Healthcare Marketers Trend Report: The Big Shift

Share this article:
The year's most popular stories
The year's most popular stories

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


Page 2 of 2
Share this article:
close

Next Article in Features

Email Newsletters

More in Features

Leadership Exchange: How Do We Get Beyond the Pill?

Leadership Exchange: How Do We Get Beyond the ...

As its focus moves from manufacturing to service, pharma needs to partner with healthcare neophytes as well as established players. James Chase asks six experts to assess the risks and ...

FDA and off-label uses: a balancing act

FDA and off-label uses: a balancing act

FDA's current re-examination of its off-label promotion policies in light of the First Amendment is a delicate balancing act between its rock-solid traditional enforcement posture and a diverse new electronic ...

Read the complete August 2014 Digital Edition

Read the complete August 2014 Digital Edition

Click the above link to access the complete Digital Edition of the August 2014 issue of MM&M, with all text, charts and pictures.