In any industry, the term "marketing” is always a key factor in determining the success of a business. In the pharmaceutical industry, whether the business is being done directly to the customer or to the physician, a lot of data must be kept for executing successful campaigns. While data is important, the last thing companies want to do is market their brand to people who want nothing to do with them. So, the question becomes, how do you know who’s interested?
A key component of any company is sales. The product or service must be sold in order for the business to continue running their business. Pharmaceutical companies are not immune to this requirement. It is for this reason that they run advertisements online, on the radio, on billboards, and on television. But it is not only individuals with conditions and diseases that they need to expose their product to. Pharmaceutical companies also need to convince doctors that their drugs work and could be beneficial to patients. It is for this reason that pharmaceutical representatives are sent out into the field, to speak with doctors and hospitals, and showcase the newest drug developments.
Due to the technological shift from last decade there is a significant change driving digital transformation in Life Sciences Industry. Life Sciences industry is always on the frontrunner in terms of Research and Development (R&D) spending, allocating nearly 15% of its total revenues to R&D. A recent report suggests that companies in the industry heavily invested in R&D in last decade which has produced a significant result. The pharmaceutical Research and Development was $142 billion in 2014 and it is predicted that the number to overcome $160 billion mark in 2020.
With the advancement of technology and socio-economic changes in the last decade, pharma sector has seen a dramatic change in the availability of health care and quality of care for the patients. A recent report by PwC shows that by 2020 the global pharmaceutical market will be about $1.6 trillion – the US leads all the countries at $339 billion currently and is expected to be a $425 billion market.
The pharma industry is undergoing a transformation that is largely being driven by innovation. Innovation not just in products, but also in the way business is conducted, resources are mobilized, and the benefits that the end user experiences. Holistic innovation is what Pharma 3.0 is about, says an EY research.
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