Healthcare Marketers Trend Report: The Big Shift
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Big changes, bigger opportunities
Over the last decade, many industries have gone through major shifts to remain competitive in an ever-changing economic environment, and the healthcare industry is no different. Turned on its head by patent expirations, challenged pipelines, clinical development outsourcing, FDA regulations and healthcare reform, the majority of healthcare industry executives we interviewed agreed that the “industry will need to change its business model to remain viable in the future.”
This new model is taking a page from the growth in outsourcing, with eight in 10 executives reporting that “much like trends in the utilization of CROs, healthcare companies will continue to look for ways to optimize resources and profitability.” Many find that the rapidly transforming healthcare landscape has driven the consolidation of marketing services, with seven in ten executives reporting that “marketing service companies must integrate their offerings and become more dynamic to serve the changing needs of the healthcare industry.”
While this transition and integration will take time, “greater consultation and collaboration across the marketing service spectrum”will be the cost of entry for agencies moving forward, with six in 10 executives reporting that “agencies that offer integrated services, including Advertising and Public Relations, will be in greater demand in the future.” Significant opportunities that have arisen through clinical development, Big Data, emerging markets and the digital realm have fostered an expectation in the healthcare industry for a more nimble and cross-functional partner in marketing services.
More than half of executives expect their company to consolidate its marketing services under fewer agencies in the future. This expectation may be fueled by a heightened need for efficiency and innovation, with many executives reporting that “healthcare companies are consolidating marketing services to ensure expedited access to expertise.” With half of all executives reporting being satisfied with the varied marketing service agencies with which they work, room exists for greater collaboration and innovation in the industry.
Kate Cronin, Global Managing Director, Ogilvy CommonHealth Public Relations