Marketing plays an important role in pharmaceutical industry. Pharmaceutical companies spend lot of money on promotion of their drugs to both consumers and healthcare professionals. The impact of reformatory changes, fluctuation in economies and high competition are pressuring pharmaceutical companies to maximize their sales effectiveness. These in turn have forced pharmaceutical companies to improve and implement consumer-focussed marketing strategies resulting in huge expenditure in marketing.
Direct-to-customer (D2C) advertising is one such strategy that aims direct advertising to patients rather than healthcare professional. D2C advertising are designed to empower consumers to make informed decisions for self-treatment. Also, industry is witnessing shift towards digital channels for promotion including online detailing, emailing and video streaming providing better market penetration to pharma companies.
Market research has also become an integral part of overall marketing and advertisement operations in pharmaceutical industry. Market research studies help senior management to take informed decisions and also facilitates better understanding of customer behaviour. Pharmaceutical companies are adopting latest technologies to increase their market research capabilities. Generally, pharmaceutical companies have internal market research teams, but there is a growing trend for outsourcing market research activities to specialist market research firms, which can provide them with better and faster market study.
Drug discovery is a long process during which extensive data is collected. Effectively utilizing this data will help pharmaceutical and clinical research firms to better identify potential drugs. Pharmaceutical and clinical research companies use various tools to manage data. Healthcare professionals are using data analysis tool called clinical decision support system (CDSS) which enables efficient decision making. Factors like emergence of cloud computing, increasing demand of quality care, rising pressure to restrain growing healthcare costs and favourable government initiatives promoting clinical IT solutions are expected to propel global CDSS market.
In addition, pharmaceutical companies are also adopting big data and analytics to support better decision making in both clinical research and patient healthcare. Big data and analytics can help in integrating real time research data and also help in building better predictive models to better diagnose and treat diseases.
ASDReport.com has a good collection of reports on market research & decision support.