 
      3. Through pharmaceutical detailing, their new product gained recognition in the market quickly.
      4. Finally, they made a 200% profit on their investment.

      Truly, e-detailing revolutionized ABC, and they used this pharma marketing approach to promote products even after the COVID-19 pandemic.

      What’s the Future of E-detailing in Pharma Marketing?

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      Digital technologies like Platforce will continue where e-detailing is, as researchers still have much to do. Below are some future trends of e-detailing in healthcare engagement. 

      Virtual and Augmented Reality

      Virtual reality (VR) and Augmented reality (AR) are essential digital content creation tools. VR and AR will help explain complex drug mechanisms to physicians for better understanding and increased engagement. 3D visualizations and simulating real-life scenarios leave a personal touch to enhance user experience. 

      Customer-centric Experiences

      In recent times, there’s been a shift in how pharmaceutical detailing works. A Pharma company prioritizes the needs and preferences of HCPs when making decisions. You do this by focusing on marketing trends, feedback, and reviews. As a result, HCPs get more personalized information through preferred communication channels. 

      Conclusion 

      E-detailing provides flexibility for both pharmaceutical companies and healthcare professionals. Though the benefits of e-detailing are endless, one must keep in mind the challenges of using it to increase healthcare engagement and how to overcome them. 

      Using a Pharma CRM is essential to increase the efficiency of any pharmaceutical marketing strategies. As your go-to software for all CRM, CLM, and Pharma digital marketing needs, we help pharma, medical, and life science companies drive sales while complying with industry regulations. 

      Find out all you can do with platforce with this tour.

      How Virtual Pharma Sales Reps are Transforming the Pharma Industry

      Posted on by Japheth Oseghale

      In the pursuit of progress, every industry charts its path forward. For the pharmaceutical industry, the focus on healthcare can sometimes obscure the exciting possibilities technology holds. But fear not, for the digital era has brought remarkable advancements, and virtual pharma sales reps are here to stay!

      Pharmaceutical Sales is a pivotal force that drives the pharmaceutical industry’s growth engine. But in this fast-paced digital age, a fundamental question arises – how can we elevate this process to new heights? Join us as we embark on a quest to unravel the answers to these intriguing questions in the medical affairs where technology and pharmaceuticals meet.

      Table of Contents

      The Rise of Virtual Pharmaceutical Sales 

      In contrast to the traditional approach of engaging customers individually to drive sales, the digital era has revolutionized pharma marketing, enabling simultaneous outreach to a virtual audience. 

      Technological advancements have removed previous limitations, significantly boosting sales in the pharmaceutical industry. Without these innovations, the pharmaceutical sector wouldn’t have achieved its current level of sales.

      Major pharmaceutical industries such as Pfizer, Novartis, Johnson and Johnson, and Sanofi have a results-oriented mindset which has helped them attain their status as leading global pharmaceutical industries, especially in their sales and marketing approaches. Regardless of the quality of their products, achieving top-tier status hinges on their ability to increase sales figures. 

      Data reveals that the pharmaceutical market in the United States alone has amassed over 600 billion dollars in sales, a testament to the significant contributions made by the country’s prominent pharmaceutical companies. This breakthrough for the pharma market is because of the rise of virtual Pharmaceutical Sales. 

      Virtual Sales Representatives: A Powerful Approach 

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      Sales activities are responsible for driving a company’s growth, even in the pharmaceutical sector. Pharma companies, despite their emphasis on research and development, must recognize the crucial role sales strategies play. 

      Without effective sales plans, products won’t reach their intended audience, highlighting the significance of a balanced approach that includes both research and sales efforts.

      Sales representatives are tasked with identifying potential clients and lead generation, relieving drug researchers from direct patient marketing responsibilities. Making use of virtual sales representatives proves advantageous, empowering salespersons to connect with clients virtually, and showcasing the efficiency of the digital era. 

      1. It is a lot easier to reach out to a broader audience simultaneously. 
      2. This strategy streamlines customer acquisition and retention processes.
      3. Removes the need for frequent commuting by salespersons to oversee sales and interact with potential clients.

      This new approach makes it easier to reach out to clients worldwide, overcoming location barriers that would have posed challenges in traditional sales methods. Virtual sales operations are conducted remotely using various communication channels, primarily phone calls or virtual meetings. 

      Nowadays, healthcare professionals prefer virtual interactions, and lasting business relationships lie in the information shared during these meetings. Understanding their preferences is crucial for effective communication.

      Three Key Benefits of Virtual Pharmaceutical Sales 

      Virtual Pharmaceutical Sales represents a modern shift from traditional sales methods, although its adoption is not universal yet. Embracing this approach offers numerous benefits, and pharmaceutical industries need the competitive drive to stay ahead. Understanding the following benefits will significantly impact sales and industry growth.

      Meeting Flexibility

      The primary benefit of virtual Pharmaceutical Sales lies in its flexibility, allowing meetings to occur at any location and time convenient for all participants. Physicians can choose the most suitable meeting times, and adjustments or cancellations can be easily made, enhancing overall convenience and accessibility.

      Expanded Reach

      The digital age has made it easy to broaden one’s reach. Since there is a need to reach out to patients and physicians across borders, it is necessary to utilize virtual Pharmaceutical sales. 

      Some diseases are present in nations other than the one where the drugs are developed. Some countries are plagued by specific ailments, and they would require pharmaceutical businesses from all around the country to research and create the drugs. However, if these businesses do not use virtual sales, it will be more expensive to market to them face-to-face. 

      Customer Relationship Management

      In sales and marketing, consistent follow-up and building strong customer relationships are crucial. Engaging with clients doesn’t stop after one meeting; building lasting business relationships requires regular interactions to understand their needs and facilitate conversions. 

      Virtual sales representatives can leverage Customer Relationship Management tools to maintain constant communication with their clients. These tools enable all interactions, from the initial meeting onward, to be conducted virtually, ensuring seamless engagement.

      Leveraging Telehealth Platforms for Virtual Sales in this Digital Age

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      One of the goals of technological advancements is to lessen the amount of human labour required. This has been accomplished, and it has made work easier in various job sectors. Because of the complexities of medical therapy, it did not appear that the health sector could gain from this in the past. 

      However, telehealth platforms have changed the narrative by allowing physicians to interact with patients digitally. Inspired by the lessons of the COVID-19 era, we are diving into the heart of these innovations in this dynamic environment. 

      Effective Communication 

      Telehealth platforms offer healthcare providers the chance to communicate remotely, eliminating the need for in-person visits. Virtual sales representatives can utilize these platforms to engage with physicians and patients without physical meetings. 

      These platforms are preferred as they are specifically designed for healthcare needs, making data tracking and organization seamless. Physicians familiar with telemedicine platforms find it convenient without the need to switch to different platforms.

      Prospective Clients 

      In the ever-evolving landscape of healthcare, even patients are becoming active participants in telehealth platforms. This paradigm shift opens new avenues for pharmaceutical sales representatives, offering them a unique opportunity to connect with potential clients in an inherently health-focused space. 

      Unlike traditional settings, patients in these platforms are more receptive to engaging with sales representatives, as health-related discussions are commonplace and expected.

      Trust and Confidentiality 

      The familiarity that patients have with interacting virtually with physicians fosters an environment of trust and confidentiality. When patients are already accustomed to sharing sensitive information within these platforms, it paves the way for more meaningful conversations with sales representatives. 

      The Role of AI in Virtual Pharmaceutical Sales 

      Virtual sales have firmly established their presence in the pharmaceutical sector, marking a significant shift from the past. A century ago, the idea of conducting sales virtually seemed unimaginable, but today, it has become a reality. 

      This transformative change indicates a promising future for pharmaceutical sales, showcasing the industry’s potential for unique evolution. While some may struggle to envision this future, it is only a matter of time before pharmaceutical sales become even more advanced. 

      Integrating technological innovations is essential for the industry’s progress; otherwise, it risks stagnation. Embracing these advancements will propel the pharmaceutical sector forward by doing these;

      1. Better insights into the key stakeholders.
      2. Precise information about the condition to be addressed.
      3. Real-time intelligence to provide more information on the spot.
      4. Targeted conversations with the right audience. 

      The integration of AI-driven support tools in pharmaceutical sales opens up endless possibilities for the industry, showcasing continuous improvement. Embracing these technological advancements is necessary to capitalize on the transformative potential within the Pharma sector. By adopting a forward-looking approach, AI can revolutionize sales teams within pharmaceutical companies, offering a promising future for the industry.

