One of the key challenges faced today by Global Pharma companies is their shift of focus from “Mass Drug Production “catering a large section of the market to “Niche buster drugs” which focuses on a well-defined targeted audience.
So, this means there is also a challenge in how to position these “Niche drugs” in the market so that they catch the attention of the focused group of customers thereby translating into sales for the Pharma companies. It is well-known fact in the pharma industry that the SALES of specialty pharma drugs is increasing while the revenues from the commonly prescribed drugs are declining.
Pharmaceutical marketers are well aware of this new trend and are also quick in responding to this new marketing challenge by embracing the “DIGITAL MARKETING CHANNELS”.
It has been proven that unlike the traditional “Direct to Consumer” media marketing is not yielding desired returns on the money spent in comparison to the “digital marketing channels” which require far less amount of marketing spend and is a very target oriented approach. The ROI for “Traditional Marketing” is approximately in the range of 2:1 to 4:1 whereas the ROI for Digital Marketing is far higher at 5:1.
Pharma companies across the globe are aware of this changing dynamics and are making sincere efforts in increasing their Digital spending. According to a couple of research reports “Health Care Digital Advertising” is expected to reach 1.3 billion $ by the end of 2016.
Furthermore, Pharma Industry faces a vast amount of regulatory and compliance challenges than any other industry vertical which is largely dependent on the regulatory framework of the region they are operating in. Pharma industry though is technologically adept, they still lack the competence and the resources required to assist them in positioning them in different markets adhering to the local compliances and regulations.
We at Bitscape have been involved in addressing the key IT issues faced by businesses of different verticals for more than a decade now and Pharma sector has been our forte.
We specialize in providing Custom Built Digital solutions which are industry specific and adhere to the regulatory and statutory compliances of the regions across the globe.
We are a Microsoft Certified GOLD Partner since the year 2004 and have been well recognized as a trusted IT partner for organizations of international repute. We have helped businesses in their journey of Digital Transformation by delivering business solutions that have given quantifiable output. We specialize in Microsoft Technologies in implementing business solutions which have been well accepted across the industries.
We have helped organizations to build their “Brands on the Web “and send their message to the targeted end customer thereby creating more value in the terms of sales and simultaneously keeping a check on their marketing spends.