Blog on pharma marketing and sales

For Pharmaceutical Companies, Steps to Value with Generative AI

9/7/2024

New GenAI offerings can benefit virtually every aspect of an organization, boosting efficiency and productivity in areas ranging from R&D to commercial activities.

Because the technology has such wide potential, pharmaceutical companies need to adopt a structured approach to implementing it.

The graph shows a portfolio of Gen AI solutions sorted by potential value and technical feasibility. This type of ranking enables leadership teams to identify and prioritize a few straightforward, quick-to-implement use cases—such as in support functions or commercial operations—to expand their capabilities and build momentum. Then they can shift to more advanced applications, such as in R&D, that have high potential value but are more complex.

https://www.bcg.com/publications/2024/benefits-of-generative-ai-in-pharma

In Commercial the technical feasibility is very high, as is the value to implement AI.
Top potential lies in optimization of sales targeting, personalisation of communication channels and frequency.

Channel Preference in the Pharmaceutical and Healthcare Industry in 2024

28/2/2024

Introduction
The pharmaceutical and healthcare industry is undergoing a profound transformation in the wake of the COVID-19 pandemic, which has accelerated the adoption of digital technologies, transformed customer expectations, and disrupted traditional business models. In this context, it is crucial for pharma and healthcare companies to understand the channel preference of their customers, especially healthcare professionals (HCPs), who are the key decision makers and influencers in the industry.
Channel preference is the term used to describe the preferred modes of communication and engagement that HCPs have with pharma and healthcare companies and their products, treatments, and issues.
Taking channel acceptance as a proxy for channel preference is a common gap in the industry so it is important to clearly understand the difference between these two distinct concepts.

Channel preference vs Channel acceptance:
Channel acceptance refers to the Channel that a HCP may use for professional reasons, even if it is not their preferred one. It can be measured via click or open rates and all the typical engagement measures.
Channel preference refers to the Channel that a HCP would love to use and select, based on their own personality. It is the channel that, given all options, the HCP would naturally navigate towards because that’s where they feel most comfortable.
Understanding channel preference is important for pharma and healthcare companies to design and implement effective and engaging marketing and communication strategies that can reach and persuade their target HCPs. By doing so, they can create a seamless and fluid customer experience that can lead to higher customer satisfaction, loyalty, and advocacy. This can also help pharma and healthcare companies to increase their market share, revenue, and profitability, and to gain a competitive edge in the rapidly evolving and highly competitive industry.
The aim of this essay is to investigate the topic and benefits of channel preference, using data and insights from various sources, such as studies, reports, blogs, and articles. It is structured as follows:

The first section provides an overview of the common channels that HCPs use or prefer, such as face-to-face interactions, remote interactions, email interactions, and social media interactions.
The second section analyses the patterns and differences in channel preference across multiple specialties, using data from a recent market study in Australia. In this study over 40,000 HCPs from 10 specialties were assessed in 2022 and 2023 in relation to their individual channel preference.
The third section discusses the benefits and challenges of understanding and aligning with channel preference, such as creating more effective and engaging customer experiences, increasing customer satisfaction, loyalty, and advocacy, and gaining a competitive advantage.
The fourth section summarises the main points and provides some recommendations to leverage channel preference in their marketing and communication strategies.

Common Channels in the Pharma and Healthcare Industry
In the pharma and healthcare industry, channels are the routes or modes of communication and engagement that pharma and healthcare companies use to interact with their customers, especially HCPs. Channels can be classified into different interaction categories, such as:

Face-to-face, such as individual or group meetings, visits, or conferences, which can provide a high level of personalization, trust, and interaction, but can also be costly, time-consuming, and restricted by regulations or safety measures.
Email, such as newsletters, alerts, or invitations, allows for a high level of reach, frequency, and measurability, but can also be ignored, deleted, or filtered by spam or clutter.
Phone, highly convenient, accessible, and flexible, but can also be perceived as intrusive or shallow.
Video Chat, a fast and engaging medium but can also be affected by technical issues, privacy concerns, or digital fatigue.