      Challenges of Virtual Pharmaceutical Sales 

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      Virtual sales in pharmaceutical companies show potential, yet they are not without limitations, especially within an industry governed by numerous regulations. It is essential to exercise caution and not get swept up by every trend, considering the stringent regulatory environment in the pharma sector.

      Specialized training

      It is not all sales representatives who are skilled enough to navigate digital tools for client interactions. Identifying individuals with exceptional ability for the virtual role poses a significant challenge for the pharma industry. 

      The industry is faced with the task of pinpointing talent who can effectively utilize digital platforms, highlighting the need for tailored training initiatives to bridge this gap in digital literacy.

      Data Privacy

      Protecting data privacy is a paramount concern, especially in the realm of healthcare, where sensitive information is at stake. Once information is shared, it becomes challenging to maintain control over its usage and dissemination. 

      Maintaining a secure environment for healthcare data is vital, given the sensitive nature of the information involved. Sometimes, in the healthcare sector, specific data is accessible only to authorized individuals, ensuring that confidentiality and privacy standards are rigorously upheld. 

      Regulatory Compliance

      This term is familiar in the pharmaceutical sector, where regulations shape most activities. Even sales representatives are not exempt from these stringent regulations.  The virtual sales environment, driven by sales targets, can sometimes lead representatives to withhold information from physicians, especially in the digital space. 

      Also, regulations vary in different countries and a lack of compliance can blur the lines of transparency. However, regulatory compliance ensures that patient well-being remains the top priority amid these challenges.

      Final Thoughts

      Every Pharma company has massive growth potential if they can swiftly navigate the ever-changing digital marketing landscape. Virtual sales reps play a crucial role in realizing this dream. However, it’s never complete without the contribution of Pharma CRMs and the integration of technological innovations like AI and Omni-channel marketing approach which helps pharma businesses create seamlessness between software, social media, and touchpoints.

      This encompasses every facet of the pharmaceutical industry, including the role of sales representatives. 

      Delving into the significance of adopting virtual sales representatives for improved pharmaceutical sales, this article outlines how this approach can propel pharmaceutical companies toward their business plans.

      Embracing digital tools might seem daunting, but understanding the challenges and solutions paves the way in this digital age.

      With Platforce Pharma industry can keep up with innovative digital marketing evolution that effortlessly contributes to business growth.

      Here’s your starting guide.

      Patient Engagement Strategies in Pharma CRM: Building Stronger Relationships

      Posted on by Japheth Oseghale

      If you are wondering what patient engagement and pharma CRM entail, you are not alone. Patient engagement involves an interactive relationship between a provider and a patient to improve healthcare quality. This relationship is important because a significant aspect of patients’ health depends on their commitment to managing their conditions.

      The use of pharmaceutical software solutions to build stronger relationships offers many benefits. When patients communicate freely and know they are one of the deciding factors, they comply with treatment regimens. Patient engagement leads to a high customer retention rate and an increased return on investment for a pharma business. 

      In this article, we will explore what patient-centricity means, strategies for effective patient engagement, how to measure the impact of CRM-driven technologies, and the future of patient engagement in pharmacy. 

      Table of Contents

      What does “Patient-Centricity” in the Pharmaceutical Industry Mean?

      Until recently, when launching, the pharma industry focused on the raw materials, the new product and its advantages over alternatives. Their goal was to make maximum profit, and they addressed any issues regarding patient satisfaction when the product was in the market. This traditional approach is no longer effective. 

      Patient centricity is transforming how pharmaceutical companies function. It ensures that patients’ needs are the driving force behind every decision-making process. This may involve: 

      1. Seeking patients’ input regarding the clinical trials’ design, 
      2. Providing support services both online and offline, and 
      3. Getting feedback concerning adverse effects during post-marketing surveillance.

      Platforce’s CRM system, for example, helps enhance interactions between the pharmaceutical industry and its customers. Overall, the patient-centric approach increases patient satisfaction and business growth, improves the pharmaceutical industry’s reputation, and leads to a cost-effective healthcare system. 

      Six Surefire Strategies for Effective Patient Engagement 

      There is no standard way to engage patients in health discussions. One should use different strategies concurrently to obtain maximum results. Here are six tools for effective patient engagement you should try out.

      Patient Education Initiatives

      Patient education involves providing information, support, and skills to improve well-being. Sales reps engage patients through meaningful conversations to determine what they already know and assess their needs. 

      Because the literacy level may differ among patients, you should educate them at their level to gain trust. Additionally, patient education should include Q&A sessions for proper engagement. This will help establish rapport and assess patient satisfaction. 

      Multichannel Communication 

      Rather than using one communication channel, it is wiser to interact with patients using different pharma marketing strategies. The use of omnichannel marketing to engage clients will generate more sales compared to a single channel. 

      Individual patients get information through different mediums. Furthermore, the pharma industry should use a combination of:

      1. traditional channels, including in-person consultation, phone calls, mail communications, and 
      2. digital channels such as customized emails, social media, text messages, and healthcare blogs. 

      With well-structured multichannel marketing, your brand will get better awareness to enable you to reach your target quickly. 

      Personalized Medicine

      The use of personalization in medicine takes into account a patient’s personal information, including genetics, lifestyle, and environmental factors. Pharma industries use CRM technologies to store patients’ data, such as past interactions, preferences, and behavior, in a single file. 

      A patient’s records will assist in tailoring products to suit his unique needs. Furthermore, when patients see that you tailor treatments for them, they tend to share their health concerns more. Personalized medicine reduces the incidence of side effects and leads to better patient experience. 

      Feedback Mechanism 

      The use of direct feedback will give pharmacy businesses an overview of what the patients think about their services. It tells you the strong areas in the system and where to improve. Furthermore, patients remain loyal because you acknowledge them and their opinions.

      Many companies use software solutions to automate the feedback process. You can set up triggers and follow-up messages using pharmaceutical software. It is crucial to send feedback from your end once you make changes based on the complaints you receive. 

      Segmentation of Patients

      Segmentation using CRM can be dicey. Though it has advantages, one needs to approach it with care. Patient segmentation and targeting groups based on 

      1. past medical history, 
      2. preferred communication medium, 
      3. demographic factors and 
      4. patient behavior. 

      Proper segmentation helps you identify what each client needs. Providing the right information through appropriate channels will inevitably lead to more engagement. 

      Reward Programs

      Giving rewards for reaching health milestones will leave patients with a feeling of belonging. It may involve giving discounts or having a raffle draw for those who complete an educational series. 

      The reward doesn’t have to be expensive to bring about a cascade of changes when it comes to the way patients manage their health. However, one should avoid substituting rewards with adequate health care. No matter how big the bonus may be, a pharma company may lose a patient if they don’t get better. 

      Importance of Collaborating with Healthcare Professionals to Ensure Effective Patient Engagement

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      For successful patient care, it is important to involve healthcare professionals actively. It involves teamwork between two or more specialists rather than focusing on just one. This modern practice emphasizes the fact that no medical professional can do it on his own. 

      For instance, when handling a patient with a diabetic wound infection, an endocrinologist, an infectious disease specialist, and a nurse play critical roles. As a result, the patient can ask questions freely to understand how they take each action.

      In addition to enhanced communication, pharma companies stand to gain the following when they collaborate with healthcare professionals

      1. Patients have more trust in the healthcare system when specialists play supportive roles.
      2. There are lower chances of costly errors and mistakes.
      3. HCPs can directly follow up with patients to improve medication adherence and compliance. 
      4. These professionals also make sure the CRM tool records patients’ data according to laws and regulations. 
      5. Additionally, feedback from the HCPs may include areas that a pharma company should work on

      Five Proven Ways to Measure the Impact of CRM-driven Engagement in a Pharmaceutical Industry 

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      After implementing customer engagement strategies, one needs to conduct periodic reviews to check how well these tools are doing. The following are some cost-effective ways you can easily track the impact of your pharmaceutical software solutions.

      Customer Satisfaction

      You can use customer satisfaction scores to track the success of CRM-driven operations. Check the scores before and after making changes and look for lagging areas. Furthermore, you can ask a customer for reviews after an interaction. 

      A good customer satisfaction score shows that they have built a good relationship with your brand and are satisfied with your products and services. 

      Medication Adherence 

      The level to which patients use their drugs correctly after establishing CRM platforms gives an insight as to how it is working. Proper compliance when using drugs shows that patients fully understand the instructions the pharmaceutical industry provides. 

