A Hodge-Podge of Pharma Lessons Before Summer Winds Down
There’s no slow-down in marketing news and trends, just because the summer hiatus continues. In this week’s curation, you’ll learn the downside of extending your reach on social media via questionable celebrities and why the Alphabet may be the savior of healthcare. Netflix and a digital strategy offer unique lessons on growth, and Pharma risks are highlighted. Finally, in the last spare hours you have this season, take advantage of Pharma reading that can propel your organization’s future.
1. Has Kim Kardashian ruined Pharma marketing, too? Fallout from the infamous Instagram post
By Beth Snyder Bulik, published on FiercePharmaMarketing
Is too much publicity a bad thing?
The initial hoopla over Kardashians impromptu endorsement of the anti-nausea drug Diclegis was initially seen as a coup. However, without the appropriate noting of side effects, the FDA swiftly reprimanded the drug maker Duchesnay, who must now issue a corrective message. While the post boosted awareness about the drug and conversations, the fallout could be detrimental for the future of drug product ads in the social media sphere, bringing on enhanced FDA scrutiny.
2. Tunnah’s musings: G is for Google, but Alphabet has H for health at the centre
By Paul Tunnah, published on pharmaphorum
Why the alphabet matters more than the letters
The combination of letters, or companies, will now make up what was formerly known as Google. In part, the newly revamped conglomerate reveals its interest in areas outside of technology, namely healthcare. The move is an interesting one, and sure to produce innovative collaborations between technology and healthcare – such as the Google Contact Lens. Another example, Calico, a company investigating how to overcome ageing, was also purchased by Alphabet and is set to partner with AbbVie. Alphabet only highlights what could be possible as flexible, innovative technology companies take the reins of healthcare – unless Pharma stands up and takes notice.
3. Four Risks Pharma Companies Face
By Phil Bezanson and Rachel M. Riley, published on pharmaceutical Compliance Monitor
Preparing for Pharma risks
Emerging markets and technological advances are generating increased legal and regulatory challenges for Pharma. For organizations to overcome the four biggest risks – cybersecurity, anticompetitive moves, fraudulent marketing and global corruption – they need to mitigate risk and prevent exposures. Updating policies and SEC filings, reporting infractions and cooperating with the government are just some of the steps Pharma should be ready to take.
4. Loyalty: What can Pharma Learn from Netflix?
By Dr. Nicola Davies, published on eye for pharma
Pharma, here’s what Netflix can teach you
The most-used streaming service in the world can teach Pharma a lesson or two, especially when it comes to loyalty. These include learning to listen to customers, realizing that patients sometimes know more than you do, and foregoing the “selling more” culture. In addition, Netflix’s growth can also be attributed to getting personal with customers and respecting them, too. If Pharma can manage to adopt these principles, they can better direct their growth trajectory.
5. Most Health Organizations Lack Digital Health Strategy
By Katie Wike, published on Health IT Outcomes
Ignoring the importance of Digital Health Strategy may compromise your organizations’ success
It’s no secret that Pharma organizations lack a digital strategy, but a recent survey confirms this belief. However, those who are behind in or haven’t yet developed a digital strategy can learn from the 41 percent of companies who have one. For Pharma to succeed, successfully implementing a plan to manage, track and analyze patient health and wellness data is a vital driving contributor to achieving a market and sustainability advantage.
6. Summer Reads: What are Pharma Folk Reading?
By Dr. Nicola Davies, published on eye for pharma
Take advantage of free time and read up on pharma-related topics
Want to stay ahead of the competition? Stock up your Kindle with great Pharma reads that industry movers and shakers have their hands on. Looking for innovation ideas? Pick up “The Innovator’s Hypothesis” and find out how ideas play a role in innovation. Need a primer on the role physicians plan in U.S. healthcare? Take a look at “How we do Harm.” Tired of complicated systems? Read through “The One Thing” to simplify your organization.
7. The BI Comfort Zone
By Gili Keshet Aspitz, published on Verix
The BI Comfort Zone of “Death”
As “comfy” as comfort zones may feel, they never help in advancing, and that’s particularly true when it comes to BI solutions. Getting complacent about data analysis can bring stagnation to your organization. Yet, innovation calls for a disruption of the status quo, especially as younger vendors push the envelope and often provide superior BI solutions. Offering real value means the solution should do more than slice and dice data. It needs to deliver trusted analysis and provide actionable insights. Otherwise, you may be comfortable with the tool, but it will never push your organization to meet its business goals and into the success zone.