Pharma Marketing Trends: From 2020 to 2021
The pharma industry trends from 2020 that form our marketing predictions for 2021.
2020: We will not have seen a year like it.
New challenges constantly emerge to challenge organisations who are always looking to become more efficient and effective in critical business areas to remain competitive. Naturally, the pharma marketer has an important ongoing role to play.
This post will explore some of the key trends and themes from this year so far to gauge what 2021 will look like so that pharma marketing departments can begin to focus on a new landscape shaped by the events of 2020.
Subscribe for marketing insights via email
16 PHARMA TRENDS AND PREDICTIONS AFFECTING MARKETING DEPARTMENTS IN 2021
Here are some of the talking points for pharma in 2020 that may, and in some cases, will shape our marketing environments for 2021.
1. COVID-19: TAKING THE FOCUS OF OPERATIONS AND COLLABORATIONS
Perhaps not surprisingly, we place COVID-19 first on this list. We previously covered the implications of COVID-19 on the B2B pharmaceutical industry and on marketing teams a few months back, so we will refrain from going into too much detail. But COVID-19 will continue to affect pharma in a number of ways, such as by forcing more collaboration between organisations. Cross-industry and cross-enterprise collaboration in areas such as research and development is highly common, and as we all tackle a global pandemic, such collaborative approaches within key operational departments may become the norm and marketers will spend more time positioning their organisations as attractive within B2B environments more than ever going into 2021 (we expand on this shortly).
2. THE CONTRACT DEVELOPMENT MARKET WILL KEEP GROWING
Last year, Pharmaceutical Commerce Magazine quotes a IQVIA study and identifies that the value of the pharma industry will reach $1.5 trillion by 2023, a big increase from $1.2 trillion in 2018. With this growth, as well as the trend where organisations will strengthen ties with colleagues, and sometimes competitors, contract manufacturing will continue to increase. Contract development and manufacturing organisations, just like the big pharma organisations, will need to improve speed, increase efficiencies and expand globally and outsourcing services and production will likely be a key enabler. Being flexible in this way will make organisations more competitive in the long run.
3. NEW TECHNOLOGIES ALWAYS ENTERING THE SUPPLY CHAIN
“Technological innovation not only impacts drug development but also the drug supply chain in aspects ranging from time to safety to manpower,” The Medical Futurist states. New technologies, such as AI and other robotics, will help shorten the production cycle as well as the costs associated with production and processes will become more efficient. Of course, as the CDMOs acquire this technology, the number of collaborations will also increase. So machines, as well as those operating those machines, will become smarter and will offer marketers other USPs in the form of value.
4. RE-THINKING AND FOCUSING ON THE VALUE PROPOSITION
There has never been more weighting on the value proposition of the drug, or the manufacturing of the drug within a marketing plan with 2021 looming. When markets are competitive, it is often the case that the strongest value proposition - or the method in which the value proposition is communication to the market - wins. The demand for brand propositions to be supported by clinical and real-world evidence will grow, and as patients and decision-makers have more access to information more than ever before, the new value proposition needs to conform to experience, behaviours and needs. Marketing departments will, therefore, need to develop strategies and tactics which support value-based propositions which will likely continually evolve.
5. DIGITAL MARKETING IS MORE IMPORTANT THAN EVER
Naturally, we arrive at digital marketing. Pharmaphorum identifies that at the top level, major healthcare systems are becoming digitally driven, meaning that they have overt digital health strategies and policies, are creating the technical infrastructure to deliver digital health strategies and services, and are using the data collected by the healthcare system to evaluate outcomes and shape future strategies. This has also trickled down the supply chain and into the B2B world, even before the COVID-19 pandemic. We have previously published 10 steps to kick-start your digital marketing strategy which is worthy of revision if you feel that your digital capability is limited. But if you do one thing in 2021, review your digital marketing outputs - they will likely need to increase in some capacity.
6. EVOLVING COMMERCIAL STRATEGIES
Marketers do not operate within silos; they operate within a commercial team. And as face-to-face opportunities - throughout the entire pharma industry - are ever-declining there is a need for marketing to help sales representatives open dialogues with the target market. Organisations will need to review their commercial strategies, which may mean building a new customer-centric strategy that includes all commercial team members or create entirely new environments for sales representatives to engage with HCPs and other decisions makers, to be able to thrive. Often, and an area which we have been working with our clients, a CRM focus is a great avenue where data is turned into insights that then drive marketing messages and tactics to become more relevant. Such a strategy should integrate with the digital marketing strategy.
7. FEEDBACK AT WILL: PATIENT AND CUSTOMER SURVEYS
To become more customer-centric often means collecting new data on those customers relative to current products and services, and therefore, the new commercial strategy. By publishing a system that allows your users to give feedback, you are able to quickly segment and serve more relevant content and marketing messages (and care, products, services and advice) to that user, as well as better serve content in the future. Providing that your feedback system is designed with your future strategy in mind, you could unlock so much potential about your target audience, as well as your beliefs that often blindly drive marketing campaigns. Pharmaceutical organisations often struggle when it comes to utilising consumer behaviour to improve its marketing, as well as care, products and services. A close study of consumer behaviour can help pharma companies to create awareness and drive sales, essentially driving the new commercial strategy.