      Poor health outcomes may be a result of misunderstanding or dissatisfaction. In this instance, you should look for ways to build a stronger relationship with them. 

      Engagement Metrics

      Engagement metrics may include website traffic, customer visits, email open and click-through rates, and social media interactions. For social media engagements, focus on the number of views, likes, and comments on your posts. An increase implies that your content is appealing and customers can relate well. 

      ROI of CRM Initiatives

      The ROI you get after using CRM software can track if it is adding value to your pharmaceutical company. To get the ROI, calculate the total costs spent on pharmaceutical software development, installation, licensing, support, and training. This analysis will show if the system resonates with patients. 

      Customer Retention Rate

      Customer retention rate will help pharmaceutical companies understand the relationship they have with their customers. A high retention rate implies that many patients use your drugs for a specified period. Customers remain loyal when you keep in touch through messages, newsletters, personalized emails, or other channels. 

      Key Challenges in Patient Engagement Using Pharmaceutical Software Solutions 

      The process of improving patient interaction with your company may come with some issues. The following are some barriers to effective collaborative relationships between providers and patients

      Health Literacy 

      Literacy is key to effective patient engagement. Some patients find it challenging to understand basic health terminologies. Patients with low health literacy may not be able to express themselves when issues arise, and they may become passive participants in healthcare decisions. 

      Data Privacy Concerns

      Pharmaceutical companies collect and store personal patient data. The privacy of the data is a concern when dealing with sensitive patients. Some customers may not open up fully if they fear that their data may be compromised. This lack of trust and insufficient data creates a barrier to active interactions. 

      Regulatory Compliance 

      There are laws and regulations to ensure ethics in data collection and the communication medium. Pharma companies must seek consent before analyzing data in any way. Additionally, using social media to communicate with patients comes with some regulatory limitations, and you cannot pass all drug information using social media platforms. 

      The use of pharmaceutical software solutions will continue to evolve to meet shortcomings. One key area is the use of blockchain to store patient data into blocks to improve data security. The future of patient engagement lies in Artificial intelligence and mobile CRM. 

      Artificial Intelligence 

      One of the difficulties pharma companies face is the enormous amount of patient data they analyze. AI is revolutionizing pharma CRM operations in many ways. With AI, you are sure of more accurate and faster data analysis. Furthermore, a CRM robot provides timely answers to queries and 24/7 support to serve patients better. 

      Mobile and Voice-activated CRM

      In recent times, pharma CRM has become more mobile-friendly for a proactive healthcare approach. Pharmaceutical companies will access patients’ information in real-time anytime, anywhere. 

      In addition, patients can easily schedule appointments for telehealth consultations. Furthermore, voice technology is an important aspect of the inception of CRM. The use of voice commands provides a more quality and interactive healthcare system. 

      Key Takeaways on Pharmaceutical Patient Engagement

      Patient engagement makes all the difference in a healthcare system, and with it, a pharmaceutical company can stand out. You can build collaborative provider-patient relationships by using personalized marketing, multichannel communication, reward programs, and proper education.

      It is important to employ various measures for patient engagement and to increase the value of your Pharma business.

      In this article, we’ve answered questions about patient engagement strategies and uncovered how Pharma CRMs can be a more permanent solution to many marketing and Pharma sales inadequacies.

      Discover all you need to know about Pharma CRMs with this demo!

      What is Omni-Channel Pharma Marketing?

      Posted on by Japheth Oseghale

      Statistics show that over 300 million American smartphone users switch between devices on the same day. Therefore, no one can fault organizations for doing extra to catch up with the rush. And there comes the need for omnichannel marketing!

      Pharma companies endeavor to catch up with the fast-paced world, but questions remain.  Can pharmaceuticals wholly embrace the benefits of omnichannel marketing? What ways are best to achieve it? The good news is that we are here to answer your questions and many more. So, let’s delve right into it!

      Table of Contents

      What Does Omni-Channel Pharmaceutical Marketing Involve?

      Omnichannel pharma marketing involves pharmaceutical companies engaging stakeholders seamlessly across different spaces. ‘Omni’ translates to ‘all,’ ‘universal,’ ‘every,’ and ‘encompassing.’ Therefore, “omnichannel” involves and unifies multiple channels with consistency. 

      The omnichannel approach is a customer-centric marketing method integrating online and offline channels to promote a product. Pharma companies employ digital technology like websites, mobile apps, email marketing, and social media to propagate key messages, monitor customer journeys, and reach their target audience. Concurrently, they recruit traditional methods like banners, billboards, sales representatives, etc., to drive home the sale. 

      For instance, a pharma company can have a website where clients can make inquiries, place orders, and relate with their customer service department. Simultaneously, the company has a walk-in store where people can pick up their products, consult, and purchase prescription medication. 

      The main goal is to drive sales through brand coherence and unique voice. Fortunately, many pharmaceutical marketers achieve their marketing ROI from it. “Think with Google” claims that effective omnichannel marketing can generate up to 80% of walk-in store visits. 

      Google research places the percentage of Americans who regularly switch between devices daily at 98%. So, it is overkill to use single-channel marketing to effectively market pharma products in today’s world for adequate business growth. Therefore, it is time to learn that omnichannel marketing is the future of pharma marketing!

      Omnichannel, Multiple Channels, And Single Channel Marketing; Diversity and Meeting Point

      Fortunately, for people who keep seeking alternatives, there are three significant ways of pharma marketing. These give them the choice of tailoring customer communication and engagement to their needs and capabilities. 

      The three major marketing channels are single, multiple, and omnichannel. When choosing between them, one must consider cogent points like business type and needs, data privacy, regulatory compliance, and client satisfaction. 

      Eventually, pharmaceutical marketers can choose between either of the three or a combination after careful consideration. 

      Single Channel Pharma Marketing

      As the name suggests, single-channel pharma marketing involves reaching a pharma target audience through a single channel. Examples of such channels are retail shops, websites, or face-to-face meetings. 

      Single-channel pharma marketing is straightforward and cost-effective. However, it can limit your reach and prevent thorough engagement with customers. 

      This method is most suitable for small pharma businesses, especially in local markets with a target audience. It enhances personalization and simple customer journeys.

      Multiple Channels Pharma Marketing

      Multichannel marketing involves using multiple communication channels for marketing and engaging pharma stakeholders. It can use webinars, conferences, medical journals, blogs, digital channels, and face-to-face interactions. 

      Its multifaceted communication ensures its presence to variable customers across different spaces. Although multichannel marketing provides an across-board encounter, the challenge comes with maintaining a consistent engagement across all levels. 

      Omnichannel Pharma Marketing

      Omnichannel marketing is the most advanced and requires the most technology. It can be resource-intensive as it uses digital and advanced technology to integrate a customer’s data. Unlike multichannel marketing, it creates attuned, unified, seamless engagement and customer satisfaction. 

      Why Should Pharmaceutical Companies Consider Omnichannel Marketing? 

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      The omnichannel strategy offers many benefits to everyone involved. From healthcare practitioners to patients and pharma companies, everyone can get a big slice of the sweet pie. Omni-channel marketing in big pharma transcends the ordinary by fostering efficient engagement to drive better health results.

      Brand Consistency

      With people alternating different devices, there can be disparities in tone, outlook and approaches, even when chatting with the same organization. Omnichannel marketing solves this problem by providing a cohesive outlook that prevents disorganization and confusion. 

      Customer-Centric Services

      Omnichannel marketing focuses more on customer communication, delivering medical products and information right to them. The dynamic makes the patients feel more empowered, encouraging them to trust the brand more. Pharma companies use omnichannel marketing to build a solid and loyal customer base.

      Data-Driven Decision-Making

      Improved data analytics in omnichannel marketing help with personalization and efficient marketing. It also helps forecast customer needs and align with them. Eventually, you can reduce risks related to marketing investments by preventing trials and failures using insights and evidence. 

      Improved Brand Engagement

      With seamless customer journeys through connected channels, brands can build loyal customer bases and effectively manage their reputations. Also, you can have feedback on which you build innovations, ensuring customer satisfaction. 

      Optimized Resource Use

      How easier is it to manage your marketing strategy than having personalized customer data at your fingertips? Making effective cost-saving decisions by directing resources to where they will yield the best results just got better! With automation and wider reach getting more accessible, you save costs and get the best marketing ROIs.

      How to Create a Seamless Customer Experience with Omnichannel Pharma Marketing

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      With the pharmaceutical industry’s complex landscape and rigid structure, omnichannel marketing is a blessing for pharma sales. They have marketing strategies to create a smooth customer experience that ensures customer loyalty and facilitates better patient outcomes.

