Biopharma market is undergoing unprecedented changes, with a multitude of factors impacting how the business is done. Sales & marketing too has been impacted by these phenomena. Pharma consumers – patients, physicians, payers, and others – are changing, which in turn, is changing how pharma firms need to interact with them. We, at Everest Group, observed two key changes that the pharma firms should keep in mind while preparing any sales & marketing strategy. The first one is steady proliferation of digital in how consumers interact and the second is change in preference of consumers with respect to the traditional marketing approach employed by the pharma firms.
In this research study, we throw light on some of the key themes in pharma sales & marketing and what the key considerations are that pharma firms should keep in mind while formulating any strategy.
Some of the findings in this report are:
Biopharma market is undergoing many changes impacting the way pharma firms interact with consumers
Patients are increasingly adoption digital mediums of communication
Physician-pharma interaction also undergoing changes with communication through sales representatives slowing down
Sales & marketing spend by pharma companies has marginally declined and witnessed redistribution towards DTC and digital channels during the last few years
Driven by the availability of new channels and provider consolidation, pharma sales representatives now have the lowest-ever access to physicians
Barring the decline witnessed in the 2007-2012 period, DTC spend has witnessed an upward trend since 1998; TV and magazine continue to be the dominating channels
Gradual digital adoption, with changes in traditional marketing approach, is the way to go for a perfect sales & marketing strategy
Some of the interesting next-generation themes from short-term perspective include chatbots and social media