These channels can be used individually or in combination, depending on the objectives, content, and context of the communication and engagement. A pharma or healthcare company may use a face-to-face meeting to introduce a new product or treatment, a video call to provide a product demonstration or training, an email to send a product brochure or invitation, and a social media post to share a customer testimonial or success story.

Patterns and Differences in Channel Preference
To understand the patterns and differences in channel preference, a recent market study was analysed. In this study over 40,000 HCPs from 10 specialties in Australia were assessed in 2022 and 2023 in relation to their individual channel preference.
The following are some of the key findings, based on the aggregated data:

Across the 10 specialties assessed, the channel Email had the highest share with 31%.
Phone was the 2nd strongest channel preference with 28%
Remote 1:1 video calls were the next strongest channel with a preference of 21%
The last channel of the assessed 10 specialties was face-to-face with 20%

In the reviewed study the focus was on channel preference, not channel acceptance as previously described.

The study also revealed some interesting differences in channel preference according to the specialty of the HCP. The following are some of the highlights from the study, based on the individual data:

Channel preference by specialty

Face-to-face by General Physicians and Oncologists (34-37%)
Email by Pathologists and Neurologists (45-53%)
Phone by Gastroenterologists and Cardiologists (41-44%)
Video Chat by Endocrinologists and Oncologists (24-29%)

These findings show that channel preference is not uniform across the pharma and healthcare industry, but rather varies according to the specialty. Therefore, pharma and healthcare companies need to adopt a more customer-centric and data-driven approach to understand and segment their target HCPs based on their channel preference, and to tailor and personalise their communication and engagement accordingly.

Benefits and Challenges

Benefits: By understanding and aligning with channel preference, pharma and healthcare companies can

Create more effective and engaging customer experiences: deliver the right content, to the right customer, at the right time, through the right channel, thus increasing the relevance, value, and impact of their communication and engagement.
Increase customer satisfaction, loyalty, and advocacy: meet and exceed customer expectations, build and nurture long-term and trust-based relationships, and encourage customer retention and referrals.
Gain a competitive advantage: differentiate from the competition, increase market share, revenue, and profitability, and enhance brand reputation and image.

Challenges: To understand and align with channel preference, pharma and healthcare companies need to

Collect and analyse customer data: collect and analyse large amounts of customer data from various sources, such as studies, reports, blogs, and articles, using advanced analytics and artificial intelligence. It is essential to ensure that data quality, privacy, security and ethics are in the forefront.
Integrate and optimise multiple channels: integrate and optimise multiple channels, such as face-to-face, remote, email, and social media interactions, using digital platforms and tools, such as apps, chatbots, and virtual reality together with cross functional teams working in unison towards a richer customer experience.
Adapt and innovate in a dynamic environment: adapt and innovate in a dynamic environment, where customer needs and expectations are constantly increasing. Therefore it is important to embrace a culture of agility, flexibility and creativity.

Pharma and healthcare companies need to overcome the challenges and leverage these benefits by understanding and aligning with channel preference in the pharma and healthcare industry.

Conclusion
Channel preference is a key factor that influences the communication and engagement between pharma and healthcare companies and their customers, especially HCPs. Importantly, channel preference is not uniform across the pharma and healthcare industry, but rather varies according to the specialty and individuals.
Pharma and healthcare companies need to adopt a more customer-centric and data-driven approach to understand and segment their target HCPs based on their individual channel preference, and to tailor and personalise their communication and engagement accordingly.
This can help to create a seamless and fluid customer experience that can lead to higher customer satisfaction, loyalty, and advocacy, and to gain a competitive edge in the rapidly evolving and highly competitive industry.

Recommendations to leverage channel preference in marketing and communication strategies are:

Conduct regular and comprehensive studies to collect and analyse customer data on channel preference, using advanced analytics and artificial intelligence.
Integrate and optimise multiple channels and train cross functional teams to work in unison towards a richer customer experience.
Adapt and innovate in a dynamic environment, where customer needs and expectations are constantly increasing.

The 2023 channel preference study shows that channel preference is not uniform across the pharma and healthcare industry, but varies according to the specialty.