8. TAKING ELECTRONIC HEALTH RECORDS TO NEW LEVELS
Quantzig discusses the emergence of the electronic health record. They state: “Electronic health records have become one of the most booming pharma marketing trends for pharma companies in 2020. These records help in developing targeted marketing campaigns and improve engagement rates if analyzed accurately.” Patient engagement can only increase if greater focus is placed on the patient (or HCPs depending on where in the supply chain you operate) then naturally more opportunities for closer connections will emerge. Improving support via a dedicated portal, as well as increasing the touchpoints on preferred platforms can be managed if health records (or CRM records) are better managed and used.
9. CUSTOMISATION AND/OR PERSONALISATION
Personalised medicine is expected to become one of the most favoured pharma industry trends in the future. In theory, drugs will be customized based on the patient’s examination reports and medical records. But we're a while away from this - don’t expect this in 2021. But a focus on collecting and storing more data has signalled the beginning. What has started, however, is personalisation within marketing campaigns. Delivering personalised messaging with automated campaigns based on medication or disease state that educate patients, offering helpful reminders, as well as checking in on progress at key times. Subtle touches as such will be required from the providers and can be introduced further down the chain which marketing managers will naturally be asked to oversee.
10. GENE AND CELL THERAPIES
Moving away from marketing ever so slightly, Tribeca Knowledge look at gene and cell therapies for the future, and whether this introduces a whole new paradigm in pharma. “After a great deal of hype and debate, gene and cell therapies are truly upon us, as a meaningful commercial proposition and a radical new approach to treating – and potentially curing – diseases. The market entry of these therapies also tells us that truly ground-breaking innovation creates significant challenges, both for the pharmaceutical industry model and for health systems shouldering the costs of disruption. Those challenges are not only financial but political, cultural, scientific and logistical.” Will marketers have a role to play in overcoming the challenges related to costs here?
Related posts
11. MORE COMPETITION FROM CHINA
The pharmaceutical market in China is ever on the rise, and this rise is possibly the most dramatic throughout the world. Chinese approvals of innovation have grown dramatically, and if we combine this with its growing research, development and manufacturing capabilities, you can expect China to keep catching up with the US market, potentially increasing competition within established markets. Pharmaceutical Manufacturing Magazine notes the differences in regulations between Asia and the US, and Asian organisations can more quickly see if the treatment is working and then modify the treatments in a much faster time frame than in the Western world, where companies have to wait for trial results. This will help spur more advances in cellular and gene therapy research in Asia.
12. MORE AND MORE AUTOMATION WITHIN BUSINESS PROCESSES
As manufacturing processes develop around the world, so do the opportunities for other business-critical processes. Marketing automation (interchangeably known as inbound marketing) is gradually being introduced within all pharmaceutical organisations from a content standpoint. Other processes within the commercial department can also benefit from automated processes, as organisations will look for employees to become more streamlined and make fewer errors with repetitive tasks, and replicate what happens on the factory floor.
13. ARTIFICIAL INTELLIGENCE
To increase operational efficiency and deliver insights across the production cycle, pharma organisations are adopting more and more artificial intelligence to help gather and classify large volumes of data. Some artificial intelligence use cases, as proposed by Salesforce, might be: To predict outcomes and recommend next best actions, predict patient adherence and suggest methods for intervention, deliver personalised engagements and support programs to help patients navigate their health journey and provide deeper insights for sales teams to better target physicians. Artificial intelligence can be applied to almost every part of the pharmaceutical industry and your colleagues in other departments will already be using it as part of the drug development process. Will machines help you refine your marketing decisions and tactics in 2021?
14. COST PRESSURES AND PRICING REFORMS
Due to the effects of COVID-19, as well as increased general public scrutiny on the price and accessibility of pharmaceuticals, there will be a continued focus on bringing pharmaceutical prices down. Again, opening up more collaborative partnerships and contracts between manufacturing organisations in areas such as packaging and transportation, for example. The cost-conscious CEO will also look at all options available, where marketing departments are likely to become involved, which also includes M&A…
15. SPECIALITY SECTORS DRIVING MORE MERGERS AND ACQUISITIONS
The number of completed mergers and acquisitions has been steadily increasing for several years in the pharma sectors as organisations look to access new markets and gain knowledge critical for competitive growth. This trend will likely continue in 2021. Dan Chancellor of Informa Pharma Intelligence said: “In particular, we expect several research-stage companies to transition into potential commercial operations as their drugs reach key regulatory milestones, and it is here where larger companies with global scale are best placed to create value. Intercept Pharmaceuticals is certainly one such opportunity should it gain approval for the first non-alcoholic fatty liver disease (NASH) drug, entering a large and untapped speciality market.” Marketing will have its role to play within the process as organisations will always make themselves attractive to external investors and buyers.
16. FOCUS ON ORGANISATION CULTURE
If 2021 will bring anything for marketers, it will be the need to foster a positive working culture within the organisation. External forces affect those internally, and therefore it is essential that organisations (the marketing managers) have built a culture within the organisation that can motivate and satisfy its employees, as well as maintain a positive external image for potential customers and other stakeholders. From defining what you want your company culture and values to look like to building your talent brand to finding ways to constantly reinforce your core value, spend 2020 addressing your brand and what this means to the people that come into contact with your pharma organisation.
2021: A CHALLENGING YEAR AWAITS
2021 will soon be upon us, and it will be a time where we will need to take stock and reflect on what we have learned in the previous year, unlocking the potential of data in the process. This post is designed to give you a headstart. Pharma marketers will play a significant role in this process and will be asked to be as flexible as ever to help navigate through a challenging year. A narrow and deep focus will mean you will stay on the right tracks.
For more on strategic digital marketing approaches in the pharmaceutical sectors, and how we can help you, visit our section on web.