Pharma's New Home Lies at the Corner of Facebook and Twitter (Strategic Focus)

Introduction

The future of the life sciences industry relies on creating a multi-channel marketing strategy, which includes combining traditional practices with new marketing channels, such as the internet and social media sites. However, with a lack of guidance from the Food and Drug Administration on what type of communication is allowed, executives are cautious about venturing onto the web.

Scope

*Identifies the key forces driving the adoption of social media applications by the life sciences industry

*Analyzes the crucial issues that will impede the use of social media

*Discusses how the FDA guidance on internet marketing will affect both industry and technology vendors

*Offers insight into Ovum's view on the potential of pharma marketing via social media and how the FDA should regulate it

Highlights

Rather than using the internet as a promotional tool, the pharma industry will fair better in a social media environment if they build a trusting relationship with consumers through education. Non-promotional engagement with consumers will also allow companies to listen and respond to patients' needs better.

In order for pharma to truly reap the benefits of the internet and social media sites, companies must spend some time improving their image and gaining back the trust of the public. Only then will the industry be able to move forward in implementing social media as part of their DTC strategy.

Social media is here to stay, and both the FDA and the industry are finally listening. Regardless of what guidance the FDA puts out, life sciences companies have a social responsibility to engage and educate consumers about disease and treatment options. This information empowers patients with the right tools to improve physician interactions.

Reasons to Purchase

*Validate your market messaging and positioning in the pharmaceutical industry

*Identify strategies that will increase adoption of social media by life sciences companies

*Understand the trends that are shaping the future of pharma marketing


Report Highlights

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TABLE OF CONTENTS
Overview 1
Catalyst 1
Summary 1
Key Messages 2
Across the globe, patients are taking control of their healthcare regimen 2
With social media comes social responsibility 2
Pharma needs to earn back the public’s trust before it can reap the benefits of social media 3
Social media has a promising future with the life sciences industry 3
Market Opportunity 6
In this fast-paced digital era, conventional physician targeting tactics are yesterday’s news 6
Across the globe, patients are taking control of their healthcare regimen 8
The life sciences industry must develop a multi-channel approach to drug marketing 10
Customer Impact: Social media changes the pharma-patient relationship 13
Pharma needs to earn back the public’s trust before it can reap the benefits of social media 13
With social media comes social responsibility 13
Facebook and Twitter and YouTube! Oh my! 14
Clinical trial patient recruitment can greatly be improved by the application of social media 17
Ovum View 18
The FDA is finally ready to hear comments on how to regulate pharma’s use of social media 18
Like everyone else, pharma should be held accountable for their own actions 18
Character limitations do not signal the end-all of providing important information 19
Consumers can link to pharma, so why not the other way around? 19
The possibility of increased AE reporting should not deter companies from social media 19
Social media has a promising future with the life sciences industry 20
Go to market 21
The life sciences industry has many customers; focus on all of them 21
Social media is here to stay…deal with it (if too blunt…do not ignore it) 21
As vendors and companies explore the social media frontier, partnerships will be essential 22
Regulations drive the life sciences industry 22
APPENDIX 23
Definitions and Abbreviations 23
Methodology 23
Further reading 23
Ask the analyst 24
Datamonitor consulting 24
Disclaimer 24

TABLE OF FIGURES
Figure 1: The healthcare system is moving from provider-centric to patient-centric 9
Figure 2: Multi-channel marketing must incorporate traditional methods with novel technologies 11
Figure 3: Top 10 Big Pharma advertisers of 2007 12


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TABLE OF FIGURES
Figure 1: The healthcare system is moving from provider-centric to patient-centric 9
Figure 2: Multi-channel marketing must incorporate traditional methods with novel technologies 11
Figure 3: Top 10 Big Pharma advertisers of 2007 12

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