Generalizing the specialty by the dominant preference would lead to addressing the majority of HCPs with their non-preferred channel.

Ultimately it is critical for pharma and healthcare companies to understand the individual preference of each HCP.

Customer Personalization in 2024

5/2/2024

What Are the Key Global Trends for Customer Personalization in 2024?

Hyper-personalization: Pharma companies are using advanced data analytics and AI to create hyper-personalized content and offers for their customers, based on their individual characteristics, such as demographics, personality, history, and preferences.
Omnichannel marketing: Pharma companies are adopting a hybrid model of multi or omnichannel marketing, which involves using a combination of online and offline channels to reach and interact with their customers, based on their channel preference and behaviours.
Digital transformation: Pharma companies are using digital platforms and technologies, such as websites, apps, social media, webinars, podcasts, and AI, to connect with and engage their customers in relevant, timely, and personalized ways.
Influencer marketing: Pharma companies are leveraging the power and influence of social media influencers, such as patients, advocates, or celebrities, to create authentic and trustworthy content and communities around their brands and products.

To unlock the benefits of personalization it is critical to obtain precise HCP insights at doctor level.

Customer Personalization in Pharma

5/2/2024

What is Customer Personalization in Pharma?
Personalization of customers in pharma is the practice of tailoring marketing and communication strategies to the specific needs and preferences of each customer segment, such as healthcare professionals (HCPs) or patients.
Personalization can increase customer engagement, loyalty, and conversions by delivering relevant and valuable experiences across channels and stages.

Personalization can increase customer engagement, loyalty, and conversions.

HCP Channel Preference in 2024 - Benefits

25/1/2024

What are the Benefits of HCP Channel Preference?
Segmenting HCP customers based on their channel preference can help optimize marketing and sales strategies, improve customer experience and satisfaction, and demonstrate clinical impact and value.

It can improve the customer experience and satisfaction, by delivering relevant, timely, and personalized content and offers to each doctor, through the channels that they prefer and value the most.
It can increase the effectiveness and efficiency of the marketing and sales strategies, by optimizing the promotional investment, media development, and field force structure for each doctor.
It can demonstrate the clinical impact and value of the products and services, by aligning with the doctor's needs and behaviour, and providing them with credible and evidence-based information.

In contrast, a one size fits all communication approach can result in:

A poor customer experience and satisfaction, by delivering irrelevant, untimely, and generic content and offers to each doctor, through the channels that they do not prefer or value.
A low effectiveness and efficiency of the marketing and sales strategies, by wasting the promotional investment, media development, and field force structure on channels that do not reach or engage the doctors.
A lack of clinical impact and value of the products and services, by failing to address the doctor's needs and behaviour, and providing them with untrustworthy and outdated information.

It has never been so easy to communicate with customers using their preferred channel.

HCP Channel Preference in 2024

19/1/2024

Why is HCP Channel Preference important?
HCP channel preference is important for pharma companies because it can help them optimize their marketing and sales strategies, improve customer experience and satisfaction, and demonstrate clinical impact and value.
By understanding and aligning with the HCPs needs and behaviour, pharma companies can deliver relevant, timely, and personalized content to the right HCPs, through the right channels, at the right time.
This can enhance the effectiveness and efficiency of their HCP engagement activities, as well as build trust and loyalty among their customers.

Leaders in the pharmaceutical industry understand their HCP customers at a doctor level. Most HCPs expect a personalised interaction with the pharmaceutical industry.
One-size-fits-All channels is no longer enough.

HCP Channel Preference - Overview

18/1/2024

What is HCP Channel Preference?
HCP channel preference is the preferred mix of communication channels that healthcare practitioners (HCPs) use to interact with pharma companies and other stakeholders.
Each HCP has their own channel preference as part of their individual personality.

Each HCP has their own channel preference as part of their individual personality.

HCP Channel Preference in 2023

16/10/2023

For Physicians and Pharma, Hybrid Engagement Is the New Normal

Boston Consulting Study

HCP Channel Preference Trends
HCP channel preference is the choice of communication channels that healthcare practitioners (HCPs) like to use when they talk to pharma companies and other parties. Different HCPs have different channel preferences based on their personal traits.

