20+ years of pharma marketing in under 5min
I have learned so much from the articles on Medium that I felt it was time to give back and share some of my experiences from 20+ years of US and Ex-US pharma marketing. I have been very fortunate to work on the advertising agency side of the business. This has afforded me exposure across borders, therapeutic areas, companies of all scales, and assets at every stage from phase I to Rx to OTC switches.
All the tips listed were born from my engagements with the 1,000s of clients and colleagues, with whom I worked with across numerous launches, relaunches, and countless marketing challenges…so here we go!
Tip # 1- Go beyond the traditional market research methods. Most market research methods create contrived settings where HCPs know what is expected of them and hence, influences how they respond. There are rare opportunities where HCPs can provide “product-like” reviews with raw and in-depth feedback just like consumers do for every other non-healthcare brand. Seek and capitalize on them.
Tip #2. Test the language in your PI. When updating or crafting a new PI, test it with your customers before finalizing with FDA. Your PI is your marketing bible so choosing the right descriptions can be priceless.
Tip 3. Do not fight a market. Each specialty has a rhythm and pace and learning to define this is critical to setting expectations to internal company stakeholders. For example, the speed of adoption of novel and new MOAs varies by specialty and recognizing this can help shape expectations and your overall marketing approach. Moreover, don’t fight a market force unless you have a significant and new technology that will disrupt the dynamics of the marketplace.
Tip 4. Clearly define the problem you are solving for. Every drug aims to solve a problem but how you position your brand may not solve the issue that your customers truly need or even realize.
Tip 5. Do not get hung-up on a novel MOA or delivery system. It’s an important part of your brand story but not the lead message. However, MOA and delivery systems may be more critical for the investment community so knowing when to dial up or down is necessary. Also, invest in pre-launch education so that you can focus on the clinical profile of the drug at launch vs. MOA/delivery system.
Tip 6. Repetition is the mother of wisdom and truth. You will get tired of the same brand story and messages faster than your customers. More than not, suggest staying the course and take a lesson from legacy consumer brands like Coke.
Tip 7. Understand your corporate equity and reputation. The importance may vary depending on the dynamics of the market. Corporate awareness is more important and leverageable in smaller markets like dermatology and ophthalmology vs. larger markets. However, this can change depending on company strategies.
Tip 8. Efficacy is king. Seen this too many times when companies shift primary focus from efficacy to something else, e.g. convenience, and then, sales begin to drop. I have also experienced the death of a brand where we launched first with OK efficacy data and the competitor launched 6 months later with stronger efficacy data and quickly stole the entire market. The MOA of both drugs was similar but the competitor’s PIIIs were in less severe patient populations and showed higher efficacy outcomes. No matter how we cut the data, we could not overcome the weaker efficacy perception.
Tip 9. Don’t do too much. Strategy is all about choosing what not to do. Focus on the few an execute well.
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Tip 10. Go beyond the expected brand position. Healthcare brand positioning is primarily focused on solving the problem of containment/isolation as diseases hold people back from living. Hence, the majority of them can be summarized as liberating, unlocking, and doing more. I remember reading an article that summarizes brands across industries into about 7 positioning buckets for example, the Hotel industry is focused on the feeling of home and insurance is primarily about security. I suggest challenging yourself to go beyond the expected liberating themes.
Tip 11. First impressions are so critical. Humans are unforgiving so ensure your clinical story aligns with the real-world clinical experience.
Tip 12. Brand + initiatives can be a differentiator. In me-too markets and rare diseases, focusing on the key stakeholders in a concierge like approach can go a long way.
Tip 13. Leverage the competition vs. fighting it. Identify ways to use the competition to your advantage, e.g. market building. And on some occasions, your weakness can be an advantage the way Hertz leveraged their shorter lines. Look at each aspect of your clinical profile with the totality of the marketplace in mind.
Tip 14. Don’t overthink convenience. Again, an important component of your brand story but in most cases, not the story.
Tip 15. Global marketing is about internal alignment. Super critical to get local market teams aligned on goals, definition of terms, process, and marketing philosophy. Every marketer is focused on their forecast so identify and build on the commonalities vs. spending so much time on market differences.
Tip 16. Global brand building is about an idea that can live across borders. How you execute the idea may look differently from market to market, but the interpretation needs to be the same.
Tip 17. Make your agency feel an integral part of your team. If done right, they will move mountains for you.
Tip 18. Don’t overspend on Brand.com. IMHO, the ROI is not there. Don’t overtly sell or push your brand. The optimal approach to selling is more indirect and organic. Mashing education and marketing can take your brand further.
Tip 19. Don’t require HCPs to do anything. When possible, remove any admin barriers or extra steps to prescribing. You may have a great drug, but HCPs will not adopt if it takes too much time to administer. This also applies to any marketing initiatives.
Tip 20. Try something new. Set aside a small budget for new tactics and do different things vs. doing things differently. BTW, it must align to your goals and strategies.
To wrap this up, my final tip would be to closely look at tech companies like DraftKings, Stripe, Peloton, Gusto, and Uber, as they may inspire new ways to disrupt and market your products in healthcare.