      Data-driven Personalization:

      It is the bedrock of omnichannel marketing. Omnichannel marketer collects and utilizes customer data to understand customers’ patterns and preferences. In turn, this helps to effectively customize content and engagement across the board. 

      Responsive Digital Platform

      The increased technological and mobile innovations have made it easier to make responsive digital channels. From social media to websites, companies use AIs and bots to give sophisticated responses. They engage their customers and help healthcare personnel access data on the go. 

      Patient-Centric Approach

      The digital era has empowered patients, making them see their health as their responsibility. The awakened consciousness necessitates considering pharma customers first rather than healthcare practitioners. Omnichannel marketing is helping to foster the patient-centered approach, allowing pharma companies to relate with patients easily and directly. 

      Analytics And Measurement

      Data is the bedrock of modern marketing, including omnichannel marketing. Therefore, marketers extensively employ analytics tools like tracking KPIs to check their engagement strategies’ performances and redefine their approaches. 

      Pharmacovigilance and Regulatory Compliance

      Big pharma deals directly with human lives, making integrity a must. Therefore, you cannot separate the pharmaceutical industry from the stringent regulations surrounding it. 

      Omnichannel marketing helps pharmaceuticals adhere to the regulations strictly, including ensuring your marketing materials contain necessary information like risks and side effects. 

      Tapping Into Technology: Digital And Social Platforms In Omnichannel Pharma Marketing

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      The world is a digital society. Therefore, it is no news that the best connections, engagements, and businesses need digital and social platforms to be effective. Big Pharma’s omnichannel marketing is in the loop, using digital and social media to spread its tentacles effectively.

      The question is, “What digital platforms are the best for big pharma, and how can pharmaceutical companies harness them”?

      LinkedIn

      It is no surprise that the serious-minded digital platform LinkedIn tops this list. Developed for professional purposes, LinkedIn is an excellent meeting place for pharma companies and healthcare professionals. While many people know of its recruiting and networking functions, it can also be a great source of information and idea sharing for healthcare professionals and pharma marketers. 

      Websites And Blogs

      Many pharma companies maintain blogs and websites. A user-friendly blog can be a part of your omnichannel platforms and your big break by showcasing your services to a broader audience. 

      YouTube

      YouTube is relatively more straightforward to share content like educational videos, demos, and testimonials. With its audio-visual ability, YouTube is invaluable to pharma omnichannel marketing as it can take content from zero to a hundred. 

      Apps

      Mobile apps are an easy way to have your pharma company with you at all times. It can contain necessary information and resources for patients’ use. Also, pharma companies can use it for relevant communications, consultation, customer service, and sending essential reminders. 

      Social Media Platforms

      Statista projects an increase to almost six billion social media users in 2027 from 4.59 billion in 2022. Therefore, it is a big blunder for any marketer to underestimate social media, a bigger blunder for omnichannel marketers.

      What is more important is to be futuristic in harnessing the power of social media. Social media platforms for omnichannel pharma marketing include Facebook, Instagram, X (formerly Twitter) and Ticktock. You can use these platforms to send messages, connect with the audience, share information, break news, raise awareness, etc.  

      Case Studies: Successful Omni-Channel Campaigns

      Omnichannel communication is not new in big pharma. Many pharmaceuticals have used seamless omnichannel strategies to engage with their clients. While not all these marketing campaigns yielded the desired results, big pharma has recorded many success stories of omnichannel marketing. 

      For instance, Novartis took the initiative in 2014 to not only educate the world about multiple sclerosis but also let the patients know that they are not alone. They tagged the campaign “Living like you” and partnered with MS bloggers globally to deliver raw, honest, and relevant sclerosis stories through many platforms. 

      The marketing campaigns include a website, social media platforms, and a YouTube channel, giving the audience multiple synchronized channels to connect. The initiative was a huge success, with the world feeling its impact to date, close to ten years later. 

      Similarly, Sanofi had also launched a ‘Diabetes co-star initiative’ in 2013. This program has a substantial digital presence, using a website, mobile app, and social media to reach far and wide. Taking things further, they liaised with healthcare professionals and organizations, ensuring that people get their message even in the remotest place. 

      And what is the message? The message empowers diabetes patients and people around them with the knowledge and tools to adequately manage their health. 

      Future Trends in Omni-Channel Pharmaceutical Marketing 

      With technology not planning to stop evolving radically anytime soon, it is safe to say that big pharma omnichannel marketing will keep transforming. As new technology and trends emerge, you should look forward to new shifts that will keep big pharma relevant and effective. Some of the things you may see in future years include:

      Data Security

      Data security is a crucial concern in big pharma. Due to the delicate nature of the pharmaceutical industry, there are continuous efforts to ensure customer data privacy to protect pharmaceuticals from regulation breaches and patients from harm. The coming years will see improved use of blockchain technology to ensure data privacy in big pharma omnichannel communication. 

      Artificial Intelligence and Machine Learning

      AI and ML have continued improving marketing efforts through predictive modeling and data analysis. You can expect revolutionary bots and chatbots in big pharma omnichannel marketing, just like it has been present for a while in other industries. 

      Virtual Engagement

      COVID-19 came with some perks, including letting the world know that relating virtually is possible and advantageous. Big Pharma has tapped into these benefits with initiatives like virtual consultation, and we hope to see more of these in the coming years. 

      Conclusion

      Pharma companies adopting omnichannel marketing is a strategic approach, when coupled with the right social media marketing strategies these strategies guarantee growth and organic engagement that would keep end-users educated and satisfied. While there are many roadblocks with using the Omni-channel approach(especially when you use inadequate software for integration) the possibilities are massive.

      Pharma omnichannel marketing is characterized by key factors like personalized customization and patient-centered contributing to how you nurture and provide a unique user experience to every customer. 

      Our software provides a perfect blend of these solutions, helping you reach all your marketing goals and targets with ease.

      Start your efficient Pharma marketing journey right here!

      Unbranded Pharma Campaigns: Shaping Health Awareness Without Branding

      Posted on by Japheth Oseghale

      Welcome to the evolution of healthcare marketing! In a world where information spreads like wildfire, unbranded pharma campaigns have revolutionized the health sector, shaping a healthier tomorrow. There wouldn’t have been so much improvement in healthcare if there were no such campaign initiatives. 

      Direct-to-customer advertisements were formerly a popular method in pharmaceutical marketing, but now, it is a mix of both DTC ads and unbranded pharma campaigns. Pharmaceutical companies recognized they could do more with unbranded pharma campaigns over time.

      Let’s take you on a journey through the landscape of unbranded Pharma campaigns. We will explore their importance, identify the challenges, and how to navigate them. Join us as we explore why pharmaceutical giants like Pfizer embrace this strategy, paving the way for a healthier future.

      Table of Contents

      What are Unbranded Pharma Campaigns? 

      Unbranded Pharma Campaigns are a marketing strategy that aims to create awareness of medical issues in the health sector. These commercials focus exclusively on illnesses, avoiding promoting specific branded products. 

      As a result, both patients and healthcare providers obtain a thorough understanding of the diseases, how to prevent them, and the appropriate treatment techniques. The primary goal is not to promote any particular product or brand but to educate patients and raise awareness of certain illnesses. 

      It is important to note that the primary difference between branded and unbranded advertisements is that branded campaigns highlight specific products as a therapeutic option. This is a chance for a company to sell its products and raise brand recognition. 

      So, branded campaigns immediately enhance revenues, whereas unbranded campaigns provide invaluable education about diseases. It is a strategy widely adopted by pharmaceutical companies and health organizations to position themselves at the forefront of the health sector.

      Four Examples of Unbranded Campaigns in the Pharmaceutical Industry 

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      Unbranded Pharma campaigns are now everywhere, and it is easy to come up with examples. It is important to note that the goal remains the same: to create awareness of the ailments alone. The following are some examples of unbranded campaigns in the pharma industry

      Mental Health Campaigns

      In some parts of the world, mental health is often neglected or not considered a health issue. But these campaigns exist to change the narrative around that. 

      There is increased attention on mental illnesses because of the recent mental health campaigns. This has raised more awareness for patients and HCPs and reduced the stigmatization around it. 

      Vaccination and Immunization

      Because of the emphasis on them, these terms have become familiar concepts in significant parts of the world. However, most of these campaigns do not focus on promoting products but on highlighting the importance of vaccines and immunization, making them increasingly recognizable and understood globally.

