Transcript of "Social Media Connectivity in Pharmaceutical Industry"
Social Media Connectivity in Pharmaceutical Industry Kiran Pedada Harish Shankar Pranay Veer
Overview of Indian Pharmaceutical Industry • 1990 - INR 5,000 crores Turnover • 2009-10 - INR 1,00,000 crores Indian • Domestic - INR 62,055 crores Market • Exports - INR 42,154 crores • Volume - World’s 3rd largest producer Position • Value - World’s 14th largest • One of the Lowest priced markets in the world CAGR (PE) • 15.3% during 2011-12 to 2013-14 Production • More than 20% of the world’s generics Top • Three out of the Global Top 10 fastest growing generic Companies companies are from India Future • Global Top 10 - Sales (2020) • Value - INR 2,50,000 crores
Active Users - 100 crores (Oct, 2012) Active Users - 20 crores (Dec,2012) Video Views a day- 400 crores (Jan, 2012) To conduct a study to understand the connectivity of Indian Pharmaceutical companies on Social Media • Whether people use online sources for health related information1 • Whether entering a social medial platform help a Pharmaceutical company2 1. To share health related information 2. Create brand awareness
I Facebook Twitter YoutubeN COMPANY VideoT Likes Followers Tweets Subscribers ViewsE AstraZenecaRN GlaxoSmithKlineA Johnson & JohnsonTI Merck (US)ON NovartisA PfizerL Dr. Reddys CiplaIN Ranbaxy (Volini, Revital)DI Glenmark*AN Sun Pharma Lupin
I Facebook Twitter YoutubeN COMPANY VideoT Likes Followers Tweets Subscribers ViewsE AstraZeneca 12009 17387 1053 126 25732RN GlaxoSmithKline 69425 17405 1126 800 221683A Johnson & Johnson 38728 24507 3062 6493 7551651TI Merck (US) 5866 8053 1087 206 19251ON Novartis 20936 32190 2386 1688 561013A Pfizer 57721 36056 1100 501 733934L Dr. Reddys No Page 469 619 0 0 Cipla No Page 2117 67 0 0IN Ranbaxy (Volini, Revital) No Page 566 12 34 39374D NoI Glenmark* 75 No Page 0 44 PageAN Sun Pharma No Page 544 126 0 0 No Lupin 788 No Page 0 0 Page
Scope & Advantages of Social Media Targeting Flexibility - Specified HUGE POTENTIAL - Content group• Social commerce sales have the potential to High bring in $30 billion each year by 2015** ROI• 50% of these social commerce sales will occur through social media** Cost per Faster contact - feedback Small loop Offer a quick means to update information that is current and relevant to the target markets Complement other communication channels **Mashable (Nov, 2012)
FDA GUIDELINES FOR SOCIAL MEDIAPROMOTION• “All advertisements for any prescription drug shall present a true statement of information in brief summary relating to side effects, effectiveness and contraindications, and there must be a fair balance in the benefits and risk information provided to consumers.” - FDA The guidance document published by the FDA in May 2009 did not provide adequate guidance on the use of online technologies Distinct features of non -print media add complexity Defining information related to drugs with limited number of characters available in each ad is a difficult task
RESEARCH METHODOLOGY Participants Age Primary Research Distribution N % Type - Below 15 2 1% Sample Random Online andSize – 310 Sample 16-25 166 54% Paper 26-34 87 28% Above 35 55 18% Gender Distribution Secondary Research Male 238 75% Female 72 25%Various academic and industrial reports Occupation Distribution Student 148 48% Employee 138 45% Business 11 4% Housewife 6 2% Others 7 2%
FINDINGS IMPLICATIONS 89% - Search online for health High Potential to increase theirINQUISITIVENESS related information reach on online platforms 64% - Information they found Users don’t take chances, butSENSITIVENESS online affect their decision to approach a doctor for specialist seek a doctor advice Seek for a second opinion from RE- Re-verify the advice on online another doctor even afterVERIFICATITION sources approaching a doctor 16-25 years- 76% FacebookONLINE MEDIUM - Youth - Facebook (Other SM) SPECTRUM Above 25 years - 74% Separate Old - Company Website website by the company Care for others – Wish theirSHARING HEALTH 79% - Shared or sent health or friends to read and get benefited INFORMATION medical related information from it IMPACT OF 62% of the respondents had Develop a web site Satisfy HEALTH stated that there was as minor people’s need which could make INFOMATION impact on them a major impact on them
RECOMMENDATIONS • Dedicated for providing healthWebsite & related information Leverage to FB page build brandProvision • In long run, it will widen the of info. audience baseDifferentapproach • Based on the age groups es Type of • Facebook - Small problems info. • Website - Deep issues (in detail)
RECOMMENDATIONSRegulations - Social • Clear guidelines for promotion Media • In India CDSCO should play a major role • Application based serviceMobile Application • SMS based service and Service • Precautions, Symptoms to be taken for the diseases • Pharmaceutical company Articles More awareness Users can takeAuthentic provider correct decisions RESULT DIFFERNTIATION • Patients – • Well informed • Sharing Health OUTCOME • Take care of Information their health • Itself from its • Company – competitors EDUCATION • Brand Awareness • Trust
LIMITATIONS Scope for Improvement• Sample Size was limited •Study conducted to understand the types of health information they look for• The accuracy of responses could have • Frequent searched topics been varied between different • Satisfaction with information available respondents • Preferences on getting updates of health information• The data available for Indian rules and regulations on social media platform is • A study to understand very limited as compared to that • Current focus and strategies of defined by FDA international pharmaceutical companies • Feasibility of replicating the same for Indian companies CONCLUSION - From the study, we understand that people use online sources for health related information and pharmaceutical companies have a great opportunity to explore social media platform for marketing their products.
Appendix 2- References• Promoting online sales of dental supplies. Journal of Medical Marketing 8: 137 – 143, Gadish, (2008)• Promotion Audits, SDI Health, Yardley, Pennsylvania, (2009)• Guidance for industry presenting risk information in prescription drug and medical device promotion – Draft guidance. (Dec, 2011)• The magical digital, Stephanie C. Ardito, (March 2012)• Why Drug makers don’t Twitter, Businessweek, (Nov, 2009)• 100% foreign direct investment regime in pharmaceutical sector, Economic Times (Oct, 2011)• Estimating the value of internet marketing in the US pharmaceutical industry, Thani Jambulingam, (2010)• http://www.cliohealthcare.com/winners_media/2010/pr/pdf/401000796_1_supporting.pdf• http://mashable.com/2012/11/01/facebook-sales/• http://mashable.com/2011/08/16/social-media-marketing-stats-infographic/