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Effective Social Media Marketing Strategies for Pharmaceutical Market
Markets and Markets, Aug 2010, Pages: 146
The high and rapidly increasing popularity of social media platforms such as Facebook, YouTube, and Twitter is expected to revolutionize the marketing strategies employed in the pharmaceuticals industry. In addition to marketing, an increasing number of pharma players have also begun leveraging these platforms to enhance consumer relationships and improve brand management, based on the market intelligence generated by monitoring and analyzing user-generated content.
The ability to incorporate consumer feedback to develop new products is also expected to initiate a strategic shift in the operational model of pharma companies. Social media involvements are expected to increase product sales, especially those of OTC drugs, in the long term. Novartis for instance has already begun using Youtube and Facebook to enhance the sales for its OTC drugs such as Comtrax, Orofar and Bufferin. J&J, one of the first pharma giants to enter the social media space, has used online platforms for crisis management – when the company recalled its products (Tylenol and Benadryl tablets) it used social websites to apologize to consumers for irregularities in its manufacturing plant found during FDA inspection.
Market estimates and forecast
The report provides in-depth social media usage in pharmaceutical industry and analyses top 20 pharmaceutical players individually, for their social media presence. Further effective social media strategies are discussed in detail that can be useful in developing a successful social media campaign for pharmaceutical market. Benefits, Risks and Future impact of social media are analyzed separately. Geographic variations in terms of social media usage and regulations are also covered.
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- We provide the longest market segmentation chain in this industry- not many reports provide market breakdown upto level 5.
- 15 pages of high level analysis including benchmarking strategies, best practices and the market’s cash cows (BCG matrix). We conduct detailed market positioning, product positioning and competitive positioning. Entry strategies, gaps and opportunities are identified for all the stakeholders.
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