      Antibiotics Use

      The alarming rise in antibiotic resistance has become a significant worry. Instead of merely promoting specific brands, it’s important to correct the misconceptions surrounding antibiotic use. 

      As a result, antibiotic resistance campaigns aim to enlighten patients and healthcare providers. Without this awareness, antibiotics may lose effectiveness, rendering them ineffective in the face of infections. Hence, there is a need for unbranded campaigns to safeguard the potency of antibiotics!

      Sickle cell Awareness

      Sickle cell anemia, a potentially fatal disease, has garnered significant attention due to its high mortality rate. Extensive research has revealed that it is a genetic disease and ways to prevent it. 

      Companies like Vertex Pharmaceuticals have played an active role in improving the lives of sickle cell patients. Through online campaigns and community partnerships, they are actively contributing to supporting those affected by this condition and fostering healthier lives.

      Role of Regulatory Bodies in Unbranded Pharma Campaigns 

      The healthcare sector, particularly pharmaceutical companies, operates under unique marketing regulations due to the intricate nature of medical treatments. These regulations restrict the information that can be shared publicly, creating challenges for extensive campaigns.

      With unbranded Pharma campaigns, regulatory bodies are to ensure that the campaigns do not deviate from their primary purpose. This form of campaign must navigate the complexity, ensuring they don’t inadvertently promote specific products. Finding a balance between following these restrictions and offering impartial information is a big challenge. 

      The goal of unbranded Pharma campaigns is to shed light on various diseases and medical conditions. Regulatory bodies have carefully constructed guidelines to guide these campaigns to ensure their sole focus remains unwaveringly on illnesses. 

      Unbranded campaigns that follow these guidelines stay true to their fundamental purpose: educating, raising awareness, and promoting a deeper understanding of health issues without the distractions of commercial interests. In essence, these campaigns become potent tools for enlightening the public about diseases and arming them with knowledge to make informed decisions about their health.

      Benefits of Unbranded Pharma Campaigns 

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      You could wonder why unbranded campaigns exist if they do not advocate a specific brand or product. What advantages do pharmaceutical businesses get, given that it appears that these campaigns are not directly generating profits? Firstly, these unbranded Pharma campaigns contribute to public well-being in different ways.

      1. It assists Healthcare practitioners with the information and data they need to approach such diseases.
      2. Patients are bold enough to talk about their ailments and recognize the consequences if they don’t seek treatment. 
      3. This enlightens the public about the preventive measures to avoid such diseases. 
      4. It reduces the stigmatization that accompanies certain diseases. 
      5. These campaigns can help to raise funds to combat the spread of such diseases. 

      It is important to note that unbranded Pharma campaigns extend far beyond immediate profits. They can indicate a Pharmaceutical company’s mission, highlighting a shift from mere profit gains to fostering trust and credibility. While these campaigns undoubtedly benefit the public, pharmaceutical companies, too, reap substantial rewards. 

      Unlike conventional businesses, pharmaceutical businesses are intricately linked to health and people’s lives, emphasizing the significance of public welfare over immediate revenue. By engaging in unbranded campaigns, pharma companies showcase their genuine concern for general well-being. This approach indicates a commitment beyond profits. 

      These campaigns are proof of a company’s integrity. By prioritizing public interests and health, pharmaceutical companies contribute significantly to general well-being.

      Strategies for Effective Unbranded Campaigns 

      In recent years, there have been more unbranded pharma campaigns as pharmaceutical businesses recognize their impact on health promotion. The urgent requirement for such efforts has aided in controlling some diseases. More collaborations to enhance health have occurred. 

      Among all of this, it is critical to conduct campaigns in such a way that they reach more people, particularly the target population. Effective strategic planning can help to raise awareness while reducing efforts. For example, because we live in a digital age, the quickest way to provide information to the public is via digital means. 

      1. Social media awareness 
      2. Host webinars for Healthcare practitioners 
      3. Blogs and Websites 
      4. Graphics and video campaigns 
      5. Television shows
      6. Academic conferences for eligible students

      How to Measure the Success of Unbranded Campaigns 

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      The metrics used to assess the effectiveness of branded pharmaceutical campaigns primarily revolve around financial gains. The metrics include sales revenue, profit margins, and client retention rates, as the ultimate objective is to boost profits. 

      However, these profit-oriented indicators do not apply to unbranded campaigns since financial motives do not drive them. Unbranded pharma campaigns focus on delivering extensive information; the performance indicators are for that purpose. 

      Engagements

      The goal is for the target population to become more aware of the ailments. Engagement proves that the information is adequate and has reached the right audience. How did the people perceive the information? Did it leave them more confused or enlightened? Are they eager to share the knowledge they’ve received? 

      Behavioral Changes

      Stigmatization related to specific health conditions often stems from a lack of awareness. Unbranded Pharma campaigns aim to prevent stigma by educating people about these illnesses. The effectiveness of these campaigns is determined by whether there are observable changes in behavior following the awareness efforts; if not, the campaign’s objective remains unfulfilled.

      Awareness

      Measuring the awareness level can help track the campaign’s effectiveness. The information shared includes preventive measures. The awareness level of the population is evident when they follow these precautions, such as the number of hospital visits, check-ups, or adopting health measures to prevent diseases.

      Partnerships

      The formation and success of partnerships serve as a measure of a campaign’s effectiveness. When a campaign establishes successful partnerships, it signifies growth and an extended reach into various communities and networks. 

      A campaign’s ability to attract supporters and partners is a testament to its effectiveness in fulfilling its core purpose. The quality of partnerships reflects how well a campaign resonates with its audience. This demonstrates that the campaign is reaching people and inspiring them to become ambassadors, amplifying the pharma campaign’s message.

      The Future of Unbranded Pharma Campaigns 

      We can already predict the future of unbranded pharma campaigns. Unbranded pharma campaigns play a significant role in improving healthcare. There are still uncharted territories in healthcare.

      People have fallen victim to these ailments since insufficient data exists to explore such areas. Unbranded pharma campaigns, known as disease awareness campaigns, promote healthcare research.

      Previous efforts have altered the narrative for a wide range of diseases. If this trend continues, there will be better health and a lower mortality rate. It appears like all of these unbranded campaigns are working together to enhance people’s lives.

      Key Takeaways

      In the fast-evolving world of pharmaceuticals, companies yet to embrace unbranded pharma campaigns are missing out on a game-changing strategy. These campaigns aren’t about promoting products; they are about shaping health awareness without Branding. It’s a revolutionary path that any pharmaceutical company can follow.

      While unbranded pharma campaigns have their limitations, their significance in the healthcare sector cannot be overemphasized. It’s more than just raising awareness; It’s an invitation to improved healthcare and a promise of amazing return on investment for Pharma businesses that intend to scale up

      So, in a world where health matters most, these campaigns are not just a choice but a vital step toward a healthier, informed future. With key marketing insight, Pharma businesses can stay ahead of competitors while providing unmatched healthcare services and earning significant profits.

      Follow this demo or tour to get started now.

      The Cost of Healing: Why is Medicine So Expensive?

      Posted on by Japheth Oseghale

      Why is Medicine So Expensive? According to research, Americans spend an average of $1,200 on prescription drugs yearly, and the study predicts that this cost of healthcare will continue increasing. Consequently, there’s been the recent fear that patients will be unable to afford necessary medications, a financial barrier that may ultimately worsen medical conditions and increase mortality rates.

      So, we must ask, “Why is medicine so expensive?”

      The price tags on medications are not arbitrary and many factors influence them. Each step of drug development requires enormous financial investment, from research to post-marketing surveillance. When new prescription drugs enter the market, the pharma industry sets the price to cover the expenses spent to make enough profits. 

      As you read, you’ll understand why prescription drugs cost so much, why the price of a medication may vary across countries, and potential solutions to reduce prescription drug prices. Let’s get right to it.

      Table of Contents

      The Evolution of the Big Pharma and its Impact On the Cost of Medicines

      The pharmaceutical industry dates centuries back. Then, herbal remedies were standard due to their affordability and accessibility. However, they posed serious quality problems. Many herbal plants contain toxic chemicals in addition to the active ingredient, which led to the era of purification and isolation of the pharmacological compound. 

      Why is medicine so expensive if we’re in 2023, and there’s far more to pharma manufacturing than herbs, tableting, or injection making? Biotechnology, personalized medicine, and artificial intelligence are transforming medicine production. These elements have both individual and collective impact. Biotechnology targets drug action at the molecular level. This will help prevent unwanted interactions with neighboring healthy cells. 

