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This intersection is creating unprecedented challenges and unique opportunities. The pharmaceutical companies that embrace this new world will find rewards not only in market share and profitability, but also in patient outcomes. Those that are slow to adapt risk being pulled into a race to the bottom, scrambling for market share with increased rebates and growing sales expense.
The old pharma business model worked something like this: It was effective, predictable, and fairly easy to manage.
This shift mirrors that which occurred in the retirement-planning industry about 20 years ago when pensions gave way to k plans. Essentially, the responsibility shifted to consumers to manage their retirement plans, with similar consequences as consumers sought out tools and information to help with college savings planning, asset allocation, and mutual-fund screeners.
This has inspired, and perhaps required, more patients to act like true healthcare consumers, making more conscious choices and trade-offs about coverage, care, and costs.
They are, in turn, tapping the explosion of healthcare information online to become more informed and engaged in their care. In parallel, healthcare providers are under new pressures.
Most doctors are now employed by large institutions, many of which are making changes to clinical practices. Payers are simultaneously getting more restrictive in formularies while reducing the prescribing autonomy of many physicians and physician assistants.
All these forces make prescribing more challenging and increase the importance of tools that support decision-making by providing the right information at the right time. Google and Decision Resources Group conducted an online survey of more than 1, practicing U.
Mobile has forever changed how consumers make decisions. Micro-moments are those moments when we turn to a device to act on a need we have in that moment. These intent-rich moments are when decisions are made or preferences shaped.
These moments have become the new battleground for brands. To win the hearts and minds of consumers, marketers need to be at every micro-moment that matters to their audience and deliver experiences that move people to choose their brand.
Thanks to mobile devices, micro-moments can happen anytime, anywhere. Accordingly, in those moments, consumers expect brands to address their needs with real-time relevance.
Walgreens jumped on the micro-moments opportunity to engage consumers InWalgreens recognized the need to appeal to customers through digital channels. Though many companies hungrily eyed the potential of smartphone apps to connect to people real-time, apps were still developing as a platform for customer engagement.
Walgreens understood the power of the app in connecting with customers at the times they needed Walgreens the most, thus building brand loyalty that would maximize the value of each customer. As consumers rely more heavily on mobile, web sessions are getting shorter and more frequent,9 and, as a result, consumers make more informed decisions faster.
As a result, all users—consumers, patients, and HCPs—expect messages, content, and experiences that cater to their personal situation with extreme relevance—and not just on mobile, but across all devices and channels.
Compelling micro-moments deliver a better experience for consumers and drive real business results for brands. The implication for marketers, particularly since few if any pharma marketers have developed attribution models that incorporate all types of micro-moments, is that they need to get comfortable placing lots of small bets based upon their understanding of stakeholders and their behaviors.
They also need to get into a test-and-learn mode to experiment until they find what works with those stakeholders. Teams need to look at: Patients and medical professionals have embraced a variety of digital resources, from apps and websites to other services, to expedite and enrich the diagnosis, treatment, and delivery of healthcare services and pharmaceuticals.
There are several key drivers of this adoption: As smartphones become more ubiquitous, so too has the instant availability of information on every topic imaginable.
Take, for example, this video of Giana, a consumer searching for a fever sore medication at her local pharmacy. When Giana noticed that one treatment was both cheaper and larger than another treatment, she wondered why, and immediately pulled out her smartphone. A quick search informed Giana that the smaller, more expensive treatment also worked faster, and as a result, Giana ended up buying it.Dr.
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