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Pharmaceutical direct marketers face unparalleled potential now that DTC marketing is becoming an acceptable way of doing business.
More than in any industry, pharmaceutical direct marketers have great opportunities to both make a difference and make a profit. Sales are booming-the industry experienced over 9 percent growth in 2000, with $221 billion in prescription drug revenues.1
North American sales led the world, with over $100 billion in sales, followed by Europe and Japan with over $50 billion each. With much of the world's wealthier populations greying, demand will continue to grow for a variety of medications, new and old. Direct-to-- Consumer (DTC) advertising has soared, enabling pharmaceutical manufacturers (pharmas) to create demand where little or none had existed before.
So where does that leave the special breed called pharmaceutical direct marketers? Quite simply with unparalleled opportunities to make an impact in the way business is done.
Distinguishing Aspects of Pharmaceutical Direct Marketing
In some ways, this industry sector is like others-- we are very influenced by the Web and e-commerce, are very much in the news, and experience constant change and innovation.
But in many other ways we are different. Consider:
* We have incredibly precise data on physicians and other health care professionals, data that is far deeper and richer than comparable data in other fields.
* Powerful new creative options are available to us in direct mail, e-mail and Web site design. These options make it possible to get medicine to the people, especially with the inclusion of MDs in the marketing loop.
* The public manifests a voracious appetite for quality medical products and health information. More people search for health information on the Web than for any other subject matter apart from sex.
* Modern direct marketing tools such as Customer Relationship Management (CRM) and database marketing can be used by us to dramatically improve the quality of people's lives.
* Our industry benefits from both high profit margins and genuine needs that justify innovative marketing and quality product development.
With all of these wonderful trends, it would seem that classic direct marketing techniques would be welcomed with open arms by the industry, right? The short replies are:
YES, it's a great time for pharmaceutical direct marketers, because so...