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With more than 75 per cent of physicians projected to use technology to order and prescribe medications by 2016, pharmaceutical companies should be thinking more strategically about how they communicate their products with health providers and patients, says Dr. Trenor Williams, Co-Founder and Chief Executive Officer, of Clinovations. Pharmaceutical marketers have not yet taken full advantage of technologies, he adds.
From a solution provider company attending the marcus evans PharmaMarketing Summit 2013, Williams is also a masterclass presenter at the event. Here he discusses how marketing executives in the pharmaceutical industry can capitalize on technology.
Why is technology troubling pharmaceutical companies?
It’s new. The use of technology in healthcare delivery has dramatically changed how both providers and patients interact. With technology use continuing to increase, the industry must change its approach to sales and marketing and how they communicate and engage with patients, physicians and hospitals. Technology provides greater access to data that can be used to intelligently expand the value equation for pharmaceuticals. But there is not just one solution or one way to leverage or engage technology in this changing care delivery paradigm.
What opportunities does technology present to them?
The use of electronic health records impacts prescribing patterns. What and how information is displayed, along with features and functionality designed to inform and expedite the prescribing process can have a real impact on decision-making. Efforts designed to increase patient engagement, including the use of patient portals to access personal health information, social media to connect with others, and mobile technologies to better manage diseases, will further enhance current technology-led improvements in medication adherence. It is important for pharma companies to think about how to best engage and support patients and providers through their use of technology because, at the end of the day, technology is changing with whom, how, and when critical conversations in healthcare occur. Clinovations connects pharmaceutical companies with key decision-makers from health systems who are making decisions around configuration, customization, and provider use technology. For example, decisions of one Chief Medical Information Officer can impact thousands of prescribing physicians across multiple locations.
From conversations with technology companies and content vendors to partnerships with health systems, payers or practices, technology allows pharma companies to develop a proactive strategy for marketing and showcasing the value of brands within the evolving, technology-enabled clinical workflow. It must be easy, effective and efficient for prescribers to identify and utilize their medications. Fostering these relationships is key to better treating, managing and diagnosing patients.
How can they better measure marketing return on investment (ROI)?
Better and more efficient data and robust analytics capabilities offer expanded opportunity for pharma companies to measure impact on population health and ROI for specific brands. As a firm, we see ROI from a clinical, operational and financial standpoint. From a clinical standpoint, it means being able to track the prescribing patterns of providers and the adherence of patients. It also means having more patients appropriately screened and diagnosed with a specific disease, thus increasing the potential market share for the company. From an operational point of view, one of the most expensive marketing and sales components is deployment of brand reps in the field targeting individual clinicians. From a financial perspective, technology allows a pharma company to look at the metrics related to time spent and with whom, and find efficiencies. Success across these efforts affects the bottom line for pharma.
Any final words of advice?
Technology is here to stay but I do not believe that the pharma industry has yet taken full advantage of it. They need to capitalize on technology now, before their competitors do.
Interviewer: Sarin Kouyoumdjian-Gurunlian, Press Manager, marcus evans, Summits Division
About the PharmaMarketing Summit 2013
Offering much more than any conference, exhibition or trade show, this exclusive meeting will bring together esteemed industry thought leaders and solution providers to a highly focused and interactive networking event.
For more information please send an email to email@example.com or visit the event website
Clinovations is a leading healthcare consulting firm offering strategic, clinical, and health IT consulting services with the goal of creating innovative solutions to improve the efficiency, effectiveness, and quality of healthcare for patients. Our extraordinary team is made up of physicians and nurses, technology leaders, management consultants, and public policy experts. We are dedicated to helping lead organizations in achieving their financial, operational, and clinical objectives.
About marcus evans Summits
marcus evans Summits are high level business forums for the world’s leading decision-makers to meet, learn and discuss strategies and solutions. Held at exclusive locations around the world, these events provide attendees with a unique opportunity to individually tailor their schedules of keynote presentations, think tanks, seminars and one-on-one business meetings. For more information, please visit www.marcusevans.com
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