5 Emerging Marketing Trends in Pharma Data Analytics Driving Sales and Actionable Insights5 Emerging Marketing Trends in Pharma Data Analytics Driving Sales and Actionable Insights https://datazymes.com/wp-content/uploads/2023/01/5-emerging-1024x683.jpg 1024 683 deepak https://secure.gravatar.com/avatar/acfa5c400ac94d9a541d4f108658dcbb?s=96&d=mm&r=g
Pharma Marketing Analytics: A Brief Background
Data drives the marketing and sales processes in the pharmaceutical industry. It powers drug discovery and clinical trials while boosting operational performance in commercial aspects. But sizeable chunks of data remain unseen and untapped to commercial operations, allowing insights and opportunities to leak away. This is where data analytics steps in to offer solutions to pharma marketing and sales teams a logical solution.
The global life sciences analytics market is projected to grow at a CAGR of 13.3% in 2030. The life sciences analytics market is set to surpass USD 45.1 billion by 2030 from USD 20.3 billion in 2019 at a CAGR of 13.3% throughout the forecast period in 2020-30.
The pharma industry has faced a severe setback from the pandemic and markets are emerging from the pains. Securing a comparative benefit in the pharma marketing space is ever more tough. A recent study by PwC found that pharma companies need to professionalize data management while accessing and managing data ecosystems. Marketing teams also need to extract value from personal and technical data. With the velocity and volume of data, both structured and unstructured increasing every year, marketing teams in pharma need to face up to challenges by using big data analytics. Data analytics can help pharma teams gather relevant data about the patient genetics and environment, behavior pattern and market trends while selling life saving drugs.
The predictive model developed from the patient’s historical data can help detecting diseases as well. Apart from helping in precision medicine, big data analytics can help predict the sale of medicines owing to various demographic factors. These tools help marketing teams predict customer behavior and helps build advertisements to reach out to customers. Big data analytics can also help streamlining drug discovery, clinical trials, and medical affairs to improve internal collaboration within life sciences companies. Marketing and sales teams can derive insights provided by external researchers and contract research organizations that help pharma companies in better dug making.
Big data sets can provide insights to inform high level strategy and enable pharmaceutical marketers to achieve their commercial objectives. There are many types of big data sets that hold valuable insights for pharm marketers. Firstly, there is patient data, that help manufacturer’s patient support team analyze its workload and determine case statuses. This data can inform field access teams and help work with patient support programs, specialty pharmacies and medical offices that help with patient access and reimbursement. Second are transaction-level claims such as prescription, medical and hospital data which companies understand patient journeys including in the order of specialists seen, diagnosis and therapies alongside tests. This data helps in targeting efforts and serves as inputs for forecasting.
Thirdly, affiliations data allows companies to draw insights from metrics available at both the physician and account levels. Data-driven opportunities stretch across the entire pharma product lifecycle from pre-to-post commercialization stages. Pharma marketers analyze rich data sets to inform strategies and identify appropriate patients and prescribers to align to those strategies. These analytical models help pharma teams to integrate real time notifications in the patient record at key points in the treatment workflow. With more advanced analytics solutions, commercial strategies are transforming from static plans to evolving programs.
Popular Marketing Trends in Pharma Data Analytics
Marketing Automation and AI
Pharma companies worldwide perform various tasks like tracking and engaging with individual buyers and prioritizing customers based on their interests, filtering leads based on engagement and measuring the revenue contribution of marketing campaigns. Performing these tasks manually can be time consuming and error prone. By utilizing marketing automation and AI in the pharma industry, critical solutions to complex healthcare issues can be extended. Marketing automation analytics also examines customer behavior and content consumption across multiple platforms, including social clicks and page views. As a result, the emphasis shifts to engagement and enables pharma companies to personalize and templatize content to maintain customer interest. Furthermore, it also enables the company to se automated chats and email campaigns to provide a value-driven customer experience that improves management effectiveness.