What are the trends for HCP Channel Preference?
84% of physicians prefer to maintain or increase the share of virtual interactions with pharma companies:

Offering a variety of different channels, including those for both face-to-face and virtual engagement, is more effective than providing ones for face-to-face-only or virtual-only contact.
Virtual models can drive increased efficiency—particularly for specific therapeutic areas, markets, or life stages of a product—making consideration of these factors important when setting the overall engagement mix.
Companies should personalize the mix of engagement channels for HCPs.

The use and timing of each channel should be based on consideration of physician preferences, behavioural patterns, and schedules, as well as practice-specific and regional factors.

Link to Article

The findings are in line with our experience: Most HCPs prefer being addressed at their preferred channel (email, phone, video chat, face to face) rather than a one-size-fits-all channel.
Pharmaceutical companies are now able to customize the optimal channel for each doctor based on their individual personality and preference. These insights help to improve communication and relationships with HCPs, including digital opinion leaders and other influencers.

Note on Channel preference vs Acceptance: Historically, the metrics to identify the optimal channel were linked to the acceptance rate (clicks, emails opened). This information identified the accepted channel(s), however did not necessarily indicate what the HCP actually wants/ prefers. Fortunately this challenge has been overcome and the actual channel preference for each HCP can now be identified.

Omnichannel Engagement in Healthcare

14/9/2023

What is Omnichannel Engagement in Healthcare?
Omnichannel engagement in healthcare is a strategy that uses data and analytics to deliver personalized and engaging experiences to patients and healthcare professionals (HCPs) across multiple channels, such as web, mobile, email, social media, and telehealth.

What are the Benefits of Omnichannel Engagement in Healthcare?
Omnichannel engagement aims to improve patient outcomes, satisfaction, and loyalty by providing consistent and seamless interactions throughout the healthcare journey. Omnichannel engagement also helps healthcare organizations to optimize their resources, increase their efficiency, and reduce their costs.

How can a Pharma Company excel in Omnichannel Engagement?
A pharma company can excel in omnichannel engagement by following these steps:

Personalize the experience for each customer by using advanced analytics to deliver relevant and timely content, offers, and interactions, based on their profile and context.
Identify the preferred channel where patients and healthcare professionals (HCPs) interact with the company, such as web, mobile, email, social media, and telehealth.
Develop a customer journey and personas for each segment of patients and HCPs, based on their needs, preferences, and behaviours.
Develop a consistent brand voice and message across all channels, and align them with the company's value proposition and differentiation.
Integrate the systems and data sources that support the omnichannel strategy, such as customer relationship management (CRM), electronic health records (EHR), web analytics, and social media analytics.

Omnichannel engagement aims to improve patient outcomes, satisfaction, and loyalty by providing consistent and seamless interactions throughout the healthcare journey.

Digital Marketing for MedTech Companies

18/8/2023

What is Digital marketing for MedTech companies?
Digital marketing for MedTech companies is a strategy that uses data and analytics to deliver personalized and engaging experiences to healthcare practitioners (HCPs) and decision-makers across multiple channels. It helps MedTech companies to educate the market, create awareness of specific problems, and present their medical devices or services as the optimal solutions.

What are the key aspects of digital marketing for MedTech?

Product launches: MedTech companies can use digital marketing to introduce new products or services to the market, generate interest and demand, and showcase their value proposition and differentiation.
Lead generation: MedTech companies can use digital marketing to attract and capture high-quality leads, such as HCPs who are interested in their products or services, and nurture them through the sales funnel.
Next-best-action analytics: MedTech companies can use digital marketing to analyse the behaviour and preferences of their leads and customers, and provide them with the most relevant and timely content, offers, and interactions.
Omnichannel campaigns: MedTech companies can use digital marketing to create consistent and seamless experiences for their leads and customers across multiple channels, such as email, social media, web, and mobile.

Digital marketing is a vital tool for MedTech companies to connect with modern HCPs and decision-makers, who have become more comfortable with remote work and digital communications, especially during the COVID-19 pandemic.

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