      The use of personalized medicine in rare diseases has reduced mortality rates as the approach takes account of the human genetic makeup. As a result, a patient uses the proper medication at the required dosage. Furthermore, drug designers now use AI to monitor data and improve drug design. 

      The problem is that these cutting-edge approaches are pricey. They rely on sophisticated and expensive machines and tools. Additionally, there can be uncertainty regarding the outcome. Balancing innovations and the associated costs has been a challenge for drug-making companies. 

      Why Does Medicine Cost So Much? 

      Interestingly, there is no straightforward answer to this question. We’ve noticed that the price hike involves three key players – drug manufacturers, insurers, and pharmacy benefit managers (PBM). Each entity contributes to the escalated price of drugs. The following are some general considerations of why medicines may cost so much.

      Costs and Risks Associated With Medical Research 

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      Pharmaceutical research involves all the activity in developing and discovering new drug entities and devices. It is divided into two stages- the preclinical and clinical. Once a lead compound is known, the preclinical stage is initiated. 

      The preclinical stage involves in-vitro, pharmacokinetics, pharmacodynamics, and toxicology studies. After a successful completion, unsafe and ineffective drugs are filtered out. Unfortunately, it does not come at a cheap price. This stage may cost $20 million or more due to the animal and laboratory testing involved.

      Furthermore, the clinical trial stage is divided into four expensive phases- Phases I-IV. It is important to note that drug research and development is a risky endeavor. Not all drugs that pass through clinical trials make it to market. One of 5,000 leads meets the criteria for further development. 

      Financial Impact of Regulation on Drug Prices

      In drug companies, regulations ensure that research and testing standards are adhered to. These regulations cover each step in the drug development process. For instance, because of the animal testing involved in preclinical testing, the Animal Welfare Act controls this phase of drug discovery. Similarly, the US Food and Drug Administration (FDA) regulates all stages, from clinical research to post-marketing surveillance. 

      Furthermore, if the lead in question is a potential psychoactive substance, the country’s Drug Enforcement Agency further regulates it. These regulatory agencies charge a certain amount to fund the entire process. The structure and the amount paid vary from country to country. 

      The Cost of Marketing and Advertising 

      Another factor contributing to rising drug prices is the cost of promoting it. It includes the amount spent on branding, inventory management, and distribution. Marketing and advertising can affect the price of prescription drugs in many ways. First, the cost of media advertising is high. The money pharmaceutical companies spend is factored in when putting a price on the drug. They do this to get a high return on investment. 

      Furthermore, many drug manufacturers use medical representatives to educate healthcare professionals about their products. They often offer food and gifts to gain awareness and sympathy. Overall, advertising may increase the demand for the drug product.

      A higher demand directly affects the cost of the drug. This is because when customers become more aware and patronage increases, companies tend to increase the price of their products. 

      Patent Policies and Intellectual Property Rights

      When a new drug is released, the company has certain rights over it to avoid counterfeiting and promote patients’ safety. For a specific amount of time, the intellectual property right gives the company the freedom to manufacture and make profits from it without competition. 

      Without this right, the safety and efficacy of a drug is not assured. However, the company may set its drug price very high because of its legal monopoly. This is because there is no competition or pressure to lower the price. 

      Cost of Manufacturing and Quality Control 

      As expected, the cost of manufacturing a drug product will influence the final pricing. The accessibility and affordability of raw materials is the determining factor. This is especially true for prescription drugs that use rare ingredients or complex manufacturing procedures. 

      Furthermore, for a pharma company to adhere to Good Manufacturing Practices (GMPs) for quality control, they must test the drug product at every development stage. Testing the raw materials, intermediate, and finished products may require heavy and costly equipment. All these factors will inevitably contribute to the cost of the drug when on the market. 

      The Role of the Healthcare System and Insurance

      Based on individual countries, the healthcare system may have some negotiating power regarding the price of a drug. They interact with the pharma company before reaching an agreement. Middlemen in the pharmaceutical supply chain buy goods for a larger population.

      As a result, they can demand a lower price. Comparatively, the cost of medicine will be higher for countries without such health insurance systems. 

      Why are there Global Differences in Medicine Pricing?

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      The price of a medication may vary across countries. Generally, the cost of medication is higher in industrialized countries. For low-income countries, prescription drugs are made affordable so that effective medicines are available for all. However, this may not always be true. Several factors contribute to these disparities 

      Regulatory Variances

      The different laws and regulations in each country may determine how much new and existing drugs cost. In some European countries, the government has a level of autonomy on drug pricing. Hence, the cost of medicine in these areas will be comparatively lower. On the other hand, the government has little or no say regarding drug pricing in the United States. The manufacturers set the price. 

      Global Funding

      Some countries are beneficiaries of funding from international agencies and NGOs. This approach is common in rare diseases like HIV/AIDS, cancer, tuberculosis, and malaria. These bodies may fund the drug’s research and development process. 

      Cultural and Social Considerations 

      In places where modern medication is a norm, prescription drugs might be overpriced. On the other hand,  some countries still rely on alternative medicine for healing. In such places, the cost of medication may be low because of reduced demands. 

      Health Literacy 

      Health literacy refers to the degree to which individuals can understand health information to make informed decisions. In countries with a high level of literacy, the rate of drug use is lower. This will reduce the burden of healthcare and the cost of new drugs. 

      Potential Solutions to Reduce Drug Prices

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      Every problem has a solution if one addresses it strategically. Care should be taken when lowering drug prices to avoid jeopardizing efficacy. You can keep the cost of medicine down using any of the following ideas:

      Innovations Aimed at Cost Reduction

      Certain innovations, including generic drugs and telemedicine, have been implemented to reduce the cost of prescription drugs. Generic drugs are less expensive than their branded counterparts. They contain the same active ingredients and offer the same benefits. Generic drugs are cheaper because the clinical trials for the active ingredient have been bypassed. 

      Furthermore, telemedicine has redesigned how healthcare is delivered. With scheduled video meetings, medical doctors can assess whether a patient requires medical intervention. 

      This will reduce travel expenses and prevent unnecessary drug use. Healthcare professionals can also follow up with patients efficiently. As a result, they can determine if the patient needs additional support and reduce the cost of emergencies.

      Patient Assistance and Access Programs

      Some assistance programs advocate for reasonable medicine pricing. They ensure new drugs are available at a low price. These advocates may provide new medications for free or at a subsidized price. They also offer educational materials to guide patients when making health decisions. 

      Therapeutic Substitution 

      Therapeutic substitution involves replacing a drug with a chemically equivalent alternative. The new drug offers similar therapeutic benefits at a cheaper rate. However, therapeutic substitution is controversial because individuals respond to drugs differently. 

      What works for one patient may not be effective for another. Additionally, healthcare professionals need to get full consent from a patient before substituting a drug. 

      Wrap-up

      Medication is an essential part of the modern healthcare system. However, it’s sometimes a financial burden for patients with low-income structures or health insurance. This could be due to research and development costs, regulatory approval, and the cost of promoting new drugs.  

      Some potential solutions to these problems include sales automation and streamlining data collection processes for research.

      Although the cost of medicine is not arbitrary, as many factors go into consideration before pharmaceutical companies arrive at a set price, it’s only profitable if people can afford these drugs, and even then, it takes a level of nurturing to get them to purchase.

      Overall, these processes could be futile without efficient Pharm CRMs that guarantee conversion by providing data for making informed marketing decisions that would benefit your business.

      Get started right here!

      Short Guide to Value-Based Pricing for Pharmaceuticals

      Posted on by Japheth Oseghale

      The tug-of-war between patients and drugmakers over medication price isn’t a new fight. As the masses demand a fair and reasonable price, Pharma manufacturers argue for the importance of these prices, looking at how much they invest into drug research and development.

      Thankfully, the negotiation between pharma companies and Medicare doesn’t necessitate sacrificing innovation and research in drug development; neither does it mean medications will become cheap. There’s a balance to strike between both parties called value-based pricing.

      This piece is a dive into value-based pricing for pharmaceuticals, starting from the basics to the benefits and challenges of this health policy. We will also consider its impact on drug development, among other things. Learning time!

      Table of Contents:

      Understanding Value-Based Pricing

      Value-based pricing is a strategy whereby the value of a good or service or the impact of its non-use drives its price. In the pharmaceutical sector, it means that the value of drugs or the effect of non-use on patients’ health drives the prices of medicines.

