2020 Life Science Marketing Trends
Year after year, the life sciences marketing landscape is changing. New technologies are introduced, and with those come new tactics and approaches. New marketing trends are emerging in the life sciences, and it is sometimes hard to keep on track. Keeping on track is essential to remain relevant and competitive.
From print advertising to creating personalized experiences to creating content, conducting relevant experiences to the customers is a must to strengthen relationships and the success of those marketing campaigns. Here are some of the key marketing trends in the life sciences industry.
The pace at which marketing trends change is alarming. Each year the industry is presented with new delivery methods and channels, new technologies, and opportunities.
With video, the life sciences market is evolving, and it now dominates the field with billions of people watching over an of video every day. Video platforms are already dominating the field. It is undoubtedly one of the most effective methods to boost life sciences marketing efforts in the coming years.
Artificial Intelligence and Advertising
Advertising is becoming a lot more intelligent, which means that targeting ideal customers is now easier than ever. Also, Artificial Intelligence (AI) is offering smarter marketing automation.
Intelligent systems are necessary to help life sciences marketers make sense of all the data accrued in real-time and to allow them to act on the outcomes immediately. Marketers are also using prediction targeting to get relevant content to the right individuals, like the person in charge of supply for a specific pharmacy chain, and many more.
It is time for life sciences marketers to explore the many different ways to leverage star power to get better results from the lead generation efforts. Influencers are people who have a significant online presence. The benefit of working with these influencers is that they may have a bigger influence on their followers. So, if life sciences marketers can find the right influencers to work with them, they will be able to reap many benefits of having them endorse the brand.
What Is The Future Of Blockchain For Healthcare And Pharmaceutical Industries?
If I have an oracle, I imagine a world using seamless technologies that interacts with each other to do a real time analysis of all data collected of me and around me to assess my health daily. Using from IoT to AI to predict potential diseases I might develop, deliver my medication via drones when I need it, use home digital devices to assess my health without the need to go to the hospital, and more. All this is nice. However to make this possible, we need to think about the underlying technology that allows data to be shared on real-time and secure within a network, to allow for digital trust, immutability, and transparency. This is where distributed ledger technology like blockchain could ensure the above.
Back in 2017, I started exploring blockchain technology and formed the PhUSE Blockchain Workgroup with other like-minded healthcare professionals. I am also the lead for UCB on the IMI PharmaLedger project. For the pharma industry in particular the supply chain, it would provide the drug provenance and be able to track and trace from its active ingredients to manufacturing, distribution, pharmacy and last but not least to the patients. This provides the transparency and accountability, avoid counterfeit drugs, avoid drug shortage, etc. The implementation of blockchain will ease the complexity surrounding the supply chain that currently involves many stakeholders in every step.
For research, could blockchain be the solution for healthcare and clinical trials? The short answer is yes. Many sceptics have challenged me on this but look at what USA FDA, USA CDC, UK NHS, Chinese FDA, and others who are exploring and, in some cases, have implemented blockchain. Should I say more? Blockchain could provide an end to end clinical development solution. It’s blockchain coupled with IoT, data analytics, AI, and others that will help accelerate the discovery and development of new drugs. It will reduce the overall cost on drug development and therefore, reduce the cost for patients and healthcare.
It is well known that the current clinical trial process is complex and costly. As an example, we spend millions of USD within the industry to recruit the right study participants and over 1 billion USD to put a new drug on the market with the average of 14 years from research to development. Can patients wait that long if they have unmet needs? Would the payers reimburse? If not, could patients even afford it? If we focus on how to drive the cost down (efficiencies) and apply innovative solutions, we could meet in the middle.