Biopharma marketing - harnessing change for growth
December 9, 2019
December 9, 2019
For years, biopharma companies have celebrated their "patient-centricity", yet only 35% of patient groups say that the industry is "excellent" or "good" at putting patients first. This needs to change—and can change.
New Science - the combination of the best in science and new technology—is leading to much more personalized, targeted and effective treatments. At the same time, people’s expectations for what/when/how they want products and services is increasing based on their everyday experiences where hyper-personalization is becoming the norm.
This presents biopharma marketing leaders with the opportunity to grow their business and engage with their customers in new imaginative ways. Biopharma marketers can lead in creating the new healthcare experience that is noticed and valued by patients.
To change this, biopharma marketers must become customer obsessed, using new insights to enable experiences that meet individual customer needs. And to evolve those experiences throughout the entire patient journey. All through an economic model that delivers business and customer value.
Biopharma marketing executives can be the catalysts for their organizations to drive growth by becoming "living" businesses. This means constantly adapting to changing customer needs with speed and scale. It means using data, insights and collaboration across the ecosystem to get a real view of how patients are engaging you, i.e., what they respond to (or don’t respond to).
Biopharma marketers can play an integral role in becoming a more trusted partner in helping patients manage their health.
Here are three ways to do so:
CEOs have high expectations of their marketing executives:
92%
of biopharma CEOs expect their marketing lead to use technology to improve marketing impact–13% more than the cross-industry average.
90%
of biopharma CEOs believe the dynamic orchestration of more complex ecosystems will become a core activity of the marketing executive.
Data & Artificial Intelligence – Challenges facing marketing leaders
60%
of biopharma marketing leads say their organization isn’t ready for Artificial Intelligence.
57%
of biopharma marketing leads have more access to data but struggle to make better decisions.
Marketing leaders can get started by taking these steps:
No single player, independently, will fully disrupt or transform the biopharma industry. Instead, continual change is occurring from scientific and technology advances and more engaged, informed consumers.
To lead in this new environment, biopharma marketers must embrace new mindsets, skillsets, and toolkits. Doing so is worth it. Marketing can become an insight- and innovation-engine for the organization, showing the the way to increase relevance to customers, patients, and ecosystem partners.
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