      The idea mainly serves to manage prescription drug costs, especially branded ones. Typically, pharmaceutical companies decide the price for their products, and governments recognize the need to allow them this freedom. Countries like the United Kingdom, Canada, and Australia are leading in setting value-based pharmaceutical pricing.

      What Drives Value-Based Pricing For Pharmaceuticals?

      The core principles of value-based pricing include that the price of branded drugs is determined by how much health benefits patients gain from using them. This strategy ensures that patients are not overpaying for a medicine or therapy that is not giving them enough value for that amount.

      In understanding value-based pricing, it is essential to acknowledge how it differs from traditional pricing models in the pharmaceutical industry. Typically, pharmaceutical companies decide drug pricing, considering their investment and the cost of production. 

      However, the immense need for some medications, like Insulin, makes governments set a cap on their pricing. Most times, it is due to the necessity of the drugs. Other times, it ensures the prices match the value they offer patients.

      Benefits of Value-Based Pricing in Pharma Marketing

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      Now that you understand what value-based drug pricing is and its fuel, the question to ask is about its benefits. The answers to questions about the help of this pricing strategy are numerous. Significantly, it accords a great advantage to all the stakeholders in the healthcare sector, including doctors, pharmacists, and patients.

      How Value-Based Pricing Helps Patients

      Firstly, we will consider its benefits to the patients, the primary stakeholders in this discussion. After all, they are the ones who pay for these drugs. Value-based drug pricing helps ensure that patients are not paying more costs than the value a particular drug gives them.

      It also improves the well-being of the people, as it ensures that essential drugs are cost-effective, reducing the tendency of health insurance providers to charge higher premiums. Health insurance companies may be able to negotiate costs with the pharmaceuticals, but the people who have to pay the price of bearing the impact. 

      How Value-Based Pricing Helps Pharmaceutical Companies

      The next benefit we will consider relates to the interest of pharmaceutical companies. These companies spend large sums on research and development, with only one out of ten clinical trials succeeding. This fact forces companies to ensure the successful ones bring them enough investment returns.

      For these pharmaceutical companies, value-based pricing helps them negotiate a profitable price arrangement with the authorities. By proving the value their drugs provide, they can get the liberty to set reasonably high prices for drugs with great potential. 

      They can also increase their sales and, consequently, their market share. This system gives companies the incentives to develop highly beneficial drugs.

      How Value-Based Pricing Helps Healthcare Providers

      Finally, on a broader scale, we must consider the advantages of value-based pricing for healthcare providers. This group of people has to deal with health outcomes. Therefore, they prefer medications with the highest chances of producing great patient results. They understand that patients may have to pay higher prices for valuable drugs, and they must ensure those drugs are worth their fees.

      From these analyses, you realize that value-based drug pricing holds fantastic benefits for all the stakeholders in the system. However, they must ensure that potential challenges are dealt with adequately. We will examine some of these challenges in the next section.

      Challenges and Considerations to Value-Based Pricing

      Value-based pricing offers immense benefits to the stakeholders in the healthcare system, but it is not without its challenges. We consider four of them:

      1. Measuring Value

      Firstly, there is the problem of deciding how to define or measure value. Factors like local costs of raw materials and conditions for clinical research often influence medications’ value in the local market. For this reason, it may be hard to measure the value of such a drug or therapy compared to it in another place.

      2. Choosing a Fair Price

      Secondly, there is a need to decide the best approach to value-based pricing. For pharmaceutical companies, their investment goes beyond the cost of research and development. They take huge risks in developing drugs, and these risks can be complex to quantify when determining the value of the result.

      The body assessing the drug’s value may need help adequately compensate for the trouble. Remember, we want a price fair for all the stakeholders while ensuring we don’t discourage innovation.

      3. Private or Public Policy-making

      There is also the question of whether independent bodies like ICER should make the assessment or whether governments should set up public bodies to deal with it. The evaluation must consider ethical issues like fairness and reliability.

      4. Measuring Outcomes

      Finally, there is the challenge of how to measure outcomes. Factors like local care standards and economic cooperation from the government influence the results of medication development. It may be challenging to determine how such factors should affect drug prices.

      Impact on Drug Development on Value-based Pricing

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      A primary consideration when discussing value-based pricing is its impact on drug development. Pharmaceutical companies sometimes see attempts to cap the prices of drugs as a slight to the innovative processes that go into developing these drugs. These companies spend a lot of money on research and development. They consider these sums to be investments on which they can gain returns when they get good results.

      Nonetheless, value-based pricing can help improve the quality of drugs companies develop. When companies know they can gain enough rewards from discovering highly-valued drugs, they are motivated to invest in research and strive for the best outcomes. The result is a system with more practical and cost-effective medications.

      The Role of Health Economics in Prescription Drug Costs

      Now, we must address the importance of health economics in determining the value of prescription drugs. To do this efficiently, we must discuss the methodologies and models used in assessing value in pharmaceuticals. They include: 

      Cost-Effectiveness Mechanism

      This model compares the cost of the new medication to generic drugs in the industry. The company needs to set a high price for the branded medication to provide significant value over a generic drug already in the market. For a branded drug to command a high price, the makers must give it such great value unmatched by others.

      Clinical Benefit-Based Assessment

      Another model countries and bodies use to determine the value of branded medications is the amount of clinical benefits they provide. It works by weighing the additional health gained from using the drug against the health foregone by not using it. If you deem the latter insufficient to overturn the former, you may decide that the drug is not worth the price.

      Pharmaceutical Value Assessment Bodies

      Interestingly, it is not only governments and agencies that adopt value-based assessments for drug pricing. Pharmaceutical companies use value assessment bodies like the Institute for Clinical and Economic Review (ICER) to determine appropriate product prices. Examples include Sanofi and Regeneron, which lowered the price of Praluent based on ICER’s analysis.

      Implementing Value-Based Pricing

      After deciding to implement value-based pricing to manage health economics, the government’s subsequent task is implementation. Governments must follow three key steps to implement a value-based pricing strategy.

      • Assess the comparative effectiveness of the drug. This assessment includes considering whether it satisfies an unmet need or represents an advancement in the treatment options available.
      • Consider the cost of the medication’s research and development, production, and distribution.
      • Determine the most reasonable price, considering the generic competition for the medication.

      The implementation processes focus on governments, but pharmaceutical companies can transition to this model following the same steps.

      Real-World Case Studies of Pharma Value-based Pricing

      A famous example of a company that adopted value-based pricing was the Sanofi and Regeneron example we mentioned earlier. They reduced the price of their cholesterol-lowering drug, Praluent, in response to ICER’s analysis. The impact of this decision is that it improves the company’s reputation for providing value.

      Apart from that, Express Scripts, one of the largest pharmacy benefit managers in the United States, provided the drug with exclusive formulary placement. That increased patient’s access to the drug and passed a portion of the rebates it received to consumers. These are examples of what happens when all the stakeholders collectively decide to improve the industry.

      Patient Access and Equity in Value-based Pricing

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      Significantly, value-based pricing increases patients’ medication access and promotes healthcare equity. The primary benefit of value-based pricing for consumers is that it reduces prescription drug costs. 

      The impact of this is that it gives more patients access to much-needed medications. With this, we can solve another problem, which is healthcare equity. Some initiatives exist primarily to ensure the affordability of healthcare for all. Such include the Center for Medicare and Medicaid Services (CMS). 

      The Future of Value-Based Pricing in the Health Industry

      Value-based pricing is gaining more ground as health economics comes under scrutiny. Governments are striving to increase sustainability in the healthcare sector. It is safe to predict that value-based pricing will become increasingly popular in the industry.

      Knowing that higher value means higher price, there will be competition to create drugs and therapies for the most pressing health issues. This drive for innovation leads us closer to ensuring that no ailment remains terminal.

      Of course, we cannot remove the challenges automatically. We will have to deal with the possibility of companies focusing more on medications that can bring them the highest money over ones that patients need more.

      Final Thoughts

      Value-based drug pricing is a marketing strategy that ensures patients/end-users get the best value on every spent dime. It’s also a strategy that requires sales marketing synergy and the application of collected data to benefit Pharma businesses and patients. If done right, the Pharmaceutical business can amass an immeasurable level of success that could help overcome the limitations in the availability of quality drugs to patients who can afford them around the world.

      With the help of Pharm CRMs, Pharmaceutical companies can now map customers’ journeys to evaluate individual experiences and rationalize the value of their drugs based on the satisfaction and results of their end-users.

      Start here!

