On June 6, 2017, DevicePharm was honored to make the opening presentation at the 2017 Spring BioBash in Austin, Texas. The presentation was titled, “So You’re Going To Launch”. It was presented to provide a guide for med-tech executives, marketers, and entrepreneurs who are launching new products, companies, and markets.
Healthcare reform is changing the way that healthcare marketers think about everything from clinical trials to product launches. New payment models, new delivery models, and HEOR mandates are all creating major changes in marketing focus for medical device, biotech, pharmaceutical, and medical diagnostics companies.
In August of 2015, the Freudenberg Group announced the formation of Freudenberg Medical. The new entity combines the resources and expertise of minimally invasive medical device specialty component, product development, and manufacturing leaders Helix Medical and MedVenture Technology under the Freudenberg Medical umbrella. By combining these two teams with the global resources of Freudenberg, medical device and pharmaceutical companies will have access to an exceptional breadth of resources in a single source relationship supported by 40,000 associates in 60 nations. The company also has manufacturing facilities in five countries including the United States, Costa Rica, Germany, Ireland, and China.
Medical device and pharmaceutical companies spend billions of dollars each year trying to reach, educate, and influence physicians and surgeons. In the past, it was easy – just send a sales rep to the office, take lunch, and tell the physicians and staff about your product.
A recent Medical Marketing & Media article indicated that 55% of pharmaceutical companies are either partially or strongly dissatisfied with their multi-channel marketing efforts. The article went on to quote that, “When integrated across an organization and executed properly, multi-channel campaigns can boost top-line growth by more than 10% and reduce overall promotional costs by 10% to 25%.” So where is the disconnect between multi-channel marketing effectiveness and multi-channel marketing dissatisfaction?
Pharma marketing is a crowded business… With hordes of hungry reps offering a bewildering variety of products to docs who are ever-harder to reach, pharmaceutical marketing strategies quickly bear fruit or perish.
When is a brochure favored over a free sample? In the case of pharmaceutical marketing, doctors have increasingly less time to meet with sales representatives, so information about a drug rather than the drug itself seems to be the current preference.