Telehealth and Online Patient Care
This is another marketing trend that has exploded after the pandemic. Many organizations and businesses are using telemedicine and online patient care to expand their operations. This allows them to reach more patients and the telehealth platform no longer necessitates large upfront costs by being very simple to obtain. A customer just requires an internet and mobile connection. There are other benefits such as patient engagement through remote monitoring and improved clinical workflows, advanced business models and increased patient satisfaction. Telehealth is a genuine delivery of service that goes on to show customers that pharma companies care.
Online Video Engagement
Visuals have always shared a high popularity among customers. In 2022, online video engagement has been one of the best marketing trends that helped catch industry attention. In a technologically advanced world, every business and company have a social media profile and a website. This remains a very efficient way to scale business and inform customers about it. Patients and healthcare users must believe in the services that pharma companies offer before they commit to these. Video engagement can help gain the trust of these customers. Pharma companies can assist customers in naturally and efficiently demonstrating the service, capabilities, results, and practice method. This pharma marketing trend allows you to optimize content for customers based on their specific needs. This optimization helps in expanding customer reach and scales the business. More visibility leads to more customers investing your biotech company.
Google Featured Snippets
These feature snippets are a game changing marketing trend that helps you rank higher in organic traffic. Most companies need high quality content that helps format it in a way that search engines prefer. This is a significant challenge as it is achievable by making the content snappable so that Google recognizes your link and ranks you higher. You can improve the readability of the content by including feature snippets in the form of paragraphs, texts, and lists. Pharma marketing teams can also improve the content’s visibility by keeping an eye on competitor’s ranking snippets. This helps create an advantage in learning what customer demands and the business can benefit from these.
Expanded Use of RWE
The Pandemic heightened the pharma industry’s need for Real-World Evidence or RWE. More receptive and expanded use of RWE is required to accelerate health research and development. Most companies are struggling to prioritize the best action strategy due to a lack of data and analytics on the subject matter. However, implementing RWE in the pharma industry results in more cost-effective and faster drug development. RWE helps businesses understand biological pathways and unmet needs. This leads to lower clinical development cycle costs and time. RWE also creates a guide map that indicates a patient’s location such as who is benefiting from a specific drug or has a disease. This allows the clinicians to prioritize their medical research in terms of drug development.
Modern AI-driven Technologies: Future of Biopharma Marketing Analytics
Biopharma marketing is a fast-evolving domain. It is rapidly changing in response to customer expectations and therefore timely and proper implementation of advanced marketing trends is critical in retaining the business in a competitive market. It is critical that one has accurate data insights to target and reach the leading pharma companies worldwide. The pharma data can also help marketing opportunities and the expert who discovers the right medicine for treatment facilities can help accelerate the business growth.
Efficient analyses of data from social media, demographics, medical records, and various other sources helps drug manufacturers frame effective marketing and sales strategies, assess these strategies in real time and analyze the performance of these sales reps, and identify untapped markets. Taking advantage of insights gleaned from this analysis of data helps drug companies refine their marketing tactics and better allocate resources to gain an edge over the competition.
The astute application of marketing analytics in the pharmaceutical industry is revolutionising how drug manufacturers create, test, and sell their products. Modern technologies, including AI-driven algorithms and analytics solutions, innovations in the industry that pave the way for effective treatments and techniques based on data-driven insights. Hence, industry leaders must take advantage of the modern tools at their disposal and integrate a data analytics solution into their existing infrastructure.
For organisations during their digital transformation journey, agility is key in responding to a rapidly changing technology and business landscape. Now more than ever, it is crucial to deliver and exceed organisational expectations with a robust digital mindset backed by innovation. Enabling businesses to sense, learn, respond, and evolve like a living organism, will be imperative for business excellence going forward. A comprehensive, yet modular suite of marketing analytics is doing exactly that. Equipping organisations with intuitive decision-making automatically at scale, actionable insights based on real-time solutions, for an anytime and anywhere experience. With an in-depth data visibility across functions leading to hyper-productivity, building connected organisations that are innovating collaboratively for the future are now a reality.
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Modern data analytics trends in the pharmaceutical industry | Infosys BPM
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Marketing Using Data Analytics | PharmaVoice
March 1, 2018
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A Guide: Biopharma Marketing Trends In 2022 – IMAPAC