This survey solicits your opinion regarding what lies ahead for the pharmaceutical industry in the next 5 to 8 years. Take the survey now (click here) and see a summary of the results after you complete the survey. It only takes about 5 to 10 minutes.
See Resources & Further Reading below...
Now is a good time to look into our crystal balls and predict the future scenarios for the pharmaceutical industry. Let's take a slightly long-term view and predict how likely the following will be in the next several (ie, 2012 to 2019):
- New follow-on biologics legislation in the U.S. will increase competition from generic equivalents and eventually decrease brand profits
- Broadcast (ie, TV) Direct-to-Consumer (DTC) drug promotion will be banned or sharply curtailed by law in the U.S.
- The European Union will finally allow Direct-to-Consumer (DTC) advertising to its citizens
- Internet-based drug promotion (including search engine marketing) will overtake TV-based DTC in the U.S. in terms of dollars spent
- Due to decreasing effectiveness of traditional physician detailing and rise of non-personal detailing, the role of traditional sales representative will become obsolete
- New healthcare reform legislation will dramatically increase the sales of drugs in the U.S.
- Extensive outcomes data available to payers and comparative effectiveness research will force the industry much further down the path of pay-for-performance (ie, adopt a more flexible approach to pricing)
- Patients will become even more influential and empowered in making healthcare decisions as they are forced to pay a larger share of costs and/or have access to health information from a variety of sources
- Despite lack of innovative new drugs and/or generic competition, sales of brand drugs worldwide will show a sharp increase due to increased demand in emerging markets (eg, China)
- More efficient targeting of drugs and marketing to specific patient populations will greatly increase effectiveness and decrease side effects of drugs
- Social media marketing will become a significant part (>10%) of the pharmaceutical marketing mix
- The next BIG opportunity for targeted marketing to patients and physicians is mobile apps on "smart phones"
- Pharmaceutical and biotech companies will continue to increase their outsourcing of clinical trials and related drug development. Outsourcing will account for more than 50% of R&D spending by 2019.
It's a lot to think about, we know. As a "pre-Thank You" for taking this survey (click here), enjoy the FREE reprints and discounted special supplements covering many of the issues involved in these scenarios below. After taking the survey, you will be able to see a summary of the results.
Resources & Further Reading:
The following Pharma Marketing News articles/supplements are available as background for the topics listed:
- Comparative Effectiveness Research:
- Will Healthcare be Rationed or Rational? A Case for Supporting Comparative Effectiveness Research (PMN83-02 - click here.)
- Podcast interview with Kim Slocum, President of KDS Consulting, LLC, and former Director, Strategic Planning & Business Development at AstraZeneca, who talks about HIT mediated comparative effectiveness research as part of scenario-based strategic planning for the biopharma industry. (click here - no charge)
- More flexible approach to pricing:
- Optimizing Market Access: A Guide to Effective Pricing, Reimbursement and Messaging Strategies (PMN79-02 - click here.)
- Increased demand in emerging markets:
- Pharmaceutical Market Access 2010: Strategic Developments Impacting the US, EU, and Emerging Markets (PMN89-02 - click here.)
- Decreasing effectiveness of traditional physician detailing:
- Special Supplement: Increase Physician Access and Detailing Effectiveness (click here. Use code 'SFE20785N' to get a $17.00 discount.)
- Building Power Sales Messages The Core of Effective Selling (PMN77-02 - click here.)
- Patients will become even more influential and empowered:
- The Empowered Patient: What It Means for Pharma Marketers (PMN84-02 - click here.)
- Targeting of drugs and marketing to specific patient populations:
- The New Branding Model: From Blockbusters to Targeted Therapies (PMN36-04 - click here.)
- Social media marketing:
- Special Supplement: Social Media Pharma Marketing: Damned If You Do, Damned If You Don't? (click here. Use code 'SMM444JM' to get a $17.00 discount.)
- Social Communications in Healthcare: Summary of Roundtable Discussions (PMN87-02 - click here.)