The traditional pharmaceutical buying cycle (represented below) has two linear paths from manufactures creating drugs to patients receiving drugs from pharmacies. Conversations were traditionally one dimensional, however social media has changed the dynamic and is now allowing pharmaceutical companies to impact the conversation from many different angles.
A goal for every pharmaceutical company is to increase demand for a drug which in turn will increase their revenue. In many cases, drugs that are meant to treat the same illnesses are manufactured by a variety of different companies, so it is important for manufactures to find new ways to reach HCPs and patients in order to drive demand for their drug. Demand (and revenue) can now be created through a two-way conversation via social media.
Social media makes patients aware of new drugs more quickly through simple, fast and engaging (SFE) content. Previously, it was the HCP that was telling the patients what they needed. Now drug companies are reaching patients directly and patients are telling the HCPs what they want which has changed the dynamic of the pharmaceutical buying cycle. By manufacturers shifting their efforts to market to patients directly instead of selling to healthcare professionals, patients are now actively demanding certain drugs instead of passively being prescribed them. Additionally, savvy HCPs are receiving the same messaging that the potential patients receive which creates a jointly used language and makes it easier for the HCPs to understand the reasons behind the patients visit.
In the perfect world, all drug manufactures would be active on social media and actively posting relevant content on their various social pages. This content would be simple, fast, and engaging (SFE) which will engage patients and healthcare professionals. By having a steady flow of SFE content, HCPs and patients will be constantly engaged in conversation with the manufacturer which will in turn, increase the demand for their drug. So how do we make this perfect world happen? Where does this content come from? How often should content be posted? How do we ensure we are reaching our target markets? How do we engage with our target markets once we have reached them? Developing and executing a social media strategy takes time and dedication but the benefits significantly outweigh the cost. To learn more about how to develop and execute a social media strategy, check out part two of this blog series, coming soon.