Global Pharma & Drug Industry Insights from Digitant

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Digitant.co Industry Insights:
Check out global pharma & drug industry insights. Digital marketing in pharma and drug industry.

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  • 1. IndustryInsights Pharma & Drug Industry
  • 2.  Global Pharma &Drug industry is worth of US$ 300 billion per year.  Pharma & Drug industry is expected to be US$ 900 billion within 2016.  Pharma & Drug Industry revenue is expected to be US$ 36 billion, growing at an annual rate of 18.2%( India).  Health Care Industry is expected to be US$ 100 billion in 2015 in India.  With 5.7% market share in pharma & drug industry, India ranks 4th nation among Asia – Pacific. Pharma & Drug Industry- Global & India Status of the industry Global pharma is going to explode with a growth rate of 34% annually
  • 3. Strengths Weaknesses  Global market reach for drugs industry.  Rapid innovations in product design and development.  Need for quality drugs globally.  Strong regulations ensuring quality  Individual attitude towards their health care  Stringent regulations affecting the profitability of pharma companies.  High Infrastructure cost & maintenance cost.  Competitions from unorganized players and duplicated drugs.  Low R&D investments in pharma when compare to other R & D areas. Opportunities Threats  Global demand for generics drugs .  Need for qualified drugs among globe.  Large demand for quality diagnostic services and drugs.  Individual income levels and their positive attitude towards spending on healthcare.  Wage inflation for production of drugs.  Price fluctuations via Government expansion of the umbrella of Drugs Price Control Order (DPCO).  Competitive environment from developing countries  Side effects of drugs & high law suits SWOT Analysis of Pharma & Drug Industry
  • 4.  International Conference on Harmonization (ICH)  United Nations Health Care Organization (UNHCO)  World Health Organization (WHO)  World Trade Organization (WTO).  Local Government laws and regulations. List of Regulatory Bodies Regulations in Pharma Promotional regulations control spends in Pharma industry
  • 5.  Promotional of drugs should not make misleading claims.  Misleading by distortion (Wrong info about product usage.)  Misleading by exaggeration of product performance  Not to use words like “safe” & “No side effects” in product messaging  A must note about cautions to take about the usage of the product.  Promotional activates should not disguise, it must clearly indicate all related information  Active Pharmaceutical Ingredients (APIs) type medicines are not eligible for promotions. Code of Conduct for Marketing of pharma products Code of conduct for marketing A breach of code of conduct is seviarly treated including ban of product
  • 6.  The identity (logo) of the pharmaceutical company and intended audience should be clearly stated.  The content should be appropriate for the intended audience.  The presentation (content, links, etc.) should be appropriate and apparent to the intended audience.  Country specific information should comply with local laws and other acts. No regulations:  Promotion of prescription drug to consumers (DTC {direct to consumer}Advertising).  Promotion of self medication products (OTC medication). Code of Conduct for Marketing of pharma products – Contd. Marketing guidelines A breach of code of conduct is sevearly treated including ban of product
  • 7.  An estimated US$60 billion (pa) was spent for promotional activities at a global level.  Approximately US$120 billion (pa) spent for R & D. Marketing spends Digital Marketing Spent Status of DM for Pharma industry DM market size at a global level is an estimated USD 8 billion  Out of the total promotional spends, apx 10% to 20% is through Digital Channels
  • 8. Strengths Weaknesses  Low competition & high demand for pharma services in web services.  Global demand for generic drugs open doors for digital markeing.  Building brands and relationship with users through digital channels.  Easy way to market pharma brands globally through digital channels.  Regulatory bodies & legislative laws for promotion of products through digital channels.  Side effects and product performance of drug which leads individual views on product or brand.  Misusage of drugs by people without proper knowledge. Opportunities Threats  User interests & views toward sales of drugs though online.  Ability to sell product to end users through ecommerce adaptation.  Global reach & demand for drugs & pharmaceuticals through online.  Duplicate products & similar products availability through online.  Big competitions from Early adopters of digital marketing in pharma industry  Patents, copyrights for drugs. SWOT Analysis of digital marketing for Pharma Industry
  • 9.  Pharmaceutical brands are in evaluation phase in adopting digital marketing.  International brands like Amgen, Merck, Abbott laboratories, Glaxo Smith Kline etc, are enjoying advantage of digital marketing.  Pfizer, Johnson & Johnson are the best example for who took advantage of digital marketing via e-Commerce.  SME’s started taking advantage of digital marketing when compare to big players in emerging technologies. Digital marketing status in Pharma Industry insights Big players are quick to adopt DM however lagging in using emerging technologies
  • 10.  Ability to test brand before the launch itself.  To maximize marketing & sales efforts at a lower price  Lead generation with global reach & market penetration  To support traditional marketing and sale channels.  For an integrating of marketing data and analytics services ( Off line & On Line).  To strengthen the brand and engage with direct customers  To increase drug life cycle by increasing the usage period  To identify and capture new opportunities and to build competitive advantage Need for DM in Pharma Industry Industry insights Measurability of digital marketing is the key for the success for pharma
  • 11.  Brand building is a crucial exercise as it has highest influence in customer purchase habits for pharma.  Social media is fast becoming primary source of engagement for brands.  More personalized and short & sweet messaging is the technique for messaging across platforms  Mobile is a primary source to target individuals.  Strategic content marketing is the way! Create content for users than search engines.  Big data and analytics is for better strategy planning.  Deeper segmentations from data is for better targeting. Digital marketing trends in Pharma Industry insights Data and insights are driving the ROI for pharma for digital marketing
  • 12.  Habitual and cultural issues are primary forces stopping digitalization of pharma industry.  Misusage, high inventory costs are few more issue that troubling pharma industry faraway from digital of marketing.  Industry has not yet seen digital ROI over traditional channels.  Not having enough knowledge on virtualization of product and services. Factors infusing usage of digital marketing in Pharma Digital marketing leverage points Transparency and audit of the digital channels is the key to increase adaptation rates
  • 13.  Subscribe for digital marketing audit service to increase transparency and best practices of your digital marketing  Digitant will help you to identify the working model for your digital marketing practice Join Hands with Digitant.co Contact us To know more, send details to info@digitant.co