Teutonic forces are at play in the drug and device industries: The fundamental business model of pharmaceutical and medical device companies is changing. The way in which drug and device companies sell and market product is different than it was 10 years ago - or even one year ago.
We have produced popular events to help companies get started with social media and assess the risks and benefits of social networking sites. But over the past couple of years, industry's sense was that companies are doomed if they do, and doomed if they don't.
Pixels & Pills recently provided a great perspective on this push-and-pull situation. Why Pharma Needs a New Marketing Standard argues that "[c]hallenging the status quo has become a critical success factor to succeeding in this new economy":
The difference between the winners and losers is going to come down to who is willing to admit this change is occurring, and who is forward-thinking enough to lead their organizations to quickly drive a data-driven marketing standard that serves as the backbone for the brand in this new environment.And to highlight the point visually, they featured the following excellent graphic (click to enlarge):
What a fascinating look at real-world Twitter use and the impact that drug and device companies are having!
OK, so drug and device companies are atwitter about social media. We have covered this in some detail:
- Pharma (still) fears social networking
- Medtronic wants to be your friend
- Are social-network-based clinical trials getting ready for the big time?
Speaking of social media... be sure to follow ForeignExchange at @fxtrans and subscribe to our blog.