The global pharmaceutical market sits at a whopping $900 billion, and this figure is expected to exceed $1.1 trillion in the next few years. It is estimated that an average American spends around $1000 on drugs per year. No wonder why the healthcare and pharmaceutical industry in the US spent $8.34 billion on digital advertising in the year 2020. The onset of COVID-19 further disrupted the complete scenario of pharma and healthcare in the US. Now as we step into 2022, we’d like to share the top 5 trends in pharma marketing to help you plan, strategize, and execute your business goals. In our blog’s context, pharma marketing refers to the marketing of medicines and devices by pharma companies to Clinicians, HCPs, and Consumers.
Top 3 Trends in Pharma Marketing
1. Tech-Driven Approach
Over the years, brand management has been slowly shifting towards the science of doing things. There is a whole range of technology that is helping marketers reach the right audience, and know what’s working and what’s being disliked by the audience. Technologies such as Artificial Intelligence (AI), Machine Learning (ML), Cloud Computing, etc. have changed how the marketing world operated even just a few years ago.
Pharma industries have also moved from traditional marketing to tech-driven marketing, and we believe that this will continue to play a critical role in pharma marketing in 2022.
2. Know Thy Audience Personas
Personalization plays a pivotal role in the healthcare and pharmaceutical industry. This is more important in marketing. To provide highly relevant content, valuable assets, and brand messaging, a pharma company needs to know its HCP and patient personas well. Only then can they provide personalized and valuable content to the Patient Archetype.
Consumers whether HCPS, Clinicians, or Patients – want to be treated as individuals and there’s no “one size fits all” approach that will work. It will be critical for pharma companies to know their buyer personas well.
3. Streamline Digital Strategy
From shopping for groceries to looking for HCPs, consumers are hooked to digital media. It is not a surprise then that in the US alone, the pharma industry spent $8.34 billion on digital advertising in 2020. Now in 2022, the competition is more, expectations increased, and so companies must shift from a traditional marketing approach to streamlining their digital media strategy. This will ensure that they target the audience where they are more likely to be found.
A good digital strategy stems from the challenges that consumers face and the solutions they seek for their problems. A pharma company that understands the ‘sentiments’ of the consumers will be better positioned to streamline an effective digital strategy. The trends will continue to thrive in pharma marketing in 2022, and companies with the right strategy will be able to keep up with this growing demand. As we step into the next year, the pharma marketing experts will be looking to capitalize on the relevant trends to improve ROI, traffic, generate leads, brand recognition, etc.
Graphene AI Services: Get Insights for Marketing Strategy
The trends in pharma marketing will continue to change with time, and how the world shapes up post-pandemic. As a decision science company, we at Graphene AI, work with the top global pharma majors from across the globe. We empower the decision-makers within the pharma industry with deep insights into the brand, audience, buyer personas, consumer challenges, sentiments, etc. These insights help businesses to create strategic marketing plans year on year.
Want to know how we do it? How can our AI help in your pharmaceutical market research? How is it different from your traditional approach to market research? Write or talk to us today, and we’d be happy to share a demo with you.