      Leveraging Sales Report Software for Pharma Success

      Posted on by Japheth Oseghale

      While traditional businesses shiver with post-pandemic fever and international economies seem not to find their feet yet, sales report software companies may just be getting started. Gartner reported a growth in software spending of 9.8% to $674.9 billion in 2022, even overtaking other tech niches by a broader gap in 2023. The facts are glaring – the software economy has come to stay, and Pharmaceutical businesses must find their place in it. 

      This news is relevant to every facet of business – including the agelong art of sales reporting. However, there’s the good and not-so-good side to it. The good side is that there’s a product tailor-made to analyze your sales processes and transform your Pharma sales reporting. The other side? Many others may have yet to decide on your specific type of business, even though you can still cope with them. 

      In any case, that’s why we’re here – to ease you of that search and possibly bring it to a halt. In this piece, we’ll dive deep into what makes for the best sales reporting software, how it’s relevant to a Pharma business, and what you should expect from such software. You may want to sit tight as we jump in!

      Table of Contents:

      A Peek into the Pharma Sales Landscape

      While the Pharmaceutical sales landscape may be a goldmine, it’s highly regulated and may be complex to newcomers. The terrain is crucial as it doubles in providing quality medicines to healthcare providers and hitting targets for the pharma companies. Due to the dynamic nature of this market, there’s a need for data accuracy and compliance. 

      This is where the need for sales report software comes in. With the ever-changing dynamics of patent expirations, shifts in healthcare policies, and mergers and acquisitions in the pharma business, pharma sales reps must have a dependable system of tracking and documenting their sales performance. Such accountability will prove invaluable in promoting their products effectively and adapting their sales strategy. 

      What is Sales Report Software for Pharma? 

      As the name implies, sales reporting software is a digital tool that generates sales reports for your sales team. Whether a small retail pharma business or a prominent manufacturer, you only need to create the sales funnel and set the metrics. It’ll make a detailed report through artificial intelligence. 

      Different types of sales reporting software exist, meaning your choice would depend on your company’s size and sales strategy.

      However, the underlying purpose of all is the same — to analyze your company’s sales. Especially for a pharma business, sales reporting software will provide a breakdown of your company’s daily sales performance, highlighting your strengths and weaknesses so you can know where to improve. 

      What Will a Good Pharma Sales Reporting Software Do? 

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      With tons of sales reporting software, choosing one that suits your type of business may seem daunting. Not to mention getting custom-made sales reporting tools for the Pharmaceutical and life science industry. We specify some features you should look for when selecting your pharma sales reporting software. Let’s look through a few features that are desirable for sales teams.

      Your Software Should Create Detailed Reports

      The primary job of pharma sales reporting software is to provide your sales team with a detailed, accurate report on the sales metrics they need. With little mental effort, your software should give you sales forecasting models and CRM analytics. There are different types of sales reports a pharmaceutical business can benefit from; here are five important ones:

      1. Funnel and Pipeline Analysis Reports

      This type of report zooms into your sales funnel, providing details on prospect movements, conversion rates, sales cycle, and sales data. You can add filters to the sales reporting tool, i.e., for different time zones and points in the sales pipeline. 

      1. Sales Forecasting Reports

      This type offers future revenue and cost predictions for a company or a sales manager’s account. The tool allows you to pick a forecasting method that best suits you — either by percent of receivables, sales, or credit. You’ll also find a sales forecast template with some pharma sales reporting software. 

      1. Performance Reports

      A performance report helps to identify what aspect of your team needs more strength, training, or knowledge. Sales managers only need to check the reports for the sales teams and individuals, and the performance of everyone becomes clear — whether good or poor. Thus, they can know what buttons to press to restore effectiveness. 

      1. Revenue Reports

      A sales reporting tool can give you a detailed financial report. Revenue refers to the financial income of the company over a given period. It provides information on the number of won or lost deals and may often overlap with sales forecasting reports. There’s no better way to measure a company’s financial situation at the end of a quarter or sales cycle. This way, your sales team can know where to pay attention if they must hit targets or beat the break-even point. 

      1. Customer Interaction Reports

      Sales reporting tools that measure customer interaction will give insight into your customer’s pain points or value points — what matters to them. You may use multiple communication channels when just one is adequate; such a report will help you know which one. For some folks, just one interaction point may not lead to conversion; you’ll need to know their different trigger points. 

      Your Software Should Merge With Your Sales Dashboard 

      What’s the essence of a good pharma sales reporting software if its effect or function isn’t visible to anyone in the company? That’s why you need a sales dashboard that displays the sales data clearly, saving you the need to send the reports to individuals. Every employee with access to a dashboard can follow the information on their dashboard, keeping everyone on the same page. 

      Your Sales Tracking Software Should Organize Automated Data

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      In a world where 2.5 quintillion bytes of data are generated daily, pharma companies need a system that sorts out and interprets such colossal loads of information. Of course, that stat doesn’t refer to sales alone, but it still points to the fact that Pharma companies need help with data organization — and sales reporting software offers that help. Staples, for example, is a company that does B2B and B2C sales in many countries. 

      With 1040 stores in the U.S. and digital purchases, manual tracking will be a waste of time as it would be inefficient. Alternatively, sales report software works like an engine that collects many companies’ data and seamlessly generates concise and aesthetic reports! That’s the power of tech. 

      How to Choose the Right Sales Reporting Software for Your Pharma Company

      As mentioned earlier, there are many sales reporting software out there. But only a few are tailored for the Pharma/Life Sciences Industry. So, it’s better to ask, “How do I choose the best sales reporting software for my sales team?” The following questions will help you in your choice of suitable software. 

      1. Who was the sales software designed for? 

      Software companies and designers have a specific user or set of users in mind when creating a sales-tracking software solution. Hence, knowing the intended end user before purchasing any sales reporting tools is essential. You want to ask:

      • Is it designed for in-house or field sales teams? 
      • Is it tailored for your industry, or does it work for a general audience?
      • Do its features solve your clients’ problems? For a Pharma company — can it help Healthcare Professionals and patients?

      2. What’s the nature of your sales data?

      As a Pharma company, you’ll report HCP and patient engagement data. Many sales tracking software solutions won’t provide access to these specific data points, so you must decide on this beforehand carefully. If your team works mainly on the field, you’ll need to distill revenue by territory and have access to rep daily activities. 

      You’ll also need a sales management system that measures sales reps’ progress against set targets. However, not all businesses require such sales reporting details, as different companies have varying needs. You know what’s most suitable for your business.

      3. Will the software enable you to track multi-channel sales interactions?

      Over the years, marketers have used several excellent methods to reach prospects – calls, direct mail, or sales reps going in person. These methods were effective to an extent, but you couldn’t track your marketing as effectively as you can today. 

      Any sales reporting software you choose must allow easy tracking and recording of your traditional and digital sales efforts. A sales tracking software like this is the only way to keep accurate sales reports and processes. 

      4. How much customization is permitted?

      Your sales reporting tool must allow for your company’s uniqueness and processes. As you know, there’s no one-size-fits-all model for business, and your stakeholders have their preferences. If you must satisfy these preferences, your sales tracking software must allow you some freedom of customization – both for the type of data you can track and how you can visualize results. The customization tool must also be easy to operate.  

      5. How does the software secure data?

      Data security and compliance are king in the Pharmaceutical marketing space. As patients do not want their private details revealed, companies also can’t bear the loss of goods or funds due to inappropriate data management. While this factor may sound boring, data-secure sales tracking software is crucial to your customer’s safety and business success.

      6. What do others say about the software?

      We must emphasize the place of hearing third-party opinions before trying out a service. While the sales reporting solution may look like your savior at first glance, you should double-check the business’ reputation with other key players in the industry. What are previous users saying? If many of its users complain of the product’s difficulty or bugginess, try something different. 

      Also, look for the company’s digital presence – on social media, YouTube, and other places where customers interact. A trustworthy company will have its presence established across different platforms to create a good ambiance for user complaints and customer support.

      Take your Sales Performance to the Next Level!

      Sales automation tools will drive many Pharma businesses to peak profitability and success in 2023 and beyond. Sales reporting is one of the major contributions of this software as it provides precise and actionable data that can help pharmaceutical businesses increase conversion within the sales funnel, and improve customer interaction, rep performance, sales pipeline analysis, and sales forecasting. 

      Our sales reporting tool merges with your sales dashboard to provide seamless employee access and organize automatically generated data. Other advantages include multi-channel sales interactions, omnichannel customer experience, and sales automation that streamlines sales operations.

      Here’s how it works!

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