Industry Insights

EyeForPharma 2017 #UnitePharma

Posted by April Giarla on Mar 17, 2017 2:18:54 PM

Now more than ever, pharma companies can no longer work alone, and most must engage with various stakeholders and customers to ensure that they stay afloat. Open collaboration is key in this new pharma landscape.

Some of the key topics discussed included:

Partnerships  - There was a time when Pharma did everything in-house, but with the need to be at the cutting edge of innovation and with the patient having more control, companies must open up to partnerships not only within pharma, but among tech companies (both big and small) as well. 

Commercial transformation - As Paul Simms, chairman of eyeforpharma put it, the basis of the health economy is shifting from inputs (doing the minimum to get the sale) to outcomes (where one is rewarded for doing the maximum possible to help the patient).

Sales teams must now be incentivized on the consumer relationship, and no longer just the medicine itself. GSK is demonstrating this by putting patient outcomes at the core of their marketing strategy and incentive plan for sales reps, and they are seeing positive results from this in terms of sales revenues. 

Multichannel - This topic has been a hot one over the years, and this year it was no different. QuintilesIMS project that client sales can increase by 20% with better optimization of multichannel marketing.  The biggest takeaway is that companies must communicate value in cost-effective channels. 

Digital  - Not a new subject, but one that is creating impact in the way customers are treated. As Ben Greenberg, VP of Medscape explained, bots and automated health services are already taking over the landscape in patient care.  How this will impact the future in the way pharma companies address their clients is critical. 

Ryan Olohan, National Industry Director in Healthcare from Google explained how the Pharma industry can utilize data linked to online user habits to help marketers better understand and communicate with their customers. He used the example of google search peaks of the term "pharmacy opening hours" around 7:30am as an insight for pharmacies to modify their opening hours based on this customer need. 

Utlimately, Pharma companies must think about creating value beyond just the medicine for their patients. They need to think about how they add value to every step of the patient journey. 

We were proud to be a supporting sponsor of the event and hope to continue building trust in our partnerships with leaders in the pharmaceutical industry to help their teams achieve business impact and excellence. 

If you want to learn more about the issues the Pharma industry is currently facing, download our Pharma Wars Series.

Topics: Biopharma

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