The pharma industry will face many challenges in the coming years, from expiring patents on many blockbuster drugs to the uncertainty resulting from health care reform; not to mention the generally bad rap the industry has had for years. It’s clear that pharmaceuticals need to reinvent themselves and demonstrate the value of their brands.
Pharma can learn a thing or two from Apple and Amazon — companies that are on top of their game because they managed to build a customer and service-centric culture into their brands.
When presenting to potential investors, the majority of startups concentrate on their product or service, the market demand, and the strength of their executive team. This often causes them to ignore a well-thought out marketing plan. Here is where these entrepreneurs get it wrong. Investors are looking for big ideas: ideas that can change our way of thinking, ideas that can build a highly profitable company. Without a strong message and brand positioning plan, it is very hard to imagine a company’s potential.
The pharmaceutical industry realizes it must participate in social media. After all, that’s where its customers — patients and health care providers — can be found. In fact, more than 65 percent of physicians use social media for professional purposes, while more than 40 percent of patients use it to find health-related information.