The pharmaceutical market today is a big business. After the pandemic has struck the entire world, the pharmaceutical business has galloped and business is growing at a rapid pace. There is a constant demand for multivitamins, immunity boosters, antibiotics, paracetamol, and oxygen cylinders and so on. The future of this industry looks bright, but there is a catch.
The pharmaceutical industry is also a highly competitive space and without opting for the customer-first business model, it will be difficult for small and medium-sized businesses to thrive. Even the big-shots will fall behind if they don’t embrace digital innovation and build a global fan base with effective digital strategies.
Why Pharma Firms have gone digital?
Wish to know why these firms have welcomed digital technology? Well, in today’s tech-driven world, this digitalization has stirred a lot of changes.
Patients are more digitally engaged
With Google just a click away, the patient is more dependent on the internet than on their Doctors. The people feel a sense of empowerment with the online health website and Apps. Fitness wearable like FitBit and Apple Watch have people in their fingertips who think that they are in charge of their health. With lots of information available online, patients nowadays access their healthcare products with online reviews. Also, when discounts are going on in various health websites like Pharm Easy and 1mg, the patient prefers online medical shopping rather than going to the store for making the purchase.
New competitors are coming in
Did you know that Apple, IBM, and Qualcomm Technologies are newbies in the healthcare system? They try to engage the people with their apps, online communities, fitness gadgets and all. These new players in the healthcare system are trying to control the market with the help of digital media. The traditional ways and methods won’t work anymore with these big giants trying every digital strategy to capture the market.
The solution is simple. The Pharma Firms are now going digital and spreading their wings globally by using advanced analytics to deliver clinical decision support. However, pharma firms still have a long way to go and develop better digital strategies that would help them for the long haul.
Personalized 24×7 Care
The pharma industry is going through a huge transformation. The ‘one drug fits all’ blockbuster approach is an outdated one. With personalized marketing tricks and the evolution of digital marketing, things would start looking better soon. Advances in AI and big data have helped transform marketing data into actionable insights. Like the pharmacy prescription data along with the ICD-10 codes is used for accessing targeted and challenging profiles of patients. Although a lot still needs to be done on the journey.
Big Pharma is experienced in protecting customer privacy. The partnership between pharma and tech seems to be going great and would be there for the long haul for sure.Increase your brand recognition using the full potential of the digital